Caixin
Oct 03, 2022 07:35 PM
BUSINESS

Exclusive: In Mortgage Boycott Hotspot, Some Home Builders Are Only Pretending to Restart Construction

A residential development in Zhengzhou, Central China’s Henan province, on Aug. 3. Photo: VCG
A residential development in Zhengzhou, Central China’s Henan province, on Aug. 3. Photo: VCG

Even as an official deadline approaches, some real estate developers in the central Chinese city of Zhengzhou don’t have the money to restart construction on stalled residential projects, and are only going through the motions to pass inspections, sources said.

Since the local government told lower-level officials and property developers last month to restart construction on all stalled projects by Oct. 6, work has yet to resume on nearly 40% of the roughly 100 suspended projects, sources with knowledge of the matter told Caixin.

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