Mortgage Boycotts Rattle Chinese Banks And Regulators

• Mortgage Boycotts Rattle Chinese Banks And Regulators
  by JEFF PAO, https://asiatimes.com/
  Legal experts warn defaulters will lose their credit ratings and rights as boycott risk starts to hit Chinese bank shares
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  Chinese financial and housing officials reportedly have held meetings with major banks this week after homebuyers from at least 150 property projects announced plans to stop paying their mortgages.
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  Media reports said on Thursday that financial regulators and Ministry of Housing and Urban-Rural Development officials held emergency meetings with banks on Tuesday and Wednesday to discuss the rising risks of mortgage boycotts. The reports came after tens of thousands of homebuyers said they would stop mortgage payments as property developers failed to deliver their apartments.
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"Reports of rapidly escalating refusals to pay mortgages in recent days have sparked losses in Chinese bank shares and developer bonds, reflecting concerns that the nation’s property crisis may spread to the financial system…"

Source: https://t.co/eZ6BvNsDDQ

— Gold Telegraph ⚡ (@GoldTelegraph_) July 14, 2022

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