- China Insights
Subtitle correction: 1:45–1:59 ” 34.7 billion RMB, or about $5.14 billion US dollars”
The waves of people halting payments on mortgages for unfinished buildings have spread to 25 provinces in China. As of July 16th, the number of developments that have been issued a “notice of being forced to stop mortgage payments by all homeowners” has expanded to 25 provinces and 286 residential projects across China. The China Banking Regulatory Commission responded by working with the construction sector and the Communist Party’s central bank to support local governments in their efforts to “ensure the delivery of buildings, people’s livelihood, and stability”. On the same day, more than ten banks, including six major banks, a number of joint-stock banks, and city merchant banks issued announcements, all saying that the risk of unfinished buildings was “controllable.” Is this true?