August 2022 \ Business & Investment \ BUSINESS NEWS
Mortgage boycotts by Chinese homebuyers spread

DALIAN (CHINA): The number of Chinese homebuyers boycotting their mortgage repayments in protest of unfinished buildings has spread to more than 300 locations across the country, according to a GitHub page documenting the action, the media reported.

Mortgage boycotts are being organised by buyers of property in 12 unfinished projects in the southwestern megacity of Chongqing, seven in Shanghai, eight in Guangdong province, nine in Nanning and 10 in Taiyuan, with hundreds of other locations reported throughout China, reports posted by homebuyers to the WeNeedHome GitHub page showed.

Buyers have been left high and dry after buying apartments off-plan, or before completion, only to find that developers have downed tools and abandoned half-finished buildings they once hoped to call home, or use as an investment, RFA reported,

Now, they are increasingly banding together and issuing “mortgage repayment suspension notices” to lenders, with both sides calling on the government to act in their favour.

Tags: China