China’s mortgage boycott: Could the property market crumble? | Business and Economy

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Chinese homebuyers are refusing to make mortgage payments on properties they’ve purchased because developers can’t fulfill them.

Real estate is one of the biggest drivers of economic growth in China, accounting for a third of the country’s $18 trillion gross domestic product (GDP).

Not only does the broader economy depend on it, so do households. Up to 70% of their assets are tied to this sector.

However, strict coronavirus restrictions and a debt crisis among developers have slowed the real estate market and halted construction of thousands of projects. Homebuyers are now frustrated and refusing to make mortgage payments on the property they bought.

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