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Tags: stalled chinese real estate projects | mortgage boycotts | emergency bank meetings

Chinese Authorities Meet Banks as Homebuyers Boycott Mortgages

Chinese Authorities Meet Banks as Homebuyers Boycott Mortgages
China Evergrande Group headquarters in Shenzen, China. In 2021 the payments Evergrande had to make on its debt started the 2020–2022 Chinese property sector crisis, with Evergrande's total debts were estimated in the hundreds of billions of dollars. (AP)

Thursday, 14 July 2022 05:04 AM EDT

Chinese authorities held emergency meetings with banks after growing alarm that an increasing number of homebuyers are refusing to pay mortgages on stalled projects, Bloomberg News reports, citing people familiar with the matter.

The Ministry of Housing and Urban-Rural Development held meetings with financial regulators and major Chinese banks this week to discuss the mortgage boycotts.

No immediate solution came out of the meeting. However, the regulators have asked local watchdogs and banks to report the impact, including property projects affected in their jurisdictions.

© 2023 Thomson/Reuters. All rights reserved.


StreetTalk
Chinese authorities held emergency meetings with banks after growing alarm that an increasing number of homebuyers are refusing to pay mortgages on stalled projects.
stalled chinese real estate projects, mortgage boycotts, emergency bank meetings
85
2022-04-14
Thursday, 14 July 2022 05:04 AM
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