The growing number of Chinese homeowners who are refusing to pay their mortgages (and why it’s causing concern)

  • Surangana Tiwari
  • BBC News, Asia business correspondent

image source, Reuters

“Construction stopped, mortgage payments stopped. Abandon homes if you want your money!”

That was one of the songs sung by a group of Chinese apartment buyers in June, during a protest to demand their homes be completed. But signs and slogans weren’t the only way homeowners expressed their anger and resentment.

Hundreds of them have defaulted on their home loans, a drastic move for China, where No form of dissent is tolerated.

A young couple who moved to the central Chinese city of Zhengzhou told the BBC that after paying a down payment last year, the developer pulled out of the project and stopped building their home.

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