Hundreds of thousands of Chinese people sent angry messages to several banks and local governments that have reverberated in Beijing\u2019s halls of power. Most messages read: \u201cIf you stop construction, I will stop paying my mortgage\u201d. Similar threats have been made across 328 property development projects in nearly 100 Chinese cities.
What has prompted so many people to speak out? The short answer is that construction has stalled at apartment complexes. apartments have eaten life savings. The long answer traces to deep-seated problems in China\u2019s real estate sector that have been brewing for decades and laid bare over the past two years.
China\u2019s property boom has been a huge driver of the country\u2019s economic growth. But now two factors have brought developers to their knees: China\u2019s economic headwinds due to its strict \u201czero-covid\u201d policy and government effort to rein in the real estate industry\u2019s soaring debt.
That slow-motion crisis has many roots. To some extent, it was planned: The government explicitly wanted to cool down the red-hot property sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hundreds of thousands of Chinese people sent angry messages to several banks and local governments that have reverberated in Beijing\u2019s halls of power. Most messages read: \u201cIf you stop construction, I will stop paying my mortgage\u201d. Similar threats have been made across 328 property development projects in nearly 100 Chinese cities.What has prompted so many …<\/p>\n","protected":false},"author":13,"featured_media":71097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6832,9945,7258],"class_list":["post-71091","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-china","tag-housing-bubble","tag-mortgage"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71091"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71091\/revisions"}],"predecessor-version":[{"id":71110,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71091\/revisions\/71110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71097"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}