NTD reported that in recent days, the wave of homebuyers refusing to pay mortgages in China is constantly increasing. Property developers’ drag on construction projects is causing homebuyers to protest.
On July 14, thousands of homebuyers who have not yet received homes from property developers gathered at the Banking and Insurance Administration of Shaanxi Province to protest.
They said that banks made illegal loans because they mortgaged apartments in buildings that the property developer did not complete.
No state media in China has reported on the protest as yet. However, social media platforms in China are reporting on this protest.
On June 6, some homebuyers of the Evergrande Longting housing project in Jiangxi province took the lead in issuing a statement that because the property developer did not hand over the apartments on time, they would stop paying dues to the bank.
Since then, many homebuyers in other places across China have followed suit. By July 14, 235 homebuyers had announced they had stopped paying dues to the bank.
Helpless in front of developers, many homebuyers have decided to take risks: move to live in apartments still under construction.
In March this year, nearly 300 homebuyers decided to move into unfinished buildings in Xi’an city. Following that, 100 home buyers also moved into apartments in an unfinished building that is five years behind in the handover to them.