This from Singapore media:
- rapidly escalating boycotts on mortgage payments spread across at least 301 projects in about 91 cities
- home owners accuse developers of failing to deliver apartments they have already paid for
- the value of mortgages that could be affected has swelled to an estimated US$297 billion
This has been gathering pace. It's a symptom of the contagion spreading across China's property sector, which has buckled under the massive debt load. There are 'bail out' measures in place, this for example:
As always, and everywhere, bailouts are not for the ordinary folks. Hence these people in China facing non-delivery of apartments are refusing to make payments.
