News

China’s mortgage boycott: Could the property market crumble? | Business and Economy

China’s mortgage boycott: Could the property market crumble? | Business and Economy #Chinas #mortgage #boycott #property #market #crumble #Business #Economy Welcome to Eye9ja

From: Counting the Cost

Chinese homebuyers are refusing to pay mortgages on properties they have bought because developers cannot finish them.

Real estate has been one of the biggest drivers of economic growth in China, accounting for one-third of the country’s $18 trillion gross domestic product (GDP).

It is not just the broad economy that relies on it, households do, too. Up to 70 percent of their wealth is tied up in the sector.

But, strict coronavirus restrictions and a debt crisis among developers have slowed the property market and halted construction on thousands of projects. Homebuyers are now frustrated, and are refusing to pay mortgages on properties they have bought.

Elsewhere, we look at what is next in space if Russia leaves the ISS.

Click Here To Continue Reading from Source

Eye Naija

Eye 9ja is a digital news platform, strategically focussed on identifying, bringing into limelight the eluded gists in every news

Related Articles

Back to top button

Adblock Detected

Disable Your Ad-Blocker Please