Business

The growing number of Chinese homeowners who refuse to pay their mortgages (and why it causes alarm)

  • Suranjana Tewari
  • BBC News, Business Correspondent in Asia

A group of Chinese owners protest to demand the completion of the houses they are paying for

image source, Reuters

“Construction stops, mortgage payment stops. Give up the houses if you want your money!”

That was one of the songs that a group of Chinese apartment buyers sang in June, during a protest to demand the completion of their homes. But banners and slogans haven’t been the only ways homeowners have expressed their anger and discontent.

Hundreds of them have defaulted on their mortgages, a radical move for China, where no form of dissidence is tolerated.

A young couple who moved to the central Chinese city of Zhengzhou told the BBC that after making a down payment last year, the developer withdrew from the project and construction of their home was halted.

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