China Property Watch: Buyers & Suppliers to Stop Property Payments, Government & Central Bank to Ensure Liquidity for Banks to Support Completion of Property Projects
21st July 2022 | Hong Kong
China Property Watch: Some property buyers & suppliers have or are starting movements to stop property payments for delayed projects, with the Chinese government, central bank & regulators stepping in with emergency meetings to ensure liquidity for banks and for banks to support financing for the completion of property projects. A week ago, it is reported China homebuyers have started a movement to stop paying monthly mortgages (housing loans) for delayed projects, with China property stocks & bonds prices declining. China largest banks including Agricultural Bank of China (ABC) and China Construction Bank & Industrial Bank (ICBC) have responded that the associated risks are controllable, and accounting for 0.012% of total mortgages (ABC, Agricultural Bank of China). Yicai: “Buyers in around 150 housing projects across 20 provincial-level regions have banded together to demand that developers restart building and that the houses are delivered within a reasonable period of time otherwise they will stop repaying their bank loans, according to the latest data. Most of these unfinished projects are in smaller second, third and fourth-tier cities were there is a glut of properties on the market.”
” Buyers & Suppliers to Stop Property Payments, Government & Central Bank to Ensure Liquidity for Banks to Support Completion of Property Projects “
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