The Sunac Resort project by Sunac China Holdings under construction in Haiyan city of Zhejiang province on Friday, Feb. 25, 2022. Photo: Bloomberg.
The Sunac Resort project by Sunac China Holdings under construction in Haiyan city of Zhejiang province on Friday, Feb. 25, 2022. Photo: Bloomberg.

China instructs banks to open the credit taps for developers to finish building their homes, and avert mortgage borrowers’ revolt

  • Three quarters of China’s most indebted developers have missed completion and handover deadlines, which has led to a revolt from homebuyers
  • A movement encouraging homebuyers to withhold mortgage payments is now putting pressure on the financial system and could dry up credit

The Sunac Resort project by Sunac China Holdings under construction in Haiyan city of Zhejiang province on Friday, Feb. 25, 2022. Photo: Bloomberg.
The Sunac Resort project by Sunac China Holdings under construction in Haiyan city of Zhejiang province on Friday, Feb. 25, 2022. Photo: Bloomberg.
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