Developers in China have been struggling since last year following Beijing’s regulatory crackdown as part of its deleveraging efforts and moves to contain soaring property prices. Photo: Bloomberg
China facing more economic woes ahead of GDP release with mortgage boycott in over 80 cities
- Buyers of over 230 properties in 86 cities have joined together to collectively refuse to make mortgage payments for unfinished, pre-sold units unless construction resumes
- China is set to announce its second-quarter economic growth figure on Friday, with Chinese data provider Wind forecasting 1.1 per cent year on year growth
Developers in China have been struggling since last year following Beijing’s regulatory crackdown as part of its deleveraging efforts and moves to contain soaring property prices. Photo: Bloomberg
