Recently, the wave of loan suspension has spread rapidly in many provinces and cities. Angry homebuyers threaten to stop or reduce mortgage payments on unfinished properties. Many owners of unfinished buildings have expressed their difficulties on social media.
According to VOA Chinese, more than 300 owners of unfinished properties in more than 20 provinces and cities in China have initiated compulsory loan suspension actions.
The Wall Street Journal said information about loan suspensions and online petitions on Chinese internet platforms increased rapidly. Chinese regulators had to move to censor social media postings.
Many victims of unfinished buildings have expressed their heartbreaking stories. They become slaves to loans while their houses remain unfinished.
Wang, a 33-year-old homebuyer in Zhengzhou, said he was under increasing pressure to repay his mortgage. He took out a loan of nearly 2 million yuan ($295,972) in 2019 to buy a house. His house was supposed to be delivered by June 30 this year, but it didn’t look like it would be finished anytime soon.
A young Internet celebrity couple in Douyin, in Henan, said they spent more than 1 million yuan ($150,000) on the house, but their lives became house enslaved.
Yang Yue 杨玥, a resident of Zhengzhou 郑州, said in an interview that they bought a house in 2020. In 2021, the project stopped working, but they still had to pay the monthly mortgage. In addition, they also have to rent houses and pay rent in challenging business conditions.
Xia Yifan 夏一凡, an expert on China issues, analyzed in an interview that unfinished business and supply cuts are typical cases of autocratic political harm in the history of social development. He said, ‘getting rid of the Chinese Communist Party and escaping from China is the wish of all Chinese people.’