A nationwide wave of mortgage boycotts from house buyers in response to unfinished projects has put enormous pressure on Chinese property developers and authorities.
According to Moment News, all localities in China have prioritized the assurance of house handover to buyers. They have coordinated all parties to hold meetings and set up bailout funds.
People began to think that the problem was gradually being resolved.
But in the past several days, news emerged that many developers of unfinished buildings in the Central Plains region used a “performance style.” They pretended to resume work to fool the buyers.
The developers hired a group of “construction actors” through labor agencies to “knock on steel pipes,” “pull trolleys,” and pretend to work on the construction sites.
With these activities, it looked as if they were solving the problem.
This is an adjournment strategy used by the developers.
But some house buyers saw this “performance” and felt their hope was extinguished again. They were sitting at the unfinished buildings and crying. They didn’t think the resumption of unfinished projects could be like this.
The buyers have borrowed the housing loans from banks and repaid them monthly.
But the houses they bought long ago have not been handed over to them.
Though the authorities have intervened, emphasizing the assurance of house handover at some conferences, the buyers’ hope was finally dashed with the latest news.
In the end, the humble buyers take all the responsibility and continue to suffer in the long wait.
How long do they have to wait? One year? Two years? Five years? Or ten years? No one knows for sure now.
Everyone often gets the answer from the relevant agencies: After the investigation, there was no shutdown on the construction site.
Some officials patted their chests: “Don’t worry, I will help you solve the problem this time. Go back and have a look, the construction site is still performing.”
The actions of real estate bosses reflect their hearts.
Their performance game is by no means a long-term solution.
The resumption of work without money on the account is all fake. The developers owe a lot of debt.
The debt burden continues to weigh on numerous Chinese developers after the government launched a sweeping crackdown on leverage in the real estate sector in 2020.
Since then, the house builders, including developer giants Country Garden and China Evergrande, exposed their weaknesses and defaulted on their debts one after another.