More than 40,000 homebuyers have threatened to cease paying their bank mortgages for pre-sold yet unfinished apartments unless developers resume construction.
The distressed homebuyers have informed mortgagees of their decisions to boycott payments for stalled development projects via letters, some of which have been circulated online.
The homebuyers said they have taken such measures after months of waiting and frustration. They said they have tried many times to communicate with developers, banks, and housing and construction authorities, but problems remain unanswered.
Data shows mortgage boycotts have occurred in 106 residential developments, according to a study by a Shanghai-based research center at CRIC, a big data application service provider covering China’s property sector….