Chinese Middle Class' "Let it Rot": Homebuyers stop paying on over 235 unfinished properties

As of July 14, 2022, the number of properties on which mortgage loan payments are stopped has increased to 180, including first-tier cities, and the potential value may reach $108 billion US.
Since 2022, the problem of halted construction and uncompleted buildings has worsened across China. Many victims are trying to figure out what to do. Some of them have taken the step to unite and stop repaying their loans en masse.
A vice president of a branch of a joint-stock bank said in an interview with China's media outlet 界面Jiemian News, "Banks dare not make random decisions because the number of people and groups involved is so large that it can easily cause a domino effect and expand the risk instead."
If more unfinished buildings in China are caught up in the wave of "forced loan suspensions," coupled with other deep-seated problems in China's financial system, the chain reaction is likely to become China's version of the "subprime mortgage crisis.

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