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China's Zhengzhou city to begin building delayed housing projects amid mortgage boycott
Posted on September 12, 2022 |
- The Chinese city of Zhengzhou will start building all delayed housing projects within 30 days, using special loans, and encouraging some real estate firms to file for bankruptcy.
- The plan is to complete construction on all suspended property projects in Zhengzhou by October 6.
- Real estate firms will need to pledge valid assets to local government-backed financing companies to obtain special loans.
- In June, homebuyers in 80 cities threatened to suspend making mortgage payments as developers stopped building projects due to strapped liquidity or strict COVID-19 restrictions.