China scrambles to defuse alarm over mortgage boycotts and banks runs
CNN
China is trying to ease panic over two of the biggest issues threatening social stability in the country—mortgage boycotts and frozen bank accounts.
On Sunday, the China Banking and Insurance Regulatory Commission urged banks to increase loan support for real estate developers so they can complete unfinished projects, as thousands of disgruntled homebuyers are staging a mortgage boycott across the country.
In China, real estate firms are allowed to sell homes before completing them, and customers have to start repaying mortgages before they are in possession of the new property. These funds are used to finance construction by the developers.
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