Mortgage boycotts grow across China
Posted on AllSides July 19th, 2022
From The Left
Homebuyers in China, frustrated by construction delays, have stopped paying their mortgages.
Why it matters: The protest is part of (and now contributing to) China’s deepening housing crisis — an issue that the Fed has warned could impact U.S. and global markets and economies.
State of play: Tens of thousands of people in the country are part of a growing boycott on loans worth as much as 2 trillion yuan, or $297 billion, Bloomberg reports.