Chinese homebuyers call 'mortgage strike' over unfinished projects
Debt-saddled developers left scores of presold housing complexes incomplete
An unfinished housing project in Hubei Province's Huangshi City. Tens of thousands of home buyers across Chinese say they will refuse to pay their mortgages until developers complete unfinished housing complexes (Photo by Yusuke Hinata)
HONG KONG -- Tens of thousands of Chinese homebuyers are threatening to stop paying mortgages on scores of unfinished housing projects, raising "huge risks" for banks and the country's debt-saddled property developers.
China's real estate sector is grappling with a crisis that has seen developers squeezed by eye-watering levels of debt, sparking a string of bond defaults among major groups including Shimao and China Evergrande -- the world's most indebted developer with about $300 billion in liabilities.