In China, homebuyers occupy their 'rotting', unfinished properties

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GUILIN, China - For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city's clean air. Her living conditions, however, are far from those promised: Unpainted walls, holes where electric sockets should be...

Unfinished apartment buildings stand at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang Autonomous Region, China, on Sept 17, 2022.GUILIN, China - For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city's clean air.

Xu and about 20 other buyers living in Xiulan County Mansion share a makeshift outdoor toilet and gather during the day at a table and benches in the central courtyard area. While some local governments have taken steps to prop up the property market by setting up bailout funds, buyers like Xu, who paid deposits in advance and are on the hook for mortgages, remain in limbo.The proliferation of unfinished apartments has sparked unprecedented collective disobedience, fuelled by social media: In late June, thousands of home buyers in at least 100 cities threatened to halt mortgage payments to protest stalled construction.

China's deep property slump, along with disruptions caused by strict anti-Covid measures, are dragging on the world's second largest economy just as the ruling Communist Party gears up for its once-in-five-years Congress next month.

Source: Energy Industry News (energyindustrynews.net)

 

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