I am praying that this country takes a massive shite .......as you probably know......... i despise china on so manylevels .....not becasue of the colour of their  skin ......no!!!!!!! i like chinese  women ,......they are very porkable  .....but cry a lot during sex ..........and  do not  shave their  pubes much .........i have seen this in chinese adult movies  ....it was  done for  cultural research purposes........but for thier  disregard for animal lives  first .........human lives  second  .....i prefr animal  lives  over  human lives  .......any day  ...human beings  know  better  ....i really hope this country  tumbles  and  becomes laughing stock ,........bastrads

 ownership is crumbling. The economy could go with it

Stephanie Yang

Mon, August 15, 2022 at 5:00 AM

Residential buildings under construction last month at Tahoe Group Co.'s Cathay Courtyard development in Shanghai. (Qilai Shen / Bloomberg/Getty Images)

Last November, hundreds of angry homeowners in Nanchang, the capital of China’s Jiangxi province, gathered on the roof of an unfinished apartment building. From their perch, they unfurled red and white banners along the outer walls and chanted demands for completion of the homes they had already partially paid for. On the dirt below, workers inflated a large airbag to catch anyone who jumped.

Nearly 500 miles away in Shanghai, a 26-year-old interior designer watched video of the protest on social media, and saw her life plan falling apart.

The woman and her husband, who requested anonymity to avoid retribution, had purchased a three-bedroom unit in the sprawling Xinli City project presale in August 2019. Just a few hours' drive from both their hometowns, the development was touted as a "750,000-square-meter city of ideal life," with a daycare center for the couple's young child. It should have been finished that November. It wasn't until she saw the video that she learned construction had stopped three months earlier.

Like the vast majority of Chinese homebuyers, they had begun making payments before construction was completed. For years, this type of arrangement, which accounts for more than 80% of China’s home sales, gave developers easy access to funds and fueled rapid expansion as home prices soared.

Residential buildings under construction at Tahoe Group Co.'s Cathay Courtyard development in July in Shanghai. (Bloomberg via Getty Images)

But with financing drying up and debts coming due, the resulting cash crunch has left thousands of units unfinished, and owners boycotting their mortgages in protest.

Demands for answers have elicited excuses, threats or detention, the woman said, and has pushed Xinli City homeowners to take desperate measures. Last month, she stopped paying her 30-year mortgage, along with thousands of others who had bought half-built homes there.

“It’s gotten to the point where no one is taking care of it. So we naturally also have to defend our own rights,” said the woman. “If we the people are not happy, it’s difficult to have a stable society.”