China's real estate industry has developed rapidly in the past two decades, and the housing prices in first-tier cities such as Beijing and Shanghai have become the most expensive in the world. According to the World Bank report, the real estate industry accounts for about 30% of China's GDP. Affected by the COVID-19 (serious special infectious pneumonia, new crown pneumonia, Wuhan pneumonia) epidemic "zeroing" policy, the economy in many places in China is facing a severe situation. news about the mortgage. Since the suspension of loans for "unfinished buildings" is closely related to the stability of the banking and financial system, the Chinese and foreign media have paid great attention. What issues have the media reported on? On Wednesday (July 13).
Bloomberg quoted the latest report on real estate prices in China released by Citigroup Inc., saying that a total of 35 real estate projects in 22 cities in China were "unfinished" or prices fell sharply, and the purchase of real estate decided to stop paying the mortgage. Bloomberg's analysis believes that, in fact, the problems of China's real estate industry are spreading to banks. “The mortgage defaults underscore the extent to which the storm engulfing number list China’s real estate industry is now affecting the country’s middle class and posing a threat to social stability. Banks in China, already grappling with the challenge of liquidity pressure from developers, now have to prepare for home purchases breach of contract.” There are more "unfinished building" projects in China's internal statistics. It is said that as many as 52 owners of unfinished or unfinished buildings have issued notices of suspension of loans, involving about ten developers including Evergrande. This week, the Chinese media "First Financial" reported that: Recently, the owners of unfinished buildings in many places have issued statements to forcibly stop loan repayments until the related projects are fully resumed.
The cities involved include Zhengzhou, Shangqiu, Xinxiang, Henan Province, Henan Province and Henan Province. Nanyang, Zhoukou, and cities in Shanxi, Jiangsu, Jiangxi, Hunan, Hubei, Guangxi, Shaanxi and other provinces. According to China's statistics, as of the end of 2021, the total construction area of unfinished buildings in 24 key monitoring cities is nearly 25 million square meters, accounting for 10% of the total transaction area of commercial housing in 2021. What rescue measures does China have? In addition to the "unfinished" problem of residential buildings under construction, a new rescue measure called "group purchase of houses" has also appeared in many places in China. According to incomplete statistics from The Paper, since June, at least Taiyuan in Shanxi, Zhongshan in Guangdong, Shenyang in Liaoning, Tonglu in Zhejiang, Tongling in Anhui, Pu'er in Yunnan, Bazhong in Sichuan, Huanggang in Hubei, Changchun in Jilin and other places have released policies related to "group purchase" or activity. China's home sales are amazing Photo Credit: Reuters / BBC News Prior to this, statistics said that more than 300 rescue measures were issued across China