China urges banks to extend loans to real estate companies after homeowners halt payments

Real Estate
In China homebuyers, furious at the delayed completion of properties they’re already paying for, have taken things into their own hands. Tens of thousands of them have begun withholding payments for unfinished projects across at least 50 cities in the country. In response, China’s banking regulator is urging banks to extend credit to real estate developers and support construction. The boycott has also fanned fears of financial contagion in China’s real estate sector, which accounts for up to 30 percent of the country’s GDP and is a key driver of growth.



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