Homebuyers in China are boycotting mortgage payments

[IroNat]

When the sh*t hits the fan it will be HUGE.

>

Homebuyers in China are boycotting mortgage payments, deepening the country’s real estate crisis and fueling fears of contagion

https://fortune.com/2022/07/15/china-mortgage-boycott-homebuyers-real-estate-property-debt-crisis-evergrande-contagion/

What started as trouble with China Evergrande Group is now snowballing into a crisis that risks engulfing the majority of the country’s developers, its biggest lenders and a middle class that has significant wealth tied to the property market. China’s home prices have tumbled 10 months straight, according to data released on Friday.

“The whole pyramid is collapsing now,” said Anne Stevenson-Yang, co-founder of J Capital Research Ltd. “What’s different is that things are worse now because of the Evergrande crisis a year ago, which is spreading its tentacles throughout the Chinese economy.”

[Humble Narcissist]

Probably coming to the US soon.

[jude2]

Chinese bought over $6 billion worth of homes mainly in Florida and Cali.

[IroNat]

Chinese bought over $6 billion worth of homes mainly in Florida and Cali.

Smart to get their wealth out of China as much as possible.

[jude2]

Smart to get their wealth out of China as much as possible.

That's true, but I wonder if it is going to ever have an impact on the housing market.