China’s huge financial system is being threatened by an actual property debt disaster the likes of which has by no means been seen.
Just months earlier than Xi Jinping is to be ushered right into a historic third time period in workplace, banks are failing, and protesting property buyers are withholding mortgage repayments as a result of builders haven’t completed constructing their properties.
In some cities, householders, who purchased their residences off-plan, have determined to only transfer their households into unfinished towers, ignoring warnings to remain away.
The BBC’s China Correspondent Stephen McDonell traveled to Xi’an to satisfy a few of them.
With inputs from BBC
