Following reports of bank runs and mass mortgage defaults and protests in China, we have footage of PLA tank movements in Shadong Province. Is this just routine troop and equipment movements, a military exercise, or trouble brewing? Is China headed for Tiananmen square 2.0? MH
BREAKING NEWS: CHINESE AUTHORITIES HELD EMERGENCY MEETINGS WITH BANKS AFTER GROWING ALARMED THAT AN INCREASING NUMBER OF HOMEBUYERS ACROSS THE COUNTRY ARE REFUSING TO PAY MORTGAGES Here we go…
Chinese authorities meet banks as mortgage boycott roils markets – Bloomberg News
July 14 (Reuters) – Chinese authorities held emergency meetings with banks after growing alarmed that an increasing number of homebuyers are refusing to pay mortgages on stalled projects, Bloomberg News reported on Thursday.
The Ministry of Housing and Urban-Rural Development held meetings with financial regulators and major Chinese banks this week to discuss the mortgage boycotts, the report bloom.bg/3AKBOKX said, citing people familiar with the matter.
According to the report, no immediate solution came out of the meeting, however, the regulators have asked local watchdogs and banks to report the impact, including property projects affected in their jurisdictions. (Reporting by Akriti Sharma in Bengaluru; Editing by Jacqueline Wong)