Chinese authorities held emergency meetings with banks after growing alarm that an increasing number of homebuyers are refusing to pay mortgages on stalled projects, Bloomberg News reports, citing people familiar with the matter.
The Ministry of Housing and Urban-Rural Development held meetings with financial regulators and major Chinese banks this week to discuss the mortgage boycotts.
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.