World In China, many owners cease to reimburse their mortgage

09:40  14 august  2022
09:40  14 august  2022 Source:   immobilier.lefigaro.fr

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En Chine, les appartements neufs sont le plus souvent vendus avant leur construction. © Yuangeng - Stock.adobe.com in China, new apartments are most often sold before their construction.

Groomed, Mr. Wang was about to move in with his pregnant wife in their new apartment. But the dream turns into a nightmare with the real estate crisis in China which prevents some promoters from completing the work. To buy the accommodation three years ago, the future 34 -year -old dad contracted a loan equivalent to € 300,000. But without progress of the site for almost a year, he made a radical decision: to stop payment of monthly payments.

Like him, buyers in dozens of cities boycott reimbursements to put pressure on the promoters ... themselves riddled with debts and lack of liquidity. " They told me that the construction would soon resume ," said AFP Mr. Wang, who does not wish to reveal his full name. " But in the end, no worker came. »Resident of Beijing, he intended to move to this accommodation bought in Wuhan, a large city in the center of the Chine . " It was difficult for us to pay us this apartment. I put all my savings there , "he explains. " In the end, we must always reimburse two million yuan (€ 300,000) for the loan ."

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Only 60% of pre-sales housing delivered

China has known a boom in the sector since the liberalization of the real estate market. The promoters were able to develop thanks to bank loans. But their debt has inflated so much that the authorities decided from 2020 to put their hey. This has reduced the possibilities of financing for real estate giants such as the ex-numero an Evergrande, which has been trying for several months to reimburse mountains of debt. The difficulties of Chinese real estate, which represents a quarter of the country's GDP, were precisely revealed last year when Evergrande began to struggle to reimburse its creditors.

According to the Nomura bank, the promoters in China have so far delivered 60% of pre -sales homes between 2013 and 2020. The task is complicated by these boycotts of monthly payments and by pressure from the government - Concerned with social stability - in order to deliver apartments to buyers as quickly as possible. In Wuhan, other future owners tell the AFP that the delivery date of their accommodation has been postponed several times by the promoter Myhome Real Estate. They had to move in late 2021 but still saw nothing coming. The manufacturer promised this week that he hoped to complete the site at the end of 2022. The zero covid strategy did not help the situation.

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In China, new apartments are most often sold before their construction. So when a promoter is unable to complete the work, the buyer finds himself injured. This led to a real “ crisis of confidence ” in the real estate market, estimates in a recent report Andrew Batson, analyst of the Gavekal Dragonomics.

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" I would never have thought that it could happen ", tells AFP Mr. Hu, a buyer of Wuhan aged 25, about his still finished accommodation. He explains that his whole family paid to finance the purchase in 2018 of his three rooms in 2018. " I don't want to pay anymore," said another buyer. Without being able to enter his accommodation, the 24 -year -old praises an apartment whose rent weighs heavily on his finances. " is not to despise the law or contracts. It's just that this pressure puts us in an impossible situation. " His family brought a first payment of 800,000 yuan (€ 116,000). He also contracted a loan of 600,000 yuan (€ 87,000).

According to several Wuhan buyers, demonstrations of unhappy owners took place in the city. In all, more than 300 real estate projects in approximately 100 cities are affected by these boycotts of payments, according to a collaborative document posted online under the title "Weneedhome" (we need accommodation "). Many are in Zhengzhou, a big city in the center of China, where the authorities have created a help fund for promoters so that they can complete the work.

Now, the loss of confidence of the Chinese in the sector could still worsen the crisis, warns Tommy Wu, analyst of the Oxford Economics cabinet. " The danger of seeing a vicious circle develop - lower sales and prices for housing, increasing distress of promoters and deterioration in finance of local authorities - is worrying ."

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