Real estate developers who are dissatisfied with the dilemma of funding have delayed delivery of houses, and many provinces and cities in China have collectively refused to pay housing mortgage loans.This may be a dangerous signal that China's real estate industry risk is further transmitted to the financial system.
Bloomberg reports that according to the report issued by Citi on Tuesday (July 12), as of July 12, after a long period of time, buyers of more than 35 residential projects in 22 cities have not expected the impact on the impactPersonal credit records, jointly decided to stop repayment of mortgage loans.The funds of the real estate project company can theoretically maintain the capital expenditure required by the intersection. However, in the case of improper use of pre -sale funds, it is necessary to ensure that the delivery is required through window guidance or bridge loan.
Analyst Griffin Chan, etc., in the report, it is a critical moment for social stability. The down payment theoretically buffer financial risks, but in fact, once a breach of contract occurs, the real estate that has not been delivered is facing buyers buyers.It is difficult to find issues such as the development of funds from developers.The report quoted Ker Rui's data that as of 2021, the delayed property in 24 key cities reached 186,000 units, equivalent to 9%of the new house sales in 2021.
Citi reports that the owner's collective suspension of loans will also lead to increased bank non -performing loans, and state -owned banks including China Construction Bank, China Postal Savings Bank, and Industrial and Commercial Bank of China may face more mortgage risks.
Buyers refuse to pay mortgages at the risk of influencing personal credit reporting, highlighting the storm of real estate has already affected a large number of middle class and pose a threat to social stability.Commercial banks, which have previously responded to the debt issues of developers, must also prepare for buyers' breach of contract.
Chinese official media also promoted the risk brought by the tide of loan.The Securities Times published a comment article saying that if this trend spreads, it may cause a negative impact on the property market, which is more unfavorable to real estate sales and is not conducive to the stability of the financial system.
The article also said: "Let the rotten tail buildings live, and delivery at an early date is conducive to the stability of millions of households. Governments of various local governments should study how to activate the rotten tail buildings, go down the dead chess, recover and transfer and go away.The funds, or the introduction of powerful housing companies, put the guarantee delivery in the priority. "
