China is trying to ease panic over two of the biggest issues threatening social stability in the country — mortgage boycotts and frozen bank accounts.
In China, real estate firms are allowed to sell homes before completing them, and customers have to start repaying mortgages before they are in possession of the new property. These funds are used to finance construction by the developers.
Buyers across 18 provinces and 47 cities had stopped making payments by last Wednesday, according to multiple state media reports and data compiled by Shanghai-based research firm China Real Estate Information Corporation.
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