Sometimes, the news is just priceless.
Why are people across China refusing to pay housing loans?
A wave of disgruntled homebuyers are refusing to pay mortgages for unfinished or stalled housing projects, as debt-strapped property developers run out of cash. Payments have stopped on at least 100 projects in more than 50 cities, according to researcher China Real Estate Information Corp. Analysts believe that a drop in home values may be another driver for the refusal to meet payments. Until recently, China’s mortgages have been considered among the safest banking assets because of high down payments and collateral value.
So let me see: you take on debt to purchase a product, and when the product fails to be delivered, you refuse to pay for it. Only in a world of banker-thought can you be the bad guy.
As to why all this is happening, see here. (Executive summary: it was all built on debt.)
And it couldn’t happen to a nicer bunch of Commie assholes.