Home Buyers Angry About Mortgage Boycotts in China

The market for new homes has collapsed in China and news of bank runs and mortgage boycotts have only made the situation worse. The Chinese press reports that in the first two weeks of July in 30 major cities in terms of floor space new home sales have more than halved partially driven by the news of mortgage boycotts. Several property developers have advertised that they would accept food including peaches, watermelons and garlic as down payments on new homes. It's rumored that local state owned enterprises will take control and ownership of uncompleted projects to get them completed.