In China, homebuyers occupy their 'rotten' unfinished properties

“If this problem is not solved, it will affect the real estate transaction, It will affect the credibility of the government, and it will also exacerbate the debt problem of developers,” he said. A deep downturn in China’s housing market, and the devastation caused by strict anti-COVID measures, are weighing on the world’s second-largest economy, while the ruling Communist Party Preparations are underway for next month’s five-yearly national congress. ‘Fall from Heaven’ Xu bought her two-bedroom , 11 Square meters early 340, about 6 years after its developer, Gartenborough began to build and sell apartments, Yuan($55) per square meter, they say it will come with facilities like floor heating and a shared swimming pool. Work progressed quickly at first, with blocks planned Towers go up one by one. but in June 200, Gartenborough Realty hits court against its parent company Illegal fundraising and confiscation 90 million-dollar properties, including multiple units in Xiulan County. stop construction in the middle 200, Xu only found out a few months later that she described how she felt at the time as “falling from heaven” . Gartenborough Properties did not respond to Reuters’ request for comment. Since