Chinas Mortgage Protest Grows

As China’s housing crisis deteriorates, people have stopped pay mortgages on their unbuilt homes. This is a huge problem for the CCP, because if the real estate sector goes south, the Party’s legitimacy could be challenged. In this episode of China Uncensored, we look at what led to the crisis, how people are protesting, the government’s response to the protests, and why it’s unlikely to get better any time soon.

That threatens the very existence  of the chinese communist party i know, i’m gonna need to be more specific. the   a cheesecake factory menu. is  that a menu or an encyclopedia? despite years of the big wall street  it’s becoming pretty obvious that there is   by the way, “something seriously  wrong with the economy” is only

In the but perhaps the biggest warning  sign is the real estate crisis. 30% of china’s gdp. so if that goes down,   the party’s legitimacy is not based on any kind of  high ideals like freedom and democracy. it’s based   on providing money and jobs to the people—so long  as they agree to an authoritarian police state.  

It’s kind of like if that one kid we all knew  growing up who only had friends because he   had a trampoline… destroyed his trampoline. that  and now the real estate crisis  is threatening the economy. the problem is real estate developers pre-sold  homes. in other words, people paid for apartments   i’d say that’s like

Putting  all your eggs in one basket,   the basket before the chicken’s laid the eggs.   the problem is in many cases, developers  the german media company dw sent a team to china  “well one of the things that’s  really extraordinary here and   the problem is this whole road is lined   a whole row of things

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That were paid for,   my book shelf? i swear, i’ll  finish one of those books someday. and what does this mean for the people who have   well, dw also interviewed someone  who bought one of these apartments. “i bought the apartment in 2018. it was agreed  it would be ready in 2020, but they stopped work   in 2019 and

They’re still not working on it now.  it was wise of him not to reveal his name or face,   and not only did people lose the money  are people upset? you bet. and they’re protesting.   people have spent a lot of money  and they’re still paying money on the  that’d be like still paying a music instructor  two years after

Your kid gave up piano lessons.   although, to be fair, i’d pay my neighbors to  make sure their kid never resumes those lessons.   people became fed up, and back in june,   and despite a desperate attempt  any mention of the mortgage protest  online, the movement has only grown. this github list is called we need home. 

It shows the number of real estate projects   across china whose buyers have joined the mortgage  boycott. there are now 342 projects on this list,   and “with no sign of construction picking   more homebuyers have told reuters they plan to  turns out you can’t get paid  millions of dollars for doing   there is a

Lot at stake here for  the proportion of bad loans related  to property has surged to 30%.” if these unfinished projects don’t get completed,   and even the ccp doesn’t have enough, ahem…  and with a major meeting of the  this is a really bad time for such  a potentially devastating protest. heavy handed censorship is one of the

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Downsides  one chinese homebuyer told reuters,  stability and has not thought about  projects. there’s nothing we can do  if the government doesn’t help us.” that’s what communist systems do. they take  away the power of the individual, making them   that one kid we all knew growing up who only had  friends because he had a

Trampoline… destroyed   now that the problem has become  authorities in zhengzhou, where  the mortgage protests began, are offering homebuyers “loan payment holidays for   which is a bit of a shallow gesture,  that stopped paying their mortgages… can stop  paying their mortgages. that’s like catching   but they’ve

Also promised to start  building the stalled housing projects. where will the money come from to start building?   “beijing is making of   the problem is, that could increase  inflation—which is already pretty bad. no wonder the things to protest  in china menu is so thick. but hey, at least the communist party is giving 

People a 6 month moratorium on their mortgage   payments. after all, you can’t protest by not  paying your mortgage if the government gives   you six months where you don’t have to pay! then  well, here’s the catch. one person  told reuters after the 6 months are up,   moratorium ends, regardless of the state of  and he

Says if the construction  but the communist party’s  patience for that is running out. to beijing to appeal to the central government.   local authorities are rewarded for keeping things  one person reuters spoke to was getting a lot  of calls from police. in fact, she produced,   sooner or later that will be  an invitation to

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Drink tea. demonetizing our episodes, the only reason   on patreon or locals. i call them the china  uncensored 50 cent army. and as a thank you,   drowning goldfish on patreon. “i  or simply living in china amid numerous other  issues (such as pollution, or gutter oil,   fake food, tofu dreg building, shaky skyscrapers, 

Oh why drowning goldfish, i would definitely  say those other things kill more people in china   than covid. according to official statistics,  there’s only been about 5,200 deaths since the   pandemic began. in fact, from april 2020 to march  which is almost as believable  as michael jackson’s marriage. during the shanghai

Outbreak because they   and then after the shanghai lockdown  ended, boom, no covid deaths again. to admit that those other things kill more   unless of course…those covid numbers are lies.   somehow i don’t think they’d admit that. if they  did, they’d get stuck in a logic loop and their   head would explode. which

Is something else that  then again, cognitive dissonance is  par for the course under communism. and thank you for watching. if you 

Transcribed from video
China’s Mortgage Protest Grows By China Uncensored