'All the family's savings were invested in this house' 😥
4-min readGUILIN, China - For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city's clean air.
Xu and about 20 other buyers living in Xiulan County Mansion share a makeshift outdoor toilet and gather during the day at a table and benches in the central courtyard area. While some local governments have taken steps to prop up the property market by setting up bailout funds, buyers like Xu, who paid deposits in advance and are on the hook for mortgages, remain in limbo.The proliferation of unfinished apartments has sparked unprecedented collective disobedience, fuelled by social media: in late June, thousands of home buyers in at least 100 cities threatened to halt mortgage payments to protest stalled construction.
Work progressed quickly at first, with blocks in the planned 34 tower complex going up one after another. Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there. She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Melissa Faith Yeo’s first viewing as property agent was the Toa Payoh HDB flat known for ritual murders - The Independent Singapore NewsShe had no idea of the flat’s history and only became aware after the buyers began asking her specific questions about the property.
Read more »
Are foreigners really the major cause of the rise in property prices in Singapore?Whenever private home prices start to soar in Singapore, there's a tendency to look toward foreign buyers. We were, for instance, subject to a slew of news reports about Chinese buyers rushing into the Singapore market during Covid-19; and veterans of the property market will recall similar fears in the aftermath of 2008/9 Global Financial Crisis. But how much do...
Read more »
Tips for first-time car buyers in SingaporeBuying a car in Singapore is an expensive commitment, and if you're thinking of making the leap into car ownership here for the first time, the process can feel somewhat intimidating and complicated, what with the many terms, jargon and regulations to contend with. Nevertheless, if you feel like you're ready to make the leap, CarBuyer Singapore is here to...
Read more »
Top US bank CEOs warn they can stop working with China if Taiwan is invaded‘We will follow government’s guidance which has been for decades to work with China’
Read more »