Beijing: The poor condition of real estate in China is now overshadowing the Chinese. Even after paying saving money for their dream home, people are not getting the house on time. One such auto worker was on his way to stay in his apartment bought in Wuhan three years ago. Auto worker Wang has so far paid more than US$300,000 to the builder for the house. Wang told that the work has been stalled for the last several years, when asked, the builder postpones them by saying that the work will start soon.
Wang lives with his family in Beijing, the capital of China. Wang, who got married three years ago, wanted to start his new life by settling in Wuhan. He told the news agency AFP that it was not easy for him to buy this house. All of Wang’s savings have gone to the builder to buy the house. According to Wang, he has not got the house yet and the builder has paid two million yuan from him in several installments so far. With no hope of getting a house, he has also stopped payment for this month. In fact, like Wang in China, thousands of people have decided to stop paying in installments after not getting home on time.
China’s real estate is facing huge debt
Evergrande, China’s largest real estate company, is currently in heavy debt. She was able to pay off a small amount of debt due to customer payments, but now the situation is getting worse. In the property sector, companies have been forced to take loans from outside after the stringent loan provisions by the Chinese government. Also, after the recession caused by Corona, the work of real estate has also become sluggish. According to AFP, the Chinese government is also continuously pressurizing the builders to give houses to the customers soon.
The campaign is running under the name ‘We Need Home’
Due to not getting the house on time, many people have stopped the monthly payments. According to the campaign called We Need Homes, customers living in around 100 cities have decided to stop the payments to the builder. Due to the negligence of the builder, the money of thousands of customers is stuck in about 300 projects. People have not been able to get the house of their dreams even after passing the deadline many times. Analysts at Nomura estimate that Chinese developers have completed only 60 percent of the homes sold between 2013 and 2020.
