China's Zhengzhou city to begin building delayed housing projects amid mortgage boycott

The Chinese city of Zhengzhou will start building all delayed housing projects within 30 days, using special loans, and encouraging some real estate firms to file for bankruptcy.
The plan is to complete construction on all suspended property projects in Zhengzhou by October 6.
Real estate firms will need to pledge valid assets to local government-backed financing companies to obtain special loans.
In June, homebuyers in 80 cities threatened to suspend making mortgage payments as developers stopped building projects due to strapped liquidity or strict COVID-19 restrictions.

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