China's Homebuyers in Tears: $266 Billion Lost, 20 Million Pre-sold Homes Unfinished
China's Homebuyers in Tears: $266 Billion Lost, 20 Million Pre-sold Homes Unfinished
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In our previous report, we highlighted the plight of a young couple who unfortunately purchased an unfinished property. This post-90s couple, named Liangliang and Li Jun, took a loan in November 2021 to buy an off-plan apartment in Zhengzhou Sunac City. However, in the summer of 2022, the Sunac City project halted construction, falling into an unfinished crisis. Despite having no home to move into, the couple still faced hefty mortgage payments, leading them on a long journey of appealing for their rights.
On the afternoon of November 15th, Liangliang and Li Jun went to the Sunac City sales office again to assert their rights and to demand the 20,000 yuan cashback previously promised to them. Instead, they were assaulted.
