Unfinished Buildings Handed Over, Birth of Tofu-Dreg Projects | A Show Before the 20th Congress

Since the summer of 2020, China's real estate developers have been experiencing a succession of debt crises that have led to the collapse of developments and a sharp decline in real estate investment, housing sales and new construction. The owners who were unfortunate enough to purchase unfinished units have tried fighting for their rights in various ways. Some have moved into the broken buildings and some have refused to pay their mortgage. As the 20th National Congress is to be held on October 16, the authorities are shouting the slogan of "guaranteeing the delivery of buildings" for the purpose of maintaining stability, and local government officials are also trying their best to get housing companies to resume work in an attempt to alleviate the property market crisis and protect their official positions. But experts say that China's real estate market has entered a cold winter, the phenomenon of broken buildings may become more intense. The authorities’ plan to resume work are only a show before the 20th Congress.