China seeks to quell mortgage revolt among frustrated homebuyers

Authorities in China have been working to quell an uprising among landlords who threatened to give up the mortgages about unfinished properties, moderating social media posts and asking banks to keep cash flow for developers trying to make good on their promise to deliver homes to buyers.

Last week, a list of unfinished projects in which frustrated Chinese citizens said they would stop paying home loans circulated widely online and grew exponentially in a matter of days, including including more than 300 properties around the country on Monday. They include projects by dozens of developers, including companies like China Evergrande Corporation and Kaisa Group Holdings Ltd., defaulted on their dollar bondsas well as smaller real estate companies.

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