{"id":56370,"date":"2022-07-18T13:01:34","date_gmt":"2022-07-18T05:01:34","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=56370"},"modified":"2022-10-14T17:08:56","modified_gmt":"2022-10-14T09:08:56","slug":"property-news-china-thailand-got-singaporeans-talking","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/property-news-china-thailand-got-singaporeans-talking\/","title":{"rendered":"Property news from China and Thailand over the past week that got Singaporeans talking"},"content":{"rendered":"
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Over the past week, two major news in the regional property sector got quite a bit of attention. While both were eyebrow-raising, they are definitely unprecedented during these challenging, economic times.<\/p>\n

Most of these movements or policies do not affect developers, homebuyers or residents in Singapore, but they do teach us a thing or two. Who knows? They may even inspire or galvanise the relevant authorities to look into or gatekeep them from happening here.<\/p>\n

China: Buyers of over 230 properties in 86 cities have collectively refused to pay their mortgages in “Bai Lan (\u6446\u70c2)” boycott due to pre-sold, unfinished projects<\/h2>\n

With the current economic slowdown (due to China’s repeated zero-Covid policy), and Beijing’s regulatory crackdown to deleverage and contain soaring property prices, developers in China have been struggling to complete projects<\/a> since last year.<\/p>\n

This financial stress has caused developers to push back on project completion timelines or halt construction altogether. Affected provinces include cities in Hunan, Hebei, Henan and Jiangxi.<\/p>\n

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A file photo of a property showflat in China.<\/figcaption><\/figure>\n

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This has angered many middle-class homeowners who have pre-bought their apartments ahead of time, including some who had planned to move in before getting married.<\/p>\n

Many of these affected homeowners have united and stopped repaying their mortgage loans en masse, in a “bai lan” (\u6446\u70c2) movement (in English, it means ‘let it rot’). This phrase means a voluntary withdrawal from higher life pursuits due to insurmountable odds.<\/p>\n

Not only that, their refusal to make their mortgage commitments would put these homeowners at risk of being sued by their banks. It is also believed that if they are blacklisted by credit rating companies, it would also affect their family’s ability to apply for civil service jobs, university admissions, get bank loans and so on.<\/p>\n

In Wuhan, a project called Wonderful Fragrance Garden, remained unfinished after its 2nd phase. It started selling in 2019 and was scheduled to be delivered in December 2021. The developer, Meihao Group, halted construction at 70% and went behind schedule, prompting the protest.<\/p>\n

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