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In China, construction sites have been on hold for months, dozens of buildings are unfinished. However, families have invested all their savings in these off-plan purchases.
Kunming, like most Chinese cities, is going through a real estate crisis. Construction sites are stopped, entire residences are unfinished. People had bought apartments in the towers of one of them. The promoter went bankrupt. Chen Yanchun, self-employed, has been waiting for her 67 m² for ten years, with 25,000 euros down payment, and 700 euros per month in reimbursement.
System D for defrauded owners
The town hall has decided to make a building available free of charge to house 40 families in this case. The cheated owners raise chickens and grow vegetables there. Employed in an insurance company, Xia Min and her husband invested all the savings in an 87 m². But they live three to a room. To revive growth, the Chinese government wants to restructure the sector. The authorities are considering obliging developers to put only finished homes up for sale. “A pillar of the Chinese economy, the real estate sector is going through an unprecedented crisis. Trust is broken, the Chinese are buying less and tens of thousands of owners will never see their apartments finished“summarized the journalist Arnauld Miguet.