Chinese Home Buyers in Distress as Evergrande Crisis Unfolds

Mrs. Guo, a Chinese homeowner, is in distress over the home she purchased from Evergrande, a major Chinese property developer. Along with her husband, she bought an off-plan apartment for their son, using 75% of their income to pay for the mortgage. However, construction on the property came to a halt when Evergrande faced financial difficulties, including failing to repay offshore lenders. The company's founder and other senior leaders have now been detained by police, raising concerns about its future. Mrs. Guo and other homeowners are worried that they may lose their savings and dreams due to the crisis. The situation is particularly alarming because Evergrande is not the only troubled developer in China. Another major developer, Country Garden, has also reported significant losses. Chinese social media platforms have been actively discussing the issue, with many users questioning the lack of buyer protections and expressing concerns about the wider impact of the property crisis. Some homeowners have even stopped paying their mortgages and are considering protesting to urge the government to take action. The article highlights the vulnerability of Chinese homeowners and the potential consequences for the country's economy, as the property market is a significant driver of economic growth.