Taipei, Taiwan —
A growing number of home buyers in China have seen their dream of moving into new homes dashed in the past year after a slew of bankrupt developers left behind millions of unfinished pre-sold properties.
Many of the buyers could do nothing but vent their anger and frustration on Chinese social media platforms such as Douyin, known internationally as TikTok, over what they called “rotting apartments” that represented their lifetime savings. Police are cracking down on protests.
The crisis of confidence in a sector that was once a reliable route to building wealth may threaten China’s growth and stability in 2024, experts say.
"Since the real-estate market has historically been a key driver of China’s economy, losing this momentum is expected to result in a long-term average economic growth rate below 5% starting in 2024," Darson Chiu, a research fellow at the Taiwan Institute of Economic Research in Taipei, told VOA Mandarin in a written reply on December 14.
Among countless victims, a Douyin user from the Henan province in north-central China with the name, “The happy life in my rotting apartment,” posted a short video clip on December 1 showing a local project where construction was halted.
“It’s been a year, but my apartment remains unfinished. … I hope the construction of the building can be restarted soon so that I can move into my future home,” he said in the video.
A victim in the Hunan province city of Changsha, identified only as Ms. Chen in a local TV news report, said in late 2022 that her family could barely make ends meet after paying the monthly mortgage of $700 (5,000 yuan).
“If my unfinished property keeps rotting, I personally won’t have the courage to go on living," said Chen.
VOA Mandarin has approached a dozen owners of unfinished homes on Chinese social media platforms Douyin, Xiaohongshu, known as RED outside of China, and Weibo, China’s microblogging site similar to X. None agreed to talk.
Two lawyers in Shanghai and Beijing who specialize in property disputes also refused to be interviewed.
The Beijing lawyer said the city’s Bureau of Justice has banned lawyers from talking to foreign press, citing “the class action’s sensitivity.” None of his clients wanted to talk to foreign press.
