‘Hopeless’: Chinese homebuyers run out of patience with developers

He is among numerous homebuyers across dozens of cities in China who have boycotted payments over fears that their properties will not be completed by cash-strapped, debt-laden developers.

NEWLY married and with his first child on the way, auto worker Wang wanted to move into the apartment he bought in Wuhan three years ago but those hopes were dashed by China’s ballooning property crisis.

Saddled with US$300,000 (RM1.3mil) in debt and with his unit nowhere near completion, the 34-year-old decided he had had enough and stopped making mortgage payments.