{"id":46569,"date":"2022-07-19T14:00:32","date_gmt":"2022-07-19T05:00:32","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2022\/jul\/19\/mortgage-strikes-threaten-chinas-economic-and-political-stability"},"modified":"2022-07-19T14:00:32","modified_gmt":"2022-07-19T05:00:32","slug":"mortgage-strikes-threaten-chinas-economic-and-political-stability","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=46569","title":{"rendered":"Mortgage strikes threaten China\u2019s economic and political stability"},"content":{"rendered":"<p>Analysis: worsening meltdown in the country\u2019s debt-laden property market is at the heart of a problem that comes at a precarious time for the Communist party<\/p>\n<p>The alarm bells are ringing louder. Last week, <a href=\"https:\/\/www.theguardian.com\/world\/2022\/jul\/11\/china-violent-clashes-at-protest-over-frozen-rural-bank-accounts\">hundreds of depositors gathered <\/a>in front of the Zhengzhou branch of the People\u2019s Bank of China in the provincial capital of Henan, demanding their frozen life savings held in rural banks. A day later, <a href=\"https:\/\/www.theguardian.com\/world\/2022\/jul\/18\/china-banks-told-to-bail-out-property-developers-as-mortgage-boycotts-threaten-economy\">tens of thousands of homeowners threatened to stop paying mortgages <\/a>on scores of unfinished housing projects they had purchased. All of this happened in a week where the officials reported <a href=\"https:\/\/www.theguardian.com\/business\/2022\/jul\/15\/chinas-quarterly-economic-growth-slumps-sharply-after-covid-lockdowns\">lacklustre second-quarter economic performance<\/a>.<\/p>\n<p>China\u2019s economy is facing a dangerous cocktail of stalling growth, high unemployment, spreading mortgage payment strikes and continued Covid shutdowns that threaten to explode with serious social and political consequences.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2022\/jul\/19\/mortgage-strikes-threaten-chinas-economic-and-political-stability\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysis: worsening meltdown in the country\u2019s debt-laden property market is at the heart of a problem that comes at a precarious time for the Communist partyThe alarm bells are ringing louder. Last week, hundreds of depositors gathered in front of the &#8230;<\/p>\n","protected":false},"author":2581,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[41,6,50,556,42],"tags":[],"class_list":["post-46569","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-business","category-china","category-chinese-economy","category-world-news"],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/46569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/2581"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46569"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/46569\/revisions"}],"predecessor-version":[{"id":46570,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/46569\/revisions\/46570"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}