In Science and Space: Chinese bank depositors are now boycotting mortgage payments, protesting that they can’t get their frozen funds back, resulting in a rise in banks’ non-performing assets (NPA) and severely hurting the country’s economy. giving a great blow. At the end of the second quarter, the balance of commercial banks NPA was 2.95 trillion yuan, with a loan ratio of 1.67%,” a US publication told the Financial Post.
It is important to note that June mortgages increased by 200.3 billion yuan. Manufacturing loans increased by 1.6 trillion yuan, he 3.3 trillion yuan in the first half. High-tech manufacturing loans increased by 28.9% year-on-year. “The sales of distressed assets in the first half totaled 1.41 trillion yuan, up 219.7 billion yuan year-on-year,” the magazine said. According to media reports, entrusted loans and entrusted loans fell by 380.6 billion yuan in the first half of the year.
Many Chinese citizens are boycotting mortgages. A major cause of the housing crisis is homebuyers’ lack of confidence and trust that their housing units will be completed.
The housing sector is an important sector of the Chinese economy, as more than 80% of his real estate industry in China is occupied by the purchase of new homes. Japanese financial holding company Nomura estimates that Chinese developers delivered only 60% of second-hand homes between 2013 and 2020, while mortgages increased by 26.3 trillion yuan over the same period.
China’s interbank wealth management has fallen from more than 6 trillion yuan at its peak to about 10 billion yuan by the end of June, said Liu, deputy director of the China Banking and Insurance Regulatory Commission (CBIRC). Zhongrui said. “Small and medium-sized banks disposed of 594.5 billion yuan (about US$87.8 billion) worth of non-performing loans in the first half of this year, 118.4 billion yuan more than the same period last year,” the article said.