Shanghai faces first mortgage boycott as stalled housing project angers homebuyers
Homeowners of The One-Rivera Shanghai say the residential complex appears nowhere near completion despite missing two delivery deadlinesBuyers are likely to stage a boycott on mortgage payments, as the delivery of the flats has been delayed for over 500 days, one analyst saysChina propertyDaniel Renin ShanghaiPublished: 6:30pm, 1 Oct, 2023Why you can trust SCMP
One buyer said the cash-strapped developer did not appear close to completing the project, and the recent resumption of development work looked “half-hearted” – likely a temporary measure to soothe outside concerns.
No heavy equipment or workers were seen at the construction site when this reporter visited on Sunday during China’s week-long National Day holiday.