China’s Industrial Bank has 1.6 bn yuan outstanding mortgages involving projects with delivery delay risks
STOCKS
China’s Industrial Bank has 1.6 bn yuan outstanding mortgages involving projects with delivery delay risks
STOCKS

China’s Industrial Bank has 1.6 bn yuan outstanding mortgages involving projects with delivery delay risks

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s Industrial Bank said that its outstanding mortgage loans involving property projects with risks of delivery delays amount to 1.6 billion yuan, of which, outstanding non-performing mortgage loans totals 75 million yuan.

Of the amount, payment of 384 million yuan mortgages has been suspended by homebuyers, mostly in central China’s Henan province, the bank said.

The size of mortgage involving properties with the risks of delivery delays is small and won’t have major impact on the bank’s operation, it said.

The bank’s statement came after more and more home buyers across China refuse to pay mortgages as the properties they purchased have been left unfinished amid the liquidity crunch in the real estate sector. Read more …