Chinese regulators held emergency meeting about suspended mortgage payments – report

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China’s Ministry of Housing and Urban-Rural Development, financial regulators and banks held an emergency meeting this week to discuss the issue of suspended mortgage payments, as more and more homebuyers in China refused to pay mortgages on unfinished projects, Bloomberg News reported cited people with the knowledge of the matter.

The meeting has not come up with a solution right away, but authorities required local regulators and banks to submit a report on the matter as soon as possible, involving the affected real estate projects, according to the report.

Meanwhile, some banks also planned to tighten the mortgage requirements in high-risk cities.