Dozens Live in Unfinished Apartments to Highlight China's Crisis of Stalled Housing Projects

Construction worker Shi Tieniu bought an unfinished apartment in Tongchuan, China in 2015 that still lacks basic amenities like water and electricity.
Shi is one of dozens living in the unfinished Gaotie Wellness City complex to pressure authorities to address China's growing problem of unfinished housing projects.
Developers continued selling apartments in the complex even as construction stalled repeatedly since 2015.
Many residents are retirees who bought homes for their unmarried sons or laborers who can't afford rents elsewhere.
Homeowners nationwide face similar situations as smaller developers face liquidity crises, destroying families who spent life savings on empty promises.

reuters.com

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Posted 9/15/2023, 7:37:43 AM

Dozens Live in Unfinished Apartments to Highlight China's Crisis of Stalled Housing Projects

Construction worker Shi Tieniu bought an unfinished apartment in Tongchuan, China in 2015 that still lacks basic amenities like water and electricity.
Shi is one of dozens living in the unfinished Gaotie Wellness City complex to pressure authorities to address China's growing problem of unfinished housing projects.
Developers continued selling apartments in the complex even as construction stalled repeatedly since 2015.
Many residents are retirees who bought homes for their unmarried sons or laborers who can't afford rents elsewhere.
Homeowners nationwide face similar situations as smaller developers face liquidity crises, destroying families who spent life savings on empty promises.

reuters.com

Relevant topic timeline:

8/29/2023

How China’s property suppliers are ‘dragged to death’ in real estate crisis

9/5/2023

China property support spurs buying but sceptics warn of weak demand

9/16/2023

China's Property Slump Worsens as Home Prices Fall at Fastest Pace in 10 Months

9/24/2023

China's Massive Property Crisis - 3 Billion Empty Homes Amid Developer Debt Defaults

9/24/2023

China's Housing Market Slump Deepens as Empty Homes Abound and Developers Teeter

9/25/2023

China's Massive Vacant Housing Glut Signals Trouble for Its Property Market and Economy