In recent days, a post saying mainland China has more than 10 million foreclosed homes has caused a stir on social media. Official data shows a sharp surge in foreclosures in recent years. Experts have pointed out that this indicates the possibility of a housing market collapse and a financial crisis for local governments.
On June 25, a Twitter post citing information from China’s Bank Financial System Risk Control Conference revealed that nearly 40 million homes’ mortgages haven’t been paid nationwide, and there are currently more than 10 million foreclosed homes being auctioned. It’s caused heated discussion on Twitter and has drawn attention to the surge of foreclosures in China.
