China is one of the biggest economies in the world and the Dragon Country is competing with superpower nations, the United States and Russia. Competing with America and Russia tells how big China is as a country as far as the economy is concerned. But the situation in the nation has something else to say.
The real estate sector was hit very badly by a crisis, the construction sector barely records good numbers. Just like the rest of the world, the Dragon country, which is accused of developing Covid was also hit by the deadly Covid. The construction sector is facing the deadly impact of the Covid outbreak.
To say how worse the real estate crisis is, the builders are not taking up new construction projects and people who paid money for houses and apartments were forced to stay in unfinished houses.
The unfinished projects are not in a position where people can live there and they are not providing even the basic facilities. People are saying they spent all their savings on the houses and they received unfinished flats in return.
With the crisis in real estate forcing the construction companies to leave the construction houses midway, the customers are also not paying the EMIs. They are also telling the same to the recovery agents that they will not pay the EMIs unless the projects are finished. Complete the houses first and then ask for the balance amount, they say as per the reports.
As per the reports, customers who booked flats in projects taken up by hundreds of construction companies are not paying the EMIs and the balance amount that has to be paid is around thousands of crores. The amount is very big and the real estate sector is unable to cope up with the huge losses.
Experts say that the serious lockdowns imposed by China to fight the deadly Covid resulted in many people losing their jobs and several sectors sustaining severe losses. With income getting cut, people are unable to pay the EMIs and the construction companies are not able to finish the projects, they announced.
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