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The China real estate crisis is threatening China's economy This summer, hundreds of thousands of Chinese people have sent angry messages to developers, banks and local governments that have reverberated in Beijing’s halls of power. “You stop construction, I stop paying my mortgage,” says one letter, sent on behalf of 7,200 households that bought deeds in the same property development in Chongqing. “You hand over the apartment, I start paying.” Similar threats have been made — and in some cases carried out — across 328 property developments in nearly 100 cities. Some of the messages have appeared briefly on Chinese social media platforms before being scrubbed by censors. But their echoes remain — the letters have been preserved on a crowdsourced website titled WeNeedHome — as does the fury. The mortgage boycotts are posing a fresh challenge for the government in a country where widespread dissent is uncommon and other economic troubles loom large. 尽管当前房地产已经捆绑了中国经济,经济面临下行压力之际,各级政府仍不断采取各种措施来刺激房市。但是,行政调控对于资产价格的波动而言,最终是失效的,久涨必跌的房地产泡沫破灭案例,在全球都是无一幸免的。