Wednesday, September 27, 2017

China’s mortgage debt bubble raises spectre of 2007 US crisis

Many young homeowners in booming cities owe more than they earn, and some even falsify salary details to get bigger mortgages


Young Chinese like Eli Mai, a sales manager in Guangzhou, and Wendy Wang, an executive in Shenzhen, are borrowing as much money as possible to buy boomtown flats even though they cannot afford the repayments.


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