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Shenzhen Daily: Home loan defaults climb amid crisis

by Jane Lai

AFTER failing to pay her mortgage for months, a Hong Kong resident surnamed Zhang was finally brought to court in Shenzhen in October.

Zhang had purchased an apartment in Futian District by borrowing 430,000 yuan (US$63,235) from a Shenzhen bank. According to the contract, her monthly mortgage payment was 4,569 yuan for 10 years. But during the second half of this year, she missed her payments for four months, and the court ruled Oct. 8 that Zhang had to pay back the bank loan in full.

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About the Author
By: admin
Company: ShenzhenParty.com
Home Country: United States
Job Title: General Manager
Location: Futian District
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Member For: 12 years 51 weeks ago