The Chinese dream of home ownership is crumbling. The economy could go with it
TAIPEI, Taiwan â Last November, hundreds of angry homeowners in Nanchang, the capital of China's Jiangxi province, gathered on the roof of an unfinished apartment building. From their perch, they unfurled red and white banners along the outer walls and chanted demands for completion of the homes they had already partially paid for. On the dirt below, workers inflated a large airbag to catch anyone who jumped.
Nearly 500 miles away in Shanghai, a 26-year-old interior designer watched video of the protest on social media, and saw her life plan falling apart.
The woman and her husband, who requested anonymity to avoid retribution, had purchased a three-bedroom unit in the sprawling Xinli City project presale in August 2019. Just a few hours' drive from both their hometowns, the development was touted as a "750,000-square-meter city of ideal life," with a daycare center for the couple's young child. It should have been finished that November. It wasn't until she
