China’s Mortgage Boycott Capital Plans Property Bailout Fund
- Henan’s capital Zhengzhou faces the most mortgage protests
- The bailout fund will help stressed projects in Zhengzhou
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A Chinese city facing the most boycotts by angry homeowners is setting up a bailout fund to help cash-strapped developers complete housing projects.
Henan Asset Management Co. and government-backed developer Zhengzhou Real Estate Group will jointly set up a fund for the real estate sector, the provincial asset manager said in a statement dated Tuesday on its website, without providing further details.