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Large-scale protests, which are rarely seen in China, have been taking place in recent years.
The victims of the sale, whose construction was halted due to the insolvency of the company when they received a loan for sale, and the victims who might not find their deposits due to bank insolvency, took to the streets.
Ahead of the party convention that will formalize President Xi Jinping’s long-term reign this fall, the Chinese authorities are taking control of the media and social media, showing tensions.
Correspondent Lee Hae-in from Beijing delivers.
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In front of the Banking Supervision Bureau building in Xi’an, China.
Thousands of protesters chant slogans while the police are blocking them.
“Stop Illegal Loans! Stop Illegal Loans!”
These are the victims of apartment sales whose construction has been suspended due to financial difficulties in real estate companies.
I mightn’t even move in, but when I asked them to keep repaying the loan, they mightn’t stand it and started protesting.
Currently, the construction of apartments, which has been suspended due to financial difficulties, is equivalent to half of Hong Kong’s total area of 500 million square meters.
This is because major real estate companies such as Hengda have fallen into a liquidity crisis as the Chinese authorities tightened lending to stabilize the real estate market.
Although this is the first protest, victims have already been campaigning across China to refuse to repay loans since last month.
He said he would not repay the money until the construction resumed, and there were even concerns that the 380 trillion won mortgage loan might become insolvent as more than 200 apartment complex sellers participated.
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“Banks don’t expect their lending to be impacted because they are small.”
Last week, there were also mass protests in Zhengzhou, Henan Province.
When four regional banks went bankrupt and might not find money, more than 3,000 depositors demanded countermeasures.
There were 400,000 victims, and the amount of damage reached 8 trillion won.
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“How would you feel if your money was in the bank? No conscience, really no conscience.”
Chinese authorities are taking control, such as deleting related content from social media ahead of the fall party congress, when President Xi Jinping’s long-term reign is formalized, but there are observations that collective action may occur once more at any time since there are so many victims in both cases.
This is Lee Hae-in from MBC News in Beijing.
Video coverage: Farewell (Beijing) / Video editing: Kim Chang-gyu
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