Amazed you don't know Ron.
This was fake news, although they are in serious trouble. As are many Chinese property developers.
The potential worldwide impact of these companies going down is considerable.
And its getting worse hundreds of thousands of chinese are refusing to pay mortgages .
I watched a story of a chinese guy / family who bought an appartment in a new project in china , he signed the contract in 2018
There was nothing built yet when he made the 30 % downpayment and took the mortgage.
The home was supposed to be ready in april / may 2021 so he could move in .
Apparently all the work on the construction site has stopped completely since over a year and a half and the appartment is only finished for 50 % with no end in sight of the construction continuing .
So the guy lost the 30 % downpayment and is now renting a property to live in while he is also still legally obliged to pay the mortgage on the unfinished appartment as well .
No wonder he stopped paying .
It looks like everywhere there is a financial mess these days.
Chinese real estate is 30 % of their GDP
The great Chinese mortgage strike: Thousands of homebuyers are refusing to pay their home loans as growing boycotts spread online
As of Monday, homebuyers in over Chinese 80 cities said they were refusing to pay their mortgages, affecting more than 200 projects, according to E-house.