Apollo News reported that people in Henan province have recently encountered a difficult situation when trying to withdraw their money at the bank.

Thousands of people gathered outside the People’s Bank of China branch on Sunday, July 10, to protest the bank’s services. Some were beaten by unidentified people.

In response to public discontent, the local government asked the bank to solve the problem by allowing some operations to the principal customers in the business sector.

So, customers were promised they would be able to make withdrawals on July 15. But on the first day, only a few hundred were allowed.

Some Chinese media even reported that people could make cash withdrawals on July 15 using a WeChat app.

However, after logging in the information, including mobile phone number and identity card on the application, the customer was informed that they were not on the list of the allowed batch.

According to RFA, preliminary estimates, at least 400,000 depositors have been affected by the incident, and the amount involved could be as high as 40 billion yuan.

The economy in general and the banking sector in China are facing many difficulties.

Recently, the banking industry has been greatly affected due to the downturn of the real estate sector over the years.

NTD reported that in recent days, the wave of homebuyers refusing to pay mortgages in China is constantly increasing. Property developers’ drag on construction projects is also causing homebuyers to protest.

On July 14, thousands of homebuyers who have not yet received homes from property developers gathered at the Banking and Insurance Administration of Shaanxi Province to protest. 

They said that banks made illegal loans because they mortgaged apartments in buildings that the property developer did not complete.

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