Recently, buyers of unfinished homes in Luoyang City, Henan Province, took to the streets to protest. They accused the project of being suspended for eight months. However, bank officials believe the authorities are unwilling to solve the problem.

On August 9th, an online video shows that hundreds of owners knelt at the entrance of the Housing Administration Bureau and demanded that the Luoyang Xuhui Times Skyline Real Estate resume operations after construction had been suspended for eight months.

The protesters shouted, “Return my house.” and “We want to check the supervision time.” Some owners knelt and begged the project to resume work.

The Luoyang Xuhui Times Skyline reported an owner of one incomplete home saying, “Ask the government to decide and return my house. Today, if the government does not accept us, we will kneel here.”

According to Radio Free Asia, buyers of unfinished houses have collectively defended their rights many times recently, but authorities have not acted and have repeatedly delayed.

Zhao 趙, the owner of Luoyang Xuhui Times Skyline, said that all homebuyers must pay off their mortgage loans. The regime has always said it coordinates, but it has been half a year with no result.

Some owners have accused the developer, CIFI Holdings, of deceiving customers and misappropriating regulatory funds. One owner alleged on social media that the project’s chief executive has resigned, the construction site is closed, and even the guards are gone.

According to the owner, Luoyang Xuhui Times Skyline will hand 2,000 apartments over in the next year. However, of nine buildings in the first phase, only a few were topped off, and only four were built in the second phase.

Wu, a leader in Wuhan Bank, said in an interview on August 11th that it is difficult for the owners in Luoyang to protect their rights. The misappropriation of funds is widespread in China’s real estate industry.

He added that if the owners did not suspend their loans for unfinished buildings, they would not get the banks’ or the regime’s attention, and the authorities would not be willing to solve the problem.

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