China Censors Information About Mortgage Protest On Social Media

by | Jul 27, 2022 | Headline News | 0 comments

China has started to censor posts about the mortgage protests. Mortgage holders are threatening to not make payments to banks as a way to get the attention of the ruling class and central banks.

Frustrated buyers gathered in Wuhan earlier this month, outside the office of a bank regulator, saying that they wouldn’t make payments for more than 300 unfinished properties across the country. These projects include some from developers such as China’s Evergrande, whose chairman was just forced out.

Evergrande Denies Rumors Of Bankruptcy As Crisis Boils Over, Social Unrest Breaks Out Across China

The halt in construction activity could impact 4.7 trillion Chinese yuan, or $696 billion, worth of homes in China. It would take 1.4 trillion yuan, or 1.3% of the country’s GDP (gross domestic product), to complete the construction projects, Bloomberg Intelligence analyst Kristy Hung estimated. Property and related sectors account for roughly one-third of China’s $18 trillion GDP, there are fears the fallout from the mortgage boycotts could spill over into the global economy, reported Business Insider. 

In China, where the public is controlled harshly, social media companies are required to censor or remove content that “undermines social stability,” like the ongoing mortgage protests. Social media companies have historically fully complied with the ruling class in every country, not just China. They have stepped up on censorship, blocking messages, keywords, and videos of demonstrations, according to a report by Black Listed News.

Searching the hashtag brings back a notice saying: “Due to related laws and rules, the topic page cannot be displayed.”

Censorship is not limited to social media. Analysts at a few securities and research firms were advised by their masters to not discuss the protests. Because of an “order from above”, an employee at a developer was told by his boss that staff had been banned from commenting on the crisis.

The protests’ timing is not good for the Chinese Communist Party, which would prefer social stability ahead of the 20th Communist Party Congress, where the party’s leadership is expected to extend President Xi Jinping’s leadership to a third term.

Human Rights Watchdog Says Governments Using Pandemic To Crack Down On Online Dissent

Owen Gallimore, head of credit analysis of the Deutsche Bank’s Asia Pacific flow-trading desk said the threats of stopping mortgage payments are definitely worrisome, but it is unlikely to cause major stress to the Chinese banking system.

Inflation is Running at 40-Year Highs!

Negative interest rates are taxing savers, creating food shortages, and making life miserable in the United States!

There's little time left before the REAL DISASTER occurs!

Download the Ultimate Reset Guide Now!

    Related Articles

    Comments

    0 Comments

    Submit a Comment

    Commenting Policy:

    Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

    This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.