Broken dreams, shattered families in China's unfinished apartments
By Laurie Chen and Xiaoyu Yin
TONGCHUAN, China (Reuters) — Construction worker Shi Tieniu bought a presale apartment in an industrial city in northwestern China's Shaanxi province, billed as a «superior product» to be «passed down through generations».
Eight years later, it is an unfinished shell, and every night he must climb 20 flights of stairs to sleep in a threadbare room without water, heating or electricity.
«I almost never drink water, wash my face or brush my teeth,» said Shi, 39, who moved into the Gaotie Wellness City complex in May.
«I want this to be finished as soon as possible, so my elderly parents have somewhere to spend their final years… I have no money now, I've lost my family property and all that's left is this unfinished building.»
Shi and a few dozen desperate home buyers live in the block in Tongchuan city as part of a nationwide campaign to pressure authorities to address so-called «rotting» or unfinished homes that have become more common during a years-long property slump that has bankrupted many developers and left others massively indebted.
There remains little sign of reprieve, with UBS predicting property sales and construction will stabilise at only 50-60% of the peak reached in 2020-21 partly due to population decline and slowing urbanisation.
CONSTRUCTION STALLS, SALES CONTINUE
Shi bought the flat in 2015 for 276,000 yuan ($38,000), two years after the developer, Tongchuan New District Qianjinfang Real Estate, began construction on the sprawling 12-block site, advertised as a high-end complex with «CEO-level service».
Since 2015, construction repeatedly stalled but flats continued to be sold until 2020, residents say. The names of the developer and project changed several times,
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