- Agricultural Bank of China, the nation’s third-largest bank by assets, said it’s facing RMB 1.23 billion ($178 million) in overdue loans, nearly double a previous estimate, from a mortgage boycott on unfinished projects that has swept the country, reports Bloomberg.
- Overall, AgBank’s non-performing loan ratio on real estate grew to 3.97% from 3.39% at the end of 2021.
- In a worst-case scenario, S&P Global Ratings has estimated that RMB 2.4 trillion, or 6.4% of mortgages, are at risk amid a mortgage boycott across more than 90 cities as millions of homes have been left unfinished.
Overdue mortgage loans double for AgBank
