China - Depositors could not withdraw money because the deposits only exist in the online system at a bank in Henan province - June 11, 2022 - Misuse of epidemic codes?

[sharon sanders]

The link to the source does not work. This is the entry in the search engine:


"Henan Rural Bank , online and offline, 2 systems


Three days ago, the depositors could not withdraw the money, and there was no response from the bank . That is because the deposits of these online depositors have not been synchronized in the offline system. All their deposits may only exist in Online system, and the information of online system deposits is not operated by bank staff, it has always been held by the leading factor of this event..."

[sharon sanders]

Henan launches the country's first "red code for depositors" for rural banks
Redeem code for depositors
Henan Village Bank
Henan Red Code


2022-06-13 17:29:42

The editor just saw the latest news about Henan Rural Bank! I don't know what to say, and I can't say anything else for the savers! The 60-day difficulty for depositors of Henan Rural Banks to withdraw money is coming. After suffering for two months, depositors are going to Zhengzhou, Henan to seek local regulatory help, but today they encountered a strange problem in history.

After a large number of Henan bank depositors scanned the QR code in Henan, the "green code" from the original place of departure became a "red code", which made everyone confused. There are also depositors on the high-speed rail, and the whole train is directly "still".

So so far, the only Henan Rural Bank "Depositor Code" in the country was born!

I have to admire this wise decision. It took two months to check and arrange the deposits without any movement. The red code assigned to 400,000 depositors is really accurate and fast!


Just like it was hard to imagine that bank deposits could not be withdrawn in a dream at the beginning, the epidemic prevention code can be used casually to restrict the normal activities of depositors, travel normally, and normal letter F for help.
Tampering with the epidemic prevention code and restricting the letter F, I am afraid that it is not something that can see the sun.

Really eye-opening!

What is Henan guilty of? Is there anything that can't be dealt with normally with national savers?

Accurate landing red code

Epidemic prevention is a great excuse and a powerful tool. Someone in the background can just click the keyboard and click the mouse a few times, and it can make it difficult for people to move, leaving you without a place to live.

Sadly, this is the national anti-epidemic system. The whole country is fighting the epidemic seriously, and it is hard to achieve today's peace. If you randomly assign codes to people who are not related to the epidemic, are you not afraid of causing a chain reaction? Seeing the red code, what should the railway people do, and what should the shipping people do? What should I do with a car full of passengers? What do you want God to think? How do you see the land?
It has been said for a long time that you can't add code layer by layer. Of course, maybe in the eyes of some people, this is not a code increase, but just use it. There is no "code", so what about "add code"?

Do you know it's illegal to do so? It is an illegal act of implementing fictitious facts to disrupt public order!


will remember you! Will remember this event!

[sharon sanders]

bump this

[sharon sanders]

A group of "garbled codes" for depositors of village banks: Before being assigned the red code, the online banking SMS verification code cannot be received


June 15, 2022 20:16




　　The phenomenon of "garbled codes" related to Henan Rural Banks is not limited to the red code assigned to the health code.
　　On June 15, a number of Henan village bank depositors told The Paper that before the depositor's health code was given a red code, around June 7, they used their mobile phone numbers to log in to the mobile banking (webpage or applet) of each village bank. ), the SMS verification code cannot be received. This kind of situation has occurred intermittently before, but now it is completely impossible to receive the SMS verification code.
　　The Paper called the official customer service number of Yuzhou Xinminsheng Rural Bank, and the customer service still played an automatic voice content: "Recently, some criminals have used our bank's online channels to carry out economic crimes. In order to protect the legitimate rights and interests of our customers, we have suspended the online channels. Business, the case has been reported, and the relevant departments are investigating. All legal savings and deposit activities are protected by law..." and gave a button to select related services. After The Paper chose "manual service", it jumped back to the automatic voice broadcast .
　　A depositor who has deposits in Yuzhou Xinminsheng Rural Bank, Zhecheng Huanghuai Rural Bank, Kaifeng New Oriental Rural Bank and other village banks told The Paper that the SMS verification code cannot be logged in several times since April. , One night last month, the applet suddenly failed to log in, and the next morning, you can log in to view the information. On June 7, the login page of Yuzhou Xinminsheng Rural Bank failed to receive text messages and displayed "300028". But other banks can log in directly by binding WeChat without the need for a mobile phone verification code.
　　Another depositor who has deposits in two village banks told The Paper that now, after logging in, he can check whether his account balance has changed and whether the bank's dividend payment is normal.
　　Although it has not been possible to withdraw cash for nearly two months, there are still many depositors who try to withdraw cash from time to time on the bank's online banking. "I can't do anything now, and the dividend payment stopped last month. It's a cold number, and I have an idea." The above depositor said that the dividend payment depends on the type of deposit product, and the five-year term he bought will be paid monthly The interest rate is low, and the 4.9% interest rate is a 13-month cycle.
　　A number of depositors also said that since the bank stopped paying dividends at the end of May, the interest-bearing days of some deposit products have begun to be negative. For example, the last dividend payment date of a certain deposit product was June 11. After the dividend payment is stopped now, until June 15, the dividend payment date is "-4 days left".
　　A screenshot of Zhecheng Huanghuai Rural Bank's online banking failure to receive SMS verification codes shown to The Paper by depositors shows that the error page shows "Langyu is sending SMS abnormally". Many depositors said that this happened, and some people also pointed out in the group that the relevant operation and maintenance services are now in charge of Beijing Langyu Information Technology Co., Ltd. (hereinafter referred to as Langyu Information), whether the bank owes the SMS service provider money.
　　On June 15, The Paper contacted the customer service of Langyu Information's official website. The other party said that they did not understand the situation that the relevant village banks could not receive the SMS verification code. If there is a problem with the text message, you can contact the bank directly. At present, Langyu Information does not have any feedback.
　　A person from the technical department of the bank told The Paper that the sending of SMS messages such as APP login and verification code is made through the APP interface to the SMS outsourcing provider. Judging from the picture display, it should be an error when calling the APP interface. There is a high probability that the problem is on the APP on the bank side. It cannot be ruled out that there is a problem with the bank's technology operation and maintenance; if it is the operator's problem, the customer will not receive the text message directly. Now, there will be no error message on the APP.
　　Since April 18, banks such as Henan Yuzhou Xinminsheng Rural Bank, Shangcai Huimin Rural Bank, and Zhecheng Huanghuai Rural Bank have successively announced "system upgrades", and bank deposits cannot be withdrawn. Since then, the central bank, the China Banking and Insurance Regulatory Commission and other departments have responded to the matter one after another. According to the China Banking and Insurance Regulatory Commission, the risk event of Henan village banks is not simply a transaction issue between the public and the village banks, but also involves other entities and other complex transaction structures. The major shareholder of these village banks, Henan New Fortune Group, used third-party platforms or through fund brokers to absorb public funds, suspected of violating the law and crimes, and the public security organs are currently investigating. The person in charge emphasized that all business handled in compliance with laws and regulations is protected by national laws, and the majority of financial consumers should handle financial business through formal channels.
　　However, so far, no relevant departments have given relevant solutions. A number of depositors told The Paper that their deposits were the money from their parents for the purchase of a house and the savings of the whole family. Some people also claimed that they had deposited the insurance company compensation for cancer, and they could not withdraw it now.
　　Recently, some depositors who went to Zhengzhou to try to communicate about the withdrawal problem, and some did not go to Henan at all, even just for the relatives of the relevant depositors, suddenly found that their health code had become a red code. This incident immediately attracted a lot of attention. On the afternoon of June 15, the customer service staff of Zhengzhou 12345 told The Paper that the issue of depositors being given red codes has been reported by the public, and the issue has been transferred to relevant departments for implementation. If the health code is still a red code, you can directly inform the relevant personal information on the phone, and the transcoding will be fed back in time.

zhttps://finance.sina.com.cn/jjxw/2022-06-15/doc-imizirau8660242.shtml

[sharon sanders]

Who can make the health code change color at will? A number of "difficult to withdraw" depositors were forcibly assigned red codes


2022-06-16 00:29:54

The use of health code data should be "ethical and legal" to avoid power expansion. This article is from the Southern Metropolis Daily app.
Written | Southern Metropolis reporter Huang Liling, Song Chenghan, Hu Gengshuo, Sun Chao, Wu Bin, Mo Qianru, from Beijing
Editor | Liang Jianzhong
On June 13, information circulated on the Internet showed that depositors who went to Zhengzhou to communicate with village and town banks "difficult to withdraw money" were assigned "red codes". A number of depositors interviewed by Nandu reporters said that after scanning the code to fill in their personal information, their location code or Yukang code was displayed as a "red code", and the "reason for the code assignment" was that "the entry is being implemented for centralized or home medical isolation observation. However, the health codes of non-depositors who travel to Zhengzhou with their peers are not affected. In addition, many depositors who did not go to Zhengzhou were given "red codes" after filling in the information.
In response to the "red code" situation questioned by depositors, Zhengzhou 12345 hotline responded to a reporter from Southern Metropolis on the evening of the 13th, saying: At present, there has been no notification that "everyone who comes to Zhengzhou will go to the red code". If you are assigned a "red code", it is recommended to contact the information first. Check the special class to understand the reason for the code assignment. At present, low-risk areas to Zhengzhou only need a 48-hour nucleic acid test negative certificate, showing the itinerary code and health code.
The industry has long discussed the application scenarios of health codes. Some scholars have pointed out that all health code operators should improve user agreements and privacy policies, protect users' right to know, use data ethically and legally, and avoid data abuse.


Data map
Photos of the Zhengzhou venue code circulating in the depositor's WeChat group.


Depositors are given a "red code" after visiting Zhengzhou to register
We will be in Zhengzhou in a few hours. Zhang Sheng found the QR code of "Visit Registration at the Southwest Exit of Zhengzhou Station" that other depositors had taken pictures and sent to the group, and reported personal and itinerary information in accordance with the requirements of epidemic prevention. On the afternoon of June 12, he took a train from Yantai, Shandong to Zhengzhou. The purpose of this trip was to communicate with relevant authorities in Henan about the inability of many local village banks to withdraw money.
Just after filling in the information and clicking submit, Zhang Sheng's mobile phone repeatedly sounded the voice of "red code personnel, please cooperate with isolation control". The "Reason for Code Assignment" at the bottom of the page shows that "inbound personnel who are undergoing centralized or home medical isolation observation". The sudden "red code" made Zhang Sheng worried. Yantai has had no local cases for more than a month, and he has not left Yantai for more than half a month.
In the WeChat groups of several depositors where Zhang Sheng is located, some people have found that they have become "red codes" one after another. The depositors are located in many provinces across the country. They had previously agreed that they would go to Zhengzhou on June 13 to find relevant departments to communicate about the difficulty of withdrawing money. The sudden turn of events caught people by surprise, and some people were worried that depositors were given targeted "red codes".
The Zhengzhou 12345 hotline responded to a reporter from Southern Metropolis on the evening of June 13, saying: At present, there has been no notification that "all people who come to Zhengzhou from other places will go to the red code". At present, low-risk areas to Zhengzhou only need a 48-hour nucleic acid test negative certificate, showing the itinerary code and health code.


Video screenshot
However, many depositors who went to Zhengzhou showed relevant screenshots and videos to Nandu reporters, saying that they had become a "red code" after scanning the code for registration.
A depositor in Zhejiang said that after scanning the code at the exit of Zhengzhou Station to register, the mobile phone displayed a "red code" immediately. A depositor who arrived at Zhengzhou Xinzheng Airport by plane from Chengdu on the afternoon of the 12th said that after scanning the code at the airport, it was displayed as a "red code". After that, he was transferred to the resettlement site, and his "site code" is still red, but the Yukang code is green.
Depositor Xiaoqin, who arrived at Zhengzhou Station at 5 or 6 in the morning on June 13, recalled that at first her Yukang QR code remained in the "green QR code" status. However, at around 10 am, Xiaoqin received a call from the Zhengzhou police station to confirm that after she arrived there, her Yukang code changed from green to red, so she was unable to take any transportation or stay in hotels. In order to lift the "red code" status, Xiaoqin walked all the way to the local hospital to request nucleic acid testing, and the hospital reported Xiaoqin's situation to the local epidemic prevention office. According to the feedback from the local epidemic prevention office, Xiaoqin can choose to be quarantined in the hospital for 14 days or buy a point-to-point ticket to return to her hometown. In the end, Xiaoqin signed a letter of commitment and left. Unable to take any means of transportation or enter public places, Xiaoqin, who wandered the streets for several hours, called the police station and asked to be sent to the depositor's resettlement place.


Depositors who have not yet traveled to Zhengzhou are "remotely assigned red codes"
Many other depositors who did not go to Zhengzhou also said that their Yukang code or location code had become a "red code".
A depositor who lives in Beijing said that a few days ago, someone took a photo of the visit registration QR code placed at Zhengzhou Station and sent it to the WeChat group. , the reason for the code assignment is also "inbound personnel". He canceled the itinerary because of this, but his Beijing Healthbao has always been a "green code", and only Beijing is displayed on the itinerary card.
Screenshots of the itinerary card, Yukang code and Beijing Healthbao of a depositor who lives in Beijing.
On the evening of June 12, Lao Peng, a depositor in Guangzhou, found that his Yuekang code suddenly turned red, because of the "red code personnel with health code from other provinces". Later, Lao Peng traced back to Henan Province to push himself a "high-risk" health status, so his Yuekang code and Yukang code were both "red codes". To this end, he called the epidemic prevention offices of the two places and learned that if the "red code" of the health code is to be lifted, he needs to declare the transcoding to the Henan side. According to the transcoding requirements of Yukang Code, Lao Peng needs to submit relevant personal identity information, two negative nucleic acid certificates within 72 hours, a personal commitment letter, and a community transcoding certificate. At present, Lao Peng has completed a nucleic acid test, and he still needs to wait for the second nucleic acid test after an interval of 24 hours. Before that, he was "hard to move" in Guangzhou.
The Xiaowei health code who lives in Beijing also has an abnormal state similar to the above. Xiaowei and his wife are both depositors, and their Yukang code and Hebei health code have been assigned red codes since June 12. The reason for the code assignment on the Yukang code page is "inbound personnel", and the status of the Hebei health code is associated with the Yukang code, but the two Beijing health treasures are displayed as normal. On the afternoon of June 13, Xiaowei's wife's health code had turned green, but his Yukang code had remained "red code".
According to the memories of Xiaowei and Lao Peng, someone once sent a health declaration code for Zhengzhou Station in the depositor group, and they all scanned the QR code out of the mentality of giving it a try. Most of the savers interviewed by Nandu reporters had similar experiences. It is also worth noting that the Zhengzhou 12345 hotline responded to a reporter from Southern Metropolis, saying that "entry means returning from abroad", but many depositors said that they had never gone abroad.


Non-depositors who travel to Zhengzhou for their counterparts are "green codes"
It is worth mentioning that many non-depositors who traveled with depositors were not assigned red codes.
The above-mentioned depositor who arrived in Zhengzhou by plane said that although he has become a "red code", a non-depositor who traveled with him has always been a "green code". The depositor has been transferred to the resettlement site and the traveler can still move freely. . The depositor Lao Yu and his group of 5 arrived in Zhengzhou on the afternoon of June 12. They drove from their hometown in the morning and were about to check into the hotel at 5 pm when Lao Yu found that his location code had turned red. Among the 5 people on this trip, only a small Whether it is a depositor or not, only the color of his place code has not turned red, and the other four depositors have been "hit".


Video screenshot
A similar situation also appeared in the local population in Henan. Ms. Lu, a depositor who lives in Kaifeng, said that she and her colleagues went to Zhengzhou on a business trip on June 10. When she arrived in Zhengzhou, she scanned the location code to register. On the afternoon of the 11th, she found that both her location code and Yukang code had become "red codes". , but several colleagues are still "green code". The site code page shows that the reason for the code assignment is "other key red code personnel for epidemic prevention information in the region". She contacted the Prevention and Control Office to learn that the "red code" was assigned by Zhengzhou, and she is currently appealing to change the code.


Zhengzhou 12320 Health Hotline:
Not sure which department did the assignment
Zhengzhou may have learned that many people were accidentally assigned "red codes". A recording obtained by a reporter from Nandu shows that a depositor repeatedly asked the staff whether he could leave Zhengzhou the next day for the "red code". The staff said, "There should be no problem, you don't need to worry about it." Can it become a green code in the future? "There should be no problem. The notice I received should be no problem." The staff member said, "You can see that there is no problem after walking so much today."
In addition, Zhengzhou 12320 Health Hotline said in response to a depositor's request for transcoding on the morning of June 14, "Like your problem with the village bank, we have received many calls from citizens on our side. If there is a problem, we can directly file a complaint on the platform of the State Council.”
It is understood that at present, the depositors who went to Zhengzhou to communicate are placed in multiple places to live. Some people are still "red code", and some people have become "green code" without nucleic acid testing. Xiaoye, who was placed somewhere, told the Southern Metropolis reporter that a staff member at his place said that as long as he left and returned to his hometown, the Yukang code would return to normal. As of press time, some depositors who have left Zhengzhou have become "green codes", but some people still have "red codes" after returning home.


Use health code data should
"Ethical and legal" to avoid power expansion
In response to the "red code" questioned by depositors, Nandu reporters repeatedly called the Henan Provincial Epidemic Prevention and Control Office from 4:30 p.m. to 7:00 p.m. on the 13th, and did not answer the call for information investigation.
The industry has long discussed the legitimate application scenarios of health codes.
As early as April 2020, Luo Junjie, director of the First Division of Equipment Industry of the Ministry of Industry and Information Technology, publicly stated: Since the outbreak of the epidemic, according to the deployment of the Party Central Committee and the State Council, telecommunications companies and technology companies have made full use of data resources and urgently established epidemic big data. The analysis model focuses on key areas and key time nodes to analyze and predict the flow of key groups such as confirmed and suspected patients and close contacts. Supervision departments, in the process of data analysis and use, must strictly implement relevant measures for data security and personal information protection, effectively strengthen supervision, and prevent data leakage, data abuse and other violations.
Professor Lei Ruipeng, deputy dean of the School of Humanities of Huazhong University of Science and Technology and executive director of the Bioethics Research Center, also pointed out that in terms of implementing informed consent and protecting privacy, all health code operators should improve user agreements and privacy policies to protect users' right to know , use data ethically and legally, and avoid data misuse and invasion of privacy. After the epidemic is over, a data deletion mechanism should be established; if it is really necessary to continue to use the relevant data (for example, it is beneficial to the future epidemic prevention and control), the purpose of data use should be clarified, the informed consent of users should be obtained, and the data should be anonymized.
In a paper published in 2020, Fang Xingdong, dean of the Institute of Internet and Society, Zhejiang University of Media and Communications, and Yan Feng, a senior analyst at the Internet Laboratory, pointed out that although the government acts as an endorser to promote the implementation of health codes, as an operator, enterprises Users do not know where the boundaries of responsibilities and powers are. Therefore, it is urgent to formulate professional standards for the whole system of health code data, and put the overextended power in a cage in time. "We need to ensure that the emerging smart communication can have its own 'health code' to ensure its healthy and smooth development in the future. The abuse of the health code cannot threaten the health of the entire society, especially the healthy development of the future digital society."
Regarding the difficulty of withdrawing money from village banks, according to a previous report by Xinhua News Agency on May 18, the person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that recently, the China Banking and Insurance Regulatory Commission and the People's Bank of China have continued to pay attention to the closure of the online service channels of four rural banks in Henan. Henan New Fortune Group, a shareholder of 4 village banks, absorbed public funds through internal and external collusion, using third-party platforms and fund brokers, etc., suspected of illegal crimes, and the public security organs have opened a case for investigation. At present, the deposit and withdrawal business of the four village and township bank business outlets is operating normally, and all businesses handled in accordance with laws and regulations are protected by national laws.

zhttps://www.163.com/dy/article/H9UNIPKP0512863C.html

[sharon sanders]

Zhengzhou launched an investigation and accountability, more than 400,000 depositors' health codes were manipulated and it is expected to be found out?


Jianghu Xiaowu

After being hotly debated by the public for many days, Zhengzhou finally came out belatedly to give a red code to Henan Rural Banks, and has launched an investigation and accountability procedure. Disorders of the "Health Code Management Measures" will be dealt with seriously in accordance with regulations, disciplines and laws.


more...

https://card.weibo.com/article/m/sho...81464700191299

[sharon sanders]

video at link - FluTrackers can not verify

Wu Peiyue
@peiyue_jess
About 1,500 depositors across the country protested in front of the Zhengzhou branch of the People's Bank of China, demanding the four village banks in Henan to return their deposits. They were eventually suppressed by violence.
12:21 AM · Jul 10, 2022·Twitter for iPhone

[Emily]

That tweet looks like it is gone. Her account is still there. She mentioned an archive of a removed article that seems related:

https://web.archive.org/web/20220710074500/https://www.sixthtone.com/news/1010737/depositors-rallying-against-frozen-funds-face-resistance-in-henan?source=channel_home

[sharon sanders]

Chinese bank depositors face police in angry protest

KEN MORITSUGU 8 hrs ago

https://apnews.com/article/covid-health-china-beijing-bad852e21bc4c5fbbbcc3996ab4bce91

[Shiloh]

Source: https://www.msn.com/en-us/news/world...ack/ar-AAZqmng


China crushes mass protest by bank depositors demanding their life savings back
Nectar Gan - Yesterday 11:06 PM

Chinese authorities on Sunday violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis.

Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by draconian Covid lockdowns.

Anguished depositors have staged several demonstrations in the city of Zhengzhou, the provincial capital of Henan, over the past two months, but their demands have invariably fallen on deaf ears.

On Sunday, more than 1,000 depositors from across China gathered outside the Zhengzhou branch of the country’s central bank, the People’s Bank of China, to launch their largest protest yet, more than half a dozen protesters told CNN.

The demonstration is among the largest China has seen since the pandemic, with domestic travel limited by various Covid restrictions on movement. Last month, Zhengzhou authorities even resorted to tampering with the country’s digital Covid health-code system to restrict the movements of depositors and thwart their planned protest, sparking a nationwide outcry.

This time, most protesters arrived outside the bank before dawn – some as early as 4 a.m. – to avoid being intercepted by authorities. The crowd, which includes the elderly and children, occupied a flight of imposing stairs outside the bank, chanting slogans and holding up banners.

“Henan banks, return my savings!” they shouted in unison, many waving Chinese flags, in videos shared with CNN by two protesters.

Using national flags to display patriotism is a common strategy for protesters in China, where dissent is strictly suppressed. The tactic is meant to show that their grievances are only against local governments, and that they support and rely on the central government to seek redress.

“Against the corruption and violence of the Henan government,” a banner written in English read.

A large portrait of late Chinese leader Mao Zedong was pasted on a pillar at the entrance of the bank.

Across the street, hundreds of police and security personnel – some in uniforms and others in plain clothes – assembled and surrounded the site, as protesters shouted “gangsters” at them...

[Emily]

https://www.theguardian.com/world/2022/jul/11/china-violent-clashes-at-protest-over-frozen-rural-bank-accounts

Protest in China over frozen bank accounts ends in violence
Authorities says some customers will start getting their money back after angry crowd in Henan was broken up by heavy-handed security guards

Vincent Ni China affairs correspondent
Mon 11 Jul 2022 22.34 EDT

...
The saga drew further attention in June, when some protesters reported that their personal health codes – which are now mandatory for almost all Chinese citizens to access public venues – turned red to indicate they were Covid positive. They suspected local officials were behind the move, in an attempt to dissuade them from complaining.
...

Earlier reports blamed “criminal gangs” for taking control of local banks. Gangs had made illegal transfers through fictitious loans and used their shareholdings – as well as “manipulation of executives” – to effectively take over several local banks starting in 2011, Henan police said.

Michael Pettis, a professor of finance at Peking University, said the events in Henan had been a “very worrying reminder” of what would happen if China’s existing economic model became unsustainable.

“It seems that any long period of soaring real-estate prices and explosive growth in debt creates powerful incentives for excessive risk-taking and even fraud,” said Pettis...

[Emily]

https://www.youtube.com/watch?v=OoNh4T0S-Yk

Gravitas: Chinese citizens boycott mortgages in 86 cities
888,429 views
Jul 15, 2022


WION
6.4M subscribers
In China, a major financial crisis is unfolding. Chinese citizens in 86 cities are boycotting mortgage payments towards their homes. Chinese censors are erasing documents about this boycott. Palki Sharma tells you why.

[sharon sanders]

China Seeks to Stem Mortgage Boycott With Developer Loans

• Regulator asks banks to step up lending to finish projects
• Mortgage boycott threatens to extend housing crisis to banks

snip

China is looking to stem the protests that have flared up at 100 housing projects across 50 cities, threatening to spread the real estate crisis to the banking system. Regulators met with banks last week to discuss the boycotts, while state media have cited analysts warning that the stability of the financial system could be hurt if more home buyers follow suit.

more...

https://www.bloomberg.com/news/articles/2022-07-18/china-asks-banks-to-fund-housing-projects-amid-mortgage-boycotts?sref=6uww027M

[sharon sanders]

These protests are nothing. Food might be a bigger issue.

[sharon sanders]

It's not just China homebuyers. Now property suppliers are boycotting loans.


Some suppliers to Chinese real estate developers are refusing to repay bank loans because of unpaid bills owed to them, a sign that the loan boycott that started with homebuyers is starting to spread.

Hundreds of contractors to the property industry complained that they can no longer afford to pay their own bills because developers including China Evergrande Group still owe them money, Caixin reported, citing a statement it received from a supplier Tuesday.



One group of small businesses and suppliers circulated a letter online saying they will stop repaying debts after Evergrande’s cash crisis left them out of pocket.

more...

https://www.japantimes.co.jp/news/2022/07/20/business/china-property-suppliers-boycott-loans/

--------------------------------------

Please see:

China - In late 2021 many real estate companies could not repay principal or interest on loans on time resulting in a liquidity crisis - April 12, 2022

[sharon sanders]

Apparently deposit guarantee program kicks in....

Henan: Started the second batch of advance payment for the principal of 4 rural banks' off-book business customers

Cailian News Agency, July 21, Henan Banking and Insurance Regulatory Bureau and Henan Local Financial Supervision Bureau issued an announcement that starting from July 25, 2022, Yuzhou Xinminsheng Village Bank, Shangcai Huimin Village Bank, Zhecheng Huanghuai Rural Bank and Kaifeng New Oriental Rural Bank started the second batch of advance payment for the principal of off-book business customers, and the advance payment targets were customers with a combined amount of less than 100,000 yuan (inclusive) per person from a single institution.

previously reported
The China Banking and Insurance Regulatory Commission talks about the incident of 5 village and town banks: the next step will be to start the advance work for customers with more than 50,000 yuan (Cain Association)


zhttps://news.sina.cn/gn/2022-07-21/detail-imizirav4740225.d.html

[sharon sanders]

bump this