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These include mortgages, a personal housing provident fund loan, consumption loans and personal credit loans. In the past seven years, Mai took out several loans, with repayments ranging from 1.5 to 30 years. It all started with his plan to buy a second apartment in 2016, when China’s red-hot property market was sending prices upward, and Mai went all-in. China’s land prices edge up, signalling bruised property market may be turning
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“My hair has turned quite white in the past six months, and I am afraid day and night that I will not be able to make the payments,” he said, adding that these have surpassed 25,000 yuan – more than the current combined income of Mai and his wife, a teacher. Meanwhile, his family’s total debt has ballooned to a whopping 3.5 million yuan. His salary has been slashed in half due to lost commissions, and he is pulling in about 10,000 yuan (US$1,570) a month. Today, even as he owns two properties and remains employed, Mai is buried in debt and constantly worries about losing his job in the face of poor economic prospects and mounting pressure from both domestic and international sources.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Across China, people such as Eli Mai, a 40-year-old sales manager at a consulting firm in Guangzhou, were long held up as the envy of the middle class – empowering examples of what could be achieved with a decent job.īut that was back when China’s economic growth was the envy of the world.