The rising tide of mortgage protests

The China Letter: July 22, 2022

We’re getting a glimpse at how Tiananmen Square protests would’ve been handled if social media existed 33 years ago, what measures China’s government is taking in its futile effort to end the pandemic, mixed messages involving America and Australia, and an ironic financial strike to an app. Read on for the latest news worth knowing in our digest.

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Breaking mortgage system

TIME @TIME

People are refusing to pay their mortgages in China. The protest could spill into the wider economy

ti.meChina’s Mortage Boycotts Are Spreading and Could Get WorseAnalysts say the homeowner protest is affecting 235 property developments in 24 of China’s 31 provinces

The homeowner protests in China are expected to spread after they’ve been ignited by delays involving indebted developers who aren’t meeting completion deadlines while new home prices decline. Meanwhile, internet censors have been caught removing social media posts in an effort to contain the demonstration trend from catching on.

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No regrets for zero-COVID

BBC News (World) @BBCWorld

Officials in China sorry for break-ins amid hunt for Covid contacts

bbc.inCovid in China: Officials sorry for break-ins amid hunt for contactsAuthorities in Guangzhou broke into residents’ homes in the hunt for close contacts of positive cases.

Locks were removed by authorities in the locked-down community in Guangzhou as they searched for close contacts who were hiding to avoid being transferred to a quarantine centre. It’s the latest debacle related to the zero-COVID policy which has led to tourists being trapped in a resort town—but it’s not doing much to stop the inevitable subvariants.

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Fear is rising into the sky

CNN International @cnni

China warned it would take "resolute and forceful measures" if US House of Representatives Speaker Nancy Pelosi visits Taiwan.

cnn.itChina warns US of ‘forceful measures’ if Nancy Pelosi visits TaiwanChina warned Tuesday it would take “resolute and forceful measures” if US House of Representatives Speaker Nancy Pelosi visits Taiwan, in what would be the highest-level delegation from the United States to the self-governing island in 25 years.

The prospect of the highest-level U.S. delegation to visit Taiwan in 25 years has led China to threaten reprisals. Nancy Pelosi making the trek could be responded to with a number of scenarios in which Beijing would show its military might via airspace. Joe Biden further acknowledged that his own military believes the trip would be a bad idea.

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More threats under water

ABC News @abcnews

Beijing warns AUKUS submarine project sets a 'dangerous precedent' and threatens nuclear non-proliferation

abc.net.au‘China won’t let up’: Beijing ramps up campaign against AUKUS nuclear submarine dealA new report out of Beijing declares the AUKUS nuclear submarine project is a grave risk to non-proliferation and warns that Australia may be intent on developing nuclear weapons.

Two think tanks from China issued a report titled “A Dangerous Conspiracy,” which accelerated state media attention to the U.S. and U.K. backing Australia’s plan to build nuclear-powered submarines. At the same time, there are signals that Beijing is having a change of heart over hostilities with Canberra.

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Leave snooping to experts

Reuters @Reuters

China's cybersecurity regulator fined Didi Global almost $1.2 billion, concluding a probe that forced the ride-hailing leader to delist from New York within a year of its debut and made foreign investors wary about China's tech sector reut.rs/3omPx3n

A violation of Chinese cybersecurity and data laws cost ride-hailing app Didi the equivalent of $1.2 billion after a lengthy investigation, along with a personal fine for two of the executives. Beijing announced the probe of Didi days after its debut on the New York Stock Exchange—from which is soon delisted amidst regulator pressure in China.