True Story: Young Man Losses Everything After Buying House in HangZhou, China

You won't find this kind of content anywhere else.

We all know the housing market and the economy in China are collapsing. But what does that mean for ordinary Chinese citizens?

Listen to this fellow's story: After selling his house in his hometown to buy one in Hangzhou, and after making a down payment of over 1 million yuan along with about 700,000 yuan in mortgage payments over four years, he defaulted.

Consequently, his house was seized but failed to sell at the first auction.

Even if it sells at the second auction, with the price likely being much lower than his purchase price, he estimates he will still owe the bank about 800,000 yuan.

Additionally, he had to pay about 300,000 yuan in various fees.

So, his total loss could amount to 1.81 million yuan ($255,000), not to mention the loss of his marriage, his old house back in his hometown, and the freezing of all his bank accounts, WeChat Pay, AliPay, etc.

And the only "mistake" he made was buying a house in Hangzhou.
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