China’s homebuyers are refusing to pay mortgage loans and their “stop mortgage repayment” movement has spread to several Chinese provinces

Rising concern about consumer and business confidence in China - as strict curbs aimed at stamping out Covid-19 undercut a return to prosperity - have hampered growth

China's $20 trillion bond market has suffered continuous foreign outflows since February amid rising geopolitical tension and lingering Covid outbreaks

Regulators call on banks to fund housing projects and help real estate developers with their funding needs in a bid to calm worries over the growing boycott of mortgage repayments

Shares of struggling developers dropped further on Friday as homebuyers' refusal to repay loans on partly built apartments outweighed government assurances to get projects completed on time

China lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%, the biggest reduction since China revamped the mechanism in 2019

Shares of HDFC Ltd and HDFC Bank were up 7% and 6.4%, respectively, after the announcement