“In an attempt to keep payments going, buyers made repeated trips to the relevant government departments and agencies in charge to request assistance and to stand up for our rights,” a statement issued by buyers of apartments in an unfinished complex in Dalian’s Lushunkou district wrote. “But there seems to be no sign that work will ever start again on the development,” it said. Another statement from buyers in Hantou county, Changde city says: “We have been forced to stop mortgage payments due to the huge losses sustained by the majority of buyers.”

Meanwhile, a statement from buyers in the northern city of Taiyuan accuses banks of fuelling the crisis by illegally transferring loans to developers, refuses to issue any more monthly repayments until the buildings are finished, and calls for an end to “punishments” handed down to buyers who take such action, RFA reported.

Xie Tian, a professor of business studies at the University of South Carolina, said the movement could have a serious impact on the Chinese economy.

“The suspension of mortgage repayments can lead to systemic financial problems... because of the large sums of money involved,” Xie told RFA. “Also, these are middle-class people with money and assets.”