Zhengzhou Housing Title Transfer Backlog

Zhengzhou has only processed 42 titles in the past 28 days, creating a backlog of 5174 sales. Existing home buyers are in a state of panic. Some buyers made high interest loans in the expectation of having a mortgage-able property and are struck paying high interest:
"Real estate is now completely 'frozen', and do the real estate titles stuck, and I now have to repay nearly 50,000 yuan in high-interest monthly." Zhengzhou Ms Zhou said, since the seller was urgent need of money, she borrowed high-interest loans to pay the full amount of 1.8 million yuan, the thought that after the completion of the transaction she can mortgage the house, with a bank loan to repay high-interest loans, but now they could not complete the registration of real estate, cannot get title to the real estate, banks are not lending. "I signed a contract in May, in August changed residence, the Housing Authority has deeded, before you could get the title in seven days band get a mortgage. But now two months, the title isn't done, I am almost frantic." Zhou said.
iFeng: 某城市28天仅发42份产权证 引发购房者恐慌

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