Who Will Protest China’s Stock Market Plunge?

Last August several hundred protestors gathered outside the Shanghai sales office of China Greentown Holdings, a real estate developer, holding banners with slogans such as “300,000 yuan worth of assets evaporate within five days — years of work in vain!” That loss – around $48,000 – was the difference between what the protestor had paid for a home, and the current price at which Greentown was now marketing models in the same complex. The protest wasn’t unique. A few weeks earlier, homeowners at the Champs Élysées housing development in Hangzhou gathered to protest a similar developer price cut, holding banners with message such as “Return my blood and sweat money” while police formed barricades. Around the same time in Jinan, a city 500 miles north of Shanghai, a similar protest turned violent after yet another market-desperate developer discounted homes by 25 percent. And those were just the most recent permutations of a phenomenon – homeowners protesting their devalued homes – that goes back to 2011, at least. Continue reading