1937, “Rickshaw Boy” tells the story of Xiangzi, a young man trying to eke out a living in Beijing. At the beginning of the novel, he is kind and determined. He has no money and no real prospects, but reckons that with hard work he will be able to buy a rickshaw and build a life for himself. The cart would “guarantee his freedom and independence”, Xiangzi thinks. “Owning a rickshaw meant never having to suffer mistreatment or do the bidding of people who rented them out.
Tens of thousands of homeowners in China are refusing to pay mortgages on unfinished apartments. Many buy homes before they are built, often ploughing their life savings into the initial down-payment, buthave stalled construction across the country, leading buyers to fear their homes will never be finished. They see no reason to keep paying for homes they cannot live in; some struggle to pay back mortgage loans on top of existing rent.