An article on the Zhihu site reported that, according to the China Securities Journal, the number of court auctioned houses in 2021 has increased substantially. In 2015 it was only 500,000. In 2021 the number reached 2 million or around four times as much.
In Beijing alone, in the first eleven months of this year, 4,909 houses were auctioned. The number was around 500 in the previous year. The sales price averaged 79 percent of the “normal” price.
The author commented that this is not a good sign since the owners are unable to make their payments on the mortgages and thus the banks have had the courts take over the houses by force in order to sell them.
Source: Zhihu, December 30, 2021