That's going to be a tough liquidation. Who wants to buy a half-finished building abandoned during construction due to lack of a market? Such things have negative value.
This is actually not a big deal at all if you are following modern high-rise construction techniques.
Tough doesn't mean it can't happen, just that it might be harder than normal to square it away
https://www.reuters.com/world/china/china-will-cut-banks-res...
[1] https://www.cnbc.com/2024/01/25/china-youth-unemployment-wil...
[2] https://en.wikipedia.org/wiki/Aging_of_China
[3] https://www.axios.com/2023/10/11/chart-chinas-real-estate-st...
However, knowing asian predisposition to longevity, it may not quite pan out in the end.
> ANZ’s senior China economist Betty Wang believes the scale of the problem is much bigger. She estimates that 1.5 trillion yuan ($223 billion) of mortgage loans, or 4% of banks’ total outstanding mortgage loans, could be affected by the movement.
> “What concerns us is if more home buyers cease payment, the spreading trend will not only threaten the health of the financial system but also create social issues amid the current economic downturn,” she wrote in a report on Thursday.
https://www.cnn.com/2022/07/14/economy/china-property-crisis... (2022)