The joy of the housing market in China has lasted little, after registering two consecutive months of increases in the sale of houses and having the hope of recovering the momentum lost after the serious crisis suffered by the sector.However, in July, sales in the 100 largest real estate developers registered a drop of 39.7% year-on-year.After two months of recovery in May June, after the covid closures in Shanghai and other Chinese cities at the beginning of the year ended, July stood out with a 28.6% drop in operations compared to last month, which suggests that the mortgage boycott by thousands of homeowners on their mortgage payments on their unfinished homes is deterring new buyers.This significant drop is equivalent to lower income, around 77,600 million dollars, about 75,880 million euros at current exchange rates, according to data published by CRIC, a provider of data on the Chinese real estate market.Analysts confirm that the main obstacle to activity has been the mortgage revolt and its impact on the confidence of potential buyers.In China, the purchase of off-plan homes is widespread, but the deep crisis in the financing of some developers, such as Evergrande, is causing non-compliance with the delivery times of homes or, worse still, the paralysis of entire projects.These delays are causing frustration for thousands of mortgage holders, who have decided to stop paying their loans until the projects start up again.This revolt began in late June at an Evergrande project in Jingdezhen, in the Jiangxi province of central China.Hundreds of buyers from about 320 projects across the country have followed Jingdezhen's lead as of the end of July, according to data maintained by GitHub, a portal owned by Microsoft Corp.Some of these homeless owners say they are unwilling to continue paying for a home they are not sure of receiving.And signs have already been seen in some promotions such as “Construction stops and the mortgage stops!”.Added to this pressure is a slowing economy that directly affects employment and income.According to CRIC data, up to 30 Chinese cities have been seriously affected by the mortgage boycott.According to weekly data, new construction sales fell 12% in the first week of July, compared to the previous week, but in the comparison of the following week, the drop reached 41%.Home buyers are now looking more closely at the resale market or at new builds by state developers, who are generally in a stronger financial position.Pressure on the government continues to mount, but an imminent package of measures from Beijing is not expected.The Xi Jinping government has already warned that local governments should be responsible for solving property problems in their markets.Local authorities are resorting to lowering down payments or lowering interest rates, while other administrations are offering direct cash aid to buyers, aid to cash-strapped developers, or even taking over problem projects directly."The sector will not stabilize if the liquidity crisis of the developers is not alleviated," said Song Hongwei, director of research at the Tongce Research Institute, which analyzes China's real estate market.Last Friday, the Evergrande Group announced a plan to restructure its billions of dollars in debt, noting that its sales of flats in the first six months of the year had fallen by around 97% compared to the same period last year.The enormous real estate crisis in China, led by the solvency problems of the giant Evergrande, and with outstanding chapters such as the boycott of thousands of mortgage holders to continue paying for their unfinished houses, now offers a new episode after learning about the problems of the Country Garden empire.Yang Huang, the richest woman in China and heiress to this conglomerate, has seen her fortune squander in recent months, going from 24,000 million euros to 11,150 million, due to the liquidity and solvency problems of the company.Thousands of mortgagees have decided to stop paying the loan in protest at not seeing their houses finished in China.A boycott that is taking place in more than 200 paralyzed new-build real estate projects, in most cases due to financing problems of developers and builders.Although it represents a small percentage of the huge Chinese mortgage market, the authorities are acting to avoid a contagion effect.Google and Apple have recently announced short-term new hire freezes to review their "staffing needs" in the current macroeconomic environment.The two telecom giants are the biggest example on the list of tech companies that have announced a slowdown in hiring.The payment of the sovereign debt of the countries is one of the main duties that every government of a country has.Recently it has been seen how the small Asian nation of Sri Lanka has officially entered into 'default' for not contributing the 78 million dollars in unpaid interest, triggering an unprecedented crisis.With data from Bloomberg, the ranking of 25 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