官方数据显示，截至2025年底中国住宅按揭余额约37万亿元人民币，约占全部银行贷款的13.6%；在2024年末银行下调存量按揭利率前，提前还款潮曾使按揭余额自早前峰值回落。银行为抑制风险外溢，对部分借款人提供最长2年的「只还息」或最长2年的宽限安排，并尝试协助寻找买家以避免止赎；同时，多地法院放缓受理断供案件，甚至限制银行提起住宅按揭违约诉讼的数量，以降低强制拍卖供给。
个案中，Annie Ji（36岁）2019年以140万元人民币在成都购房，月供4500元，2025年6月逾期后获 Bank of China 提供最长2年只还息并在9月再给6个月本息暂缓；Judy Zhu 在青岛2020年以约230万元人民币购房，Industrial and Commercial Bank of China Ltd. 提议若补缴逾期利息8万元即可免息1年，并将利率由4.35%下调至3%。风险表面上仍受控：大型国有行个人按揭不良率2025年底约1%，但农村及地方银行更显著，如 Shengjing Bank Co. 2025年6月底按揭不良率4.34（较2024年底+0.68个百分点），Yibin City Commercial Bank Co. 升至5.06（同比+1.2个百分点）；同时，2023年法拍房挂牌接近80万套见顶，2025年约71.9万套，且去年上拍房源成交率不足四分之一，部分地区法拍供给约相当于新房供给的20%，仍可能继续压制房价。
China’s prolonged housing slump is pushing many mortgages into negative equity as home values in major cities such as Beijing and Shanghai fall by more than one-third from peaks. Bloomberg Intelligence estimates mortgages worth hundreds of billions of yuan may be underwater, while UBS Group AG projects 3.3 million homes could be underwater by 2027, with potential losses up to 232 billion yuan ($33.7 billion) on mortgages and home-collateralized business loans—small versus total credit, but unprecedented domestically.
Official data put outstanding residential mortgages at about 37 trillion yuan at end-2025, around 13.6% of total bank lending, after prepayment waves and later cuts to rates on existing loans reduced balances from earlier highs. To contain defaults and forced sales, some state-owned banks have offered payment holidays or interest-only periods for up to two years and, in some cases, helped borrowers find buyers instead of foreclosing. Courts in multiple locales have reportedly slowed acceptance of defaulted-mortgage cases and sometimes capped banks’ filings, aiming to limit auction supply.
Case evidence shows the scale and mechanics of workouts: Annie Ji, 36, bought a Chengdu apartment in 2019 for 1.4 million yuan with a 4,500-yuan monthly payment; after missing a June 2025 installment, Bank of China offered up to two years of interest-only payments and later a six-month pause on both principal and interest. Judy Zhu bought a Qingdao apartment in 2020 for about 2.3 million yuan; Industrial and Commercial Bank of China Ltd. offered one year of skipped interest if she repaid 80,000 yuan of overdue interest and cut her rate to 3% from 4.35%. Systemwide indicators remain low at big banks (personal mortgage NPLs ~1% at end-2025), but weaker lenders show sharper stress (Shengjing Bank Co. 4.34% at end-June 2025, +0.68 pp vs end-2024; Yibin City Commercial Bank Co. 5.06%, +1.2 pp YoY). Foreclosure overhang persists: listings peaked near 800,000 in 2023 and were about 719,000 in 2025, with under one-quarter of auctioned homes sold last year; in some areas, foreclosed stock equals roughly 20% of new-home supply, risking further price pressure.