40 banks went bankrupt in China

The crisis that started in the real estate sector in China spread to the banks as well. 40 banks in the country declared bankruptcy. When the people flocked to withdraw their money, the security forces protected the banks with tanks.

In China, the collapse in the real estate market is turning into an economic crisis, TRT haber reports.

Banks are also stuck when homebuyers refuse to pay their mortgages for unfinished apartments .

Increasing pressure on 40 banks declared bankruptcy. Depositors, whose deposits have been frozen since April 18, flocked to banks to withdraw their money.

Tanks deployed in front of banks

A clash broke out between security guards and protesters in front of the branch of the People's Bank of China in the city of Zengzhou .

While the police detained many people, tanks were deployed in front of the bank after the brawl.

Chinese authorities took a new step to quell growing anger. It was announced that the depositors whose deposits were frozen in two cities would be reimbursed.