Heavy rainfall forecast in four provinces, people urged to remain alert
The country is likely to see a partial to general cloudy sky with light to heavy rains and thundershowers in 24 hours.
Some parts in the hilly region are likely to receive light to moderate rains. Heavy rains are predicted in one or two parts in Province 1, Bagmati, Gandaki and Sudurpaschim Provinces, according to the Department of Hydrology and Meteorology. People at possible risks in the areas have been asked to stay alert.
The Kathmandu Valley has recorded minimum 20.5 degree and maximum 31.5-degree temperature, according to the Meteorological Forecasting Division.
Over 800 houses inundated in Bhaktapur after overnight rainfall (In pictures)
Incessant rain since Tuesday night inundated over 800 houses at squatter settlements on the bank of Manohara river in Madhyapur Thimi Municipality-1.
Shree Bhakta Kasichhwa, member of the Province Sports Development Council, Bagmati Province and former chairman of the Bhaktapur District Sports Development Committee said that around 880 houses were inundated after flooded Manohara river entered into the settlements on Tuesday night.
Nepal Police and Armed Police Force personnel have been deployed to carry out rescue operations.
DSP Raju Pandey, spokesperson at the Metropolitan Police Range, Bhaktapur said that the details of the damage destroyed in the water induced disaster are yet to be established.
He said that the swollen river swept away 80 houses.
Similarly, 20 houses at Duwakot Bensi in Changunarayan-1 were deluged and four persons were rescued, he said.
Massive fire breaks out at shoe factory in Balaju
A massive fire broke out at a shoe factory in Balaju on Wednesday.
According to Dinesh Mainali, spokesperson at the Metropolitan Police Range, Kathmandu, police with the help of locals and fire engines are trying to douse the fire.
The reason behind the fire is yet to be established.
China property crisis: Why homeowners stopped paying their mortgages
"Construction stops, mortgage stops. Deliver homes and get repaid!"
That was one of the chants disgruntled apartment buyers in China used at a protest in June. But their ire over unfinished homes didn't stop at signs and chants.
Hundreds of them stopped paying their mortgages - a radical step for China, where dissent is not tolerated, BBC reported.
A young couple who moved to Zhengzhou in central China told the BBC that after receiving the down payment last year, the developer withdrew from the project and construction stalled.
"I have imagined countless times the joy of living in a new home, but now it all feels ridiculous," the woman, who did not wish to be named, said.
A woman in her late 20s who also bought a home in Zhengzhou told the BBC that she too is ready to stop paying her mortgage: "After the project is fully resumed, I'll continue paying."
Many of them can pay but are choosing not to, unlike the US subprime mortgage crisis in 2007 when money was lent to high-risk borrowers who then defaulted, according to BBC.
They have purchased homes in roughly 320 projects around the country, according to a crowd-sourced estimate on Github where homeowners have been posting about their decision. But it's unclear how many actually stopped paying.
The boycotted loans could total $145bn (£120bn), S&P Global ratings estimates. Other analysts say it could be even higher.
The revolt has rattled authorities, focusing attention on a market already under pressure from a slowing economy and a serious cash crunch.
More alarmingly, it has signalled a lack of confidence in one of the main pillars of the world's second largest economy, BBC reported.
"Mortgage boycotts, driven by deteriorating sentiment toward property, are... a very serious threat to the financial position of the sector," think tank Oxford Economics said in a recent note.
