China’s property crisis is leaping out of the frying pan and into the fire. Homebuyers in 22 cities are refusing to make mortgage payments on unfinished homes, Citigroup reports. The rare protest extends the risk of defaults from offshore developer bonds to banks with $6 trillion of mortgages. The fat tail risk of President Xi Jinping’s efforts to deleverage the sector is emerging, and it puts Beijing in a tight spot.