My best guess is that the almost two years of can kicking this conclusion was enough for most larger investors to reposition so the bag holders are now, once again, regular people.
Only difference being that it is a large amount of Chinese citizens getting fudged, rather than US or EU citizens.
They cannot move out of their position in China, because they paid in advance for an apartment they are not going to get. They are truly fucked over there. Evergrande is a pyramid scheme, using real estate.
Evergrande is a pyramid scheme, using real estate.
Their whole property market is an investment pyramid scheme hidden underneath a shell game being played by their financial market. The whole mess being overseen by a group of referees so incompetent or corrupt that even after years of attempts the problem has only gotten worse.
I mean... gestures towards the surroundings We've got a pretty large pile of "Oh shit, we're fucked" stacked up here already. I guess add it to the pile?
I’m sure there are plenty of theories or there, but to be fair, this guy has been redlining his nerves for a week straight. He probably feels guilty.af for his department dropping the ball and probably hasn’t slept more than a few hours.
Yeah seriously. I straight up think Trump deserves the death penalty, but doing this is psychopathy, nothing more. It will only kill some random mail handling clerk trying to scrape enough to feed their family, not anyone remotely involved with the fascism you claim to be against.
I am truly sorry for the passengers. Lost life because of teenage perceived hardship is tragic.
From a different perspective, it seems incredibly impressive that anyone survived a deliberate head on collision with a brick wall (that appears to have barely buckled) at 100 MPH / 161 KMH.
China’s real estate sector was long seen as a vital growth engine in the world’s second-largest economy and accounted for as much as 30% of the country’s GDP. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country.
damaging homeowners and the broader financial system in the country.
Or, showing that current homeowners overpaid, opening the door to new homeowners and allowing the broader financial system to have losses we all knew were possible.
Its fucked, no way around it. Property bubble has already exploded with a whimper, thanks to CCP censorship. Chinese households are now extremely wary of trusting their money to others and aren’t gonna be buying homes until the next (unsustainably small) generation.
Curious to see if there is going to be a domino effect with their real estate companies.
China Gardens, the largest real estate company, is toppling (article is from a week ago and those payments still haven’t been made) and at least one of China’s largest “Shadow Banks”, Zhongzhi Enterprise Group, is going with them.
The dominoes aren’t going to stop; Evergrande, Country Gardens, and Zhongzhi Enterprise Group are just the first visible ones.
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