Chinese buildings go unfinished as cash crunch hits local developers

clutch , 10 months ago

One developer was so broke, but it still tried to make do:

The group’s real estate development income plummeted from 1.1 billion yuan in 2021 to zero in 2022, according to China Chengxin Credit Ratings. It has even started selling corn and jujube fruit as a new business.

Echo71Niner , 10 months ago

China Evergrande filed for bankruptcy today, it's over.

BarrelAgedBoredom , 10 months ago

I thought evergrande crashed and burned like 2 years ago. How is this still going on?

dudewitbow , 10 months ago

2 years ago was the default, today was bankruptcy.

Defaulting means youre behind on payments. Bankruptcy is when you file for methods to discharge the payments.

Spacebar , 10 months ago

Hasn’t this been a problem for years? I seem to remember stories like this from 10 years ago, but for different reasons.

HobbitFoot , 10 months ago

There were empty cities, but they usually got filled within a few years of construction. Now, it is at the point where the cities aren’t being finished.

luthis , 10 months ago

Probably for the best. Search on youtube for tofu dreg construction.

You can see people digging out load bearing columns with their fingers, pulling door frames off the wall with minimal effort, bending and cracking rebar steel with one hand.

Kerb , 10 months ago

oof, i still remember the one where a guy pulled out balcony railing posts with seemingly no effort.

it was high up too, at least 20th floor.

luthis , 10 months ago

That shit is fucking scary. Have you seen the videos where shit just falls off buildings and narrowly misses a person? Apparently they aren’t so lucky so often.

InvertedParallax , 10 months ago

So, personal story:

I was at their biggest glory internet company almost a decade ago, they had a brand new huge campus that sprawled over acres, and in hindsight its clear they just tried to copy Google.

Roof constantly leaked (buckets everywhere), holes in the floor of all things, walls crumbling. They’d moved in 1-2 years earlier and it was considered a point of Chinese national pride. No a/c either, which was brutal in the summers.

They need to stop building before more people get hurt.

luthis , 10 months ago

Sounds like the train station that was recently flooded because they didn’t build any proper drainage

InvertedParallax , 10 months ago

This same building had literally millions of dollars of servers lying around the floors, the whole thing was surreal.

MicroWave OP , 10 months ago

These projects, which had questionable profitability to begin with, were hit hard by the country’s real estate slump and its zero-COVID pandemic restrictions. The company’s cash flows deteriorated, and it has faced numerous lawsuits, including over unpaid bills.