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sharkfucker420 ,
@sharkfucker420@lemmy.ml avatar

https://lemmy.ml/pictrs/image/1f68398f-5569-43a1-abcf-b13e50c56c61.png

frauddogg ,
@frauddogg@lemmygrad.ml avatar

Based. Wish that were us; we’ve got OODLES of real estate clowns who need to be shoved in a Brazen

bazingabrain ,
@bazingabrain@hexbear.net avatar

deleted_by_author

    •
    What_Religion_R_They ,
    @What_Religion_R_They@hexbear.net avatar

    We are saddened to announce that he was fined deaded with two bullet wounds 😔

    turkishdelight ,

    Chinese do not fool around. I expect they will make an example of this guy.

    peepee_longstonking ,

    Now do Ken Griffin

    PoliticallyIncorrect ,

    He is fucked… he is a dead man…

    Parsani ,
    @Parsani@hexbear.net avatar

    Smh first they come for the corrupt property developers

    Sodium_nitride ,

    he was investigated over suspected “illegal crimes”

    Are there any legal crimes you guys know of that I can try?

    Lemmygradwontallowme ,
    @Lemmygradwontallowme@hexbear.net avatar

    Idk, piracy and jaywalkin’…

    Then there’s loitering?

    brain_in_a_box ,

    Insider trading while being a member of congress

    orcrist ,

    Accepting bribes if you’re a Supreme Court justice.

    D61 ,

    TFW: A writer gets paid by the word…

    Crikeste ,

    Lobbying is just corruption with a different name.

    lorty ,
    @lorty@lemmygrad.ml avatar

    Anything with a fine you can easily pay.

    sharkfucker420 ,
    @sharkfucker420@lemmy.ml avatar

    https://lemmy.ml/pictrs/image/4aaa78f7-feee-42d4-9a20-f90d7124a4f3.png

    reverendsteveii ,

    are you rich?

    Kusimulkku ,

    Man all these bad news about Chinese property market, hopefully there isn’t a collapse there as predicted.

    orcrist ,

    I hope that the property market collapses and property prices go way down. Surely there are large numbers of people who would like to buy property but cannot afford it at the moment. I hope that happens in many countries.

    Kusimulkku ,

    I mean, that sector is also a huge employer with lots of construction companies and jobs tied directly and indirectly to it. If the construction section comes down, that’s going to cause a lot of hardship on a lot of people. So even with cheaper houses (for a while, if the construction sector doesn’t improve you’ll get high prices again later) I’d say it’s a huge net negative for people and their lives.

    Linkerbaan ,
    @Linkerbaan@lemmy.world avatar

    Ponzi schemes don’t make anything productive.

    Kusimulkku ,

    I don’t know if you are using the word differently but property market includes stuff like construction companies, development companies, architect companies, material suppliers, engineering companies and stuff like that. Building a house seems fairly productive, for example.

    Linkerbaan ,
    @Linkerbaan@lemmy.world avatar

    Building a house is productive.

    Taking payment in advance before building a house and buying a yaught, then having no budget to build the house so you take payment for another house and use that money to build the first house

    is not productive.

    Kusimulkku ,

    Unfortunately all of that is included in that sector. So while that is shit and wouldn’t mind them being punished, there’s also all the other jobs and economic considerations. A lot of workers are working directly or indirectly within that sector.

    Linkerbaan ,
    @Linkerbaan@lemmy.world avatar

    No all of that is included because Evergrande is a ponzi scheme. They can undercut their competition by selling houses for such a low price that they can’t build them.

    So they run on people pouring more and more money in and putting more and more projects on hold. That’s a ponzi scheme.

    Building houses doesn’t have to be a ponzi scheme. Evergrande is.

    Kusimulkku ,

    Evergrande operates in the same sector and is a big player there. I won’t shed a tear for them. What I’m saying is that hopefully them going down won’t take anyone else with them and cause havoc on the whole sector.

    Linkerbaan ,
    @Linkerbaan@lemmy.world avatar

    It will because now there will be a mass sale. Also China’s only means of investment being houses instead of the stock market did help Evergrande pump up their bubble quite a bit.

    The Evergrande director will take his golden parachute, many poorer Chinese people will be left scammed, with nothing.

    yogthos ,
    @yogthos@lemmy.ml avatar

    Imagine living in a country where the rich are actually subject to the laws like everyone else…

    TwinTusks ,
    @TwinTusks@bitforged.space avatar

    Not exactly … they still treated with special previllages, its just this is bit too much

    yogthos ,
    @yogthos@lemmy.ml avatar

    What special privileges are they treated with?

    frauddogg ,
    @frauddogg@lemmygrad.ml avatar

    What special privileges are they treated with, motherfucker?https://lemmygrad.ml/pictrs/image/3971501e-6b17-4981-b34f-d5d3f2e268f5.png

    pudcollar ,

    If a billionaire is in actual trouble, he’s in China. US would have bailed out Evergrande.

    Gradually_Adjusting ,
    @Gradually_Adjusting@lemmy.world avatar

    I have pretty severe concerns about how the Chinese government operates, but this is one thing they do right.

    Crikeste ,

    I have pretty severe concerns about the way the American government operates.

    Jax ,

    Yeah, well, I like having rights so we’ll just have to accept that everything can’t be perfect.

    n3m37h ,

    You know the majority of the world has the same if not more rights than you. Take Canada, I can go to any hospital without worrying if I will become bankrupt. I can own the majority of firearms this world has to offer and if I get pulled over, the police can not legally rob me because the money I have on hand isn’t drug money unless there is difinitive proof that it is.

    Jax ,

    I cannot believe how quickly you shifted those goalposts, well done getting those idiots to upvote you.

    Oh, just so you dumbfucks know, China isn’t Canada. I get it, they both have red on their flags. It confused you.

    n3m37h ,

    What the previous comment to yours was criticising the US govt. I didn’t move any goal posts was just pointing out that your freedoms is to do what your are told. Not much difference from China tbh

    That’s the hypocrisy that we’re pointing out

    Jax ,

    I have pretty severe concerns about how the Chinese government operates, but this is one thing they do right.

    The context directly compared China to the U.S., there isn’t any hypocrisy here you just don’t know how to read.

    n3m37h ,

    I have pretty severe concerns about the way the American government operates.

    And ya skipped this one to make yourself feel better

    orcrist ,

    I don’t understand. You think that if the United States stops bailing out mega corporations and starts to enforce laws on white collar crime, that we will also lose civil rights?

    Or maybe you’re trying to say that while the US has many faults, at least it’s not as bad as China. That is of course true, for some of the people some of the time, but certainly not all of the people all the time.

    sharkfucker420 ,
    @sharkfucker420@lemmy.ml avatar

    https://lemmy.ml/pictrs/image/8df28d8e-e322-4a4a-b445-597741da28d5.png

    Crikeste ,

    Typical American Exceptionalism take. Hey buddy, there are hundred of free countries that provide their citizens with inalienable rights.

    How about you take your “America can do anything” attitude and apply it to GOOD instead of killing others?

    American CAN do anything it wants, like helping its citizens.

    It chooses not to.

    Jax ,

    Shhh, shhh. Quiet now.

    skozzii ,

    We have traded the literal genocide and opression for corporations performing economic genocide and opression on us.

    But hey, aren’t billionaires cool?

    Blizzard ,

    Fun fact: his last name means a ‘dick’ in Polish (the most vulgar version of that word).

    avidamoeba ,
    @avidamoeba@lemmy.ca avatar

    Not only in Polish. Pretty sure it’s most of Eastern Europe. 🤭

    downpunxx ,

    lol

    MushuChupacabra ,
    @MushuChupacabra@lemmy.world avatar

    Sucks to suck. This guy should be OK though, based on the CCPs history of fair trials and lenient sentencing.

    davel ,
    @davel@lemmy.ml avatar

    Uh-huh: en.wikipedia.org/…/Incarceration_in_the_United_St…

    The United States has the largest known prison population in the world, it has 5% of the world’s population, and 20% of the world’s incarcerated persons. China, with four times more inhabitants, has less persons in prison.

    MushuChupacabra ,
    @MushuChupacabra@lemmy.world avatar

    Uh-huh:

    deathpenaltyinfo.org/…/executions-around-the-worl…

    As in previous years, execution totals do not include the estimated thousands of executions carried out by the world’s leading executioner, China, where execution data is considered a state secret; …

    davel ,
    @davel@lemmy.ml avatar

    Like, a whole lot of secret state executions, pinky swear. 😂

    MushuChupacabra ,
    @MushuChupacabra@lemmy.world avatar

    As in, you doubt that people get executed in China?

    Or

    They do, but the numbers are inflated?

    I’m just not sure what you’re trying to say.

    davel ,
    @davel@lemmy.ml avatar

    I don’t doubt it: en.wikipedia.org/…/Capital_punishment_in_China

    Although most death sentences are “with reprieve,” which seldom lead to execution: en.wikipedia.org/…/Death_sentence_with_reprieve

    All of those are on the public record.

    What I’m saying is: where is their evidence for an “estimated thousands of executions carried out” that are secret?

    MushuChupacabra ,
    @MushuChupacabra@lemmy.world avatar

    So you’re going with wilful ignorance. Neat.

    Name a country that executes more people per year than China does.

    Actually, since you can’t do that, don’t worry about it.

    Anyhoo, they’ll execute him.

    davel ,
    @davel@lemmy.ml avatar

    gui porky-scared

    MushuChupacabra ,
    @MushuChupacabra@lemmy.world avatar

    A gunshot to the head is more likely.

    cyborganism ,

    How do you recover that? How the hell are they going to recover what is essentially multiple time the sum of the wealth of all the top 10 richest individuals on earth???

    cbarrick ,

    multiple time the sum of the wealth of all the top 10 richest individuals on earth???

    Do you mean the $78B fine or the $300B debt?

    In either case, you’re way over exaggerating. All of the top 14 wealthiest people have over $100B each. Jeff Bezos (#2 richest) has close to $200B alone.

    www.forbes.com/real-time-billionaires

    cyborganism ,

    It’s even worse than I thought… Holy fucking shit.

    cbarrick ,

    Right!?

    These people have more wealth than the GDP of some nations.

    Jeff Bezos has more wealth ($190B) than the GDP of Ukraine ($170B).

    SparrowRanjitScaur ,

    In theory, but if he tried to liquidate all of his Amazon stock at once it’s very unlikely he would get that much for it. The price of the stock would crash.

    sibachian ,
    @sibachian@lemmy.ml avatar

    except in theory they can borrow from the bank with their stock as leverage and would never actually need to liquidate anything (and they do just that).

    cbarrick ,

    Yep. This fucking loophole in the American tax system.

    You borrow against your existing wealth, then the cost basis of your investments resets upon inheritance. So your estate can sell the investment to pay off the debt, and no capital gains tax is ever paid.

    Because of this, in America, capital gains tax only applies to the middle class. The rich have a clear and obvious loophole.

    davel ,
    @davel@lemmy.ml avatar

    Presumably they won’t recover, because the Chinese state isn’t coming to their rescue: China’s housing minister says real estate developers must go bankrupt if necessary

    Kusimulkku ,

    I just hope the collapses won’t pull others with them and the whole construction sector. I think the fear of that and the effects rippling to other sectors and to trust in the economy is why bailing out is sometimes done.

    sibachian ,
    @sibachian@lemmy.ml avatar

    yes, it’s a good reminder that capitalism doesn’t actually work and needs to be propped up with bailouts to ensure it doesn’t collapse and gets replaced.

    Kusimulkku ,

    Well China is trying to not bail them out, at least for now. And some others have done it before too. It’s just people fear the risk of doing that, hoping that by bailing them out things won’t be as bad.

    HobbitFoot ,

    Except that the Chinese national government is trying to reign in the domestic construction market and export as much as it can.

    It was the right strategy to keep building for a generation, but it isn’t right strategy any more.

    Kusimulkku ,

    I’ve read that they’re trying to lessen the share of the GDP but an uncontrolled crash would still be horrible. Hopefully whatever they do that is avoided.

    HobbitFoot ,

    It is more than that. China significantly invested in infrastructure for a generation, which was generally good. However, China has hit a point where infrastructure investment won’t produce the returns it used to or any at all. China also needs to figure out a way to find municipal governments, which it hasn’t before. China also has to deal with a significant drop in economic growth, something it hasn’t dealt with for a generation.

    These are novel problems for the Chinese government.

    yogthos ,
    @yogthos@lemmy.ml avatar

    You don’t, the investors loose the money. That’s the risk that they take investing in a business.

    naturalgasbad ,

    By locking up the rich, seizing their wealth, and using SOEs to take over incomplete projects for pennies.

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