Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds.
Damn so many tankies on this thread
I have to say that for all things in China for Marxist-Lenninists to be defending, the Chinese urban real estate sector of 2023 seems like a pretty odd choice.
Read up on the concept of “face” in asian cultures. China doesn’t like it when they appear weak or stupid. In any arena.
Who here is defending the actions of Country Garden?
Happens anytime you mention anything bad and china. The apologists and downvoters come out and play. Same thing used to happen on reddit.
That’s pretty rude. I’m all for critism where it is due but seems like in any article about China rather than discussing the article we use the article to prove our preconceived notion is truth.
Same as I don’t automatically believe any article I read about UK/US/Europe.
“Oh no, it’s the consequences of my misgovernment.”
They are right on the cusp of the 2nd step of fucking around …
Which government actions led this private corporation to fail?
Building ghosts cities to hold 30 million people and then not filling them. Who would have thought that’s not a valid strategy for property management?
Your propaganda is a decade out of date. If you actually read the article, the current issue is that a lot of people aren’t receiving the housing they prepaid for.
Aside from that, I’ll take “too much housing” over the hell world of trying to find a place to live in the US any day of the week. The ghost cities complaint always seemed like coping to me.
Tankies are really one to talk about Propaganda. Go away!
How childish.
You are correct, the “ghost city” claim is about a decade old and in the time since then good functioning cities developed incorporating those infrastructure and urban resources built previously.
Zhujiang New Town for example can house up to two million people (often moving out from the 7-10 million living in the old areas) and while I dislike the urban planing of it, it was once among the foremost called “ghost city” in propaganda, yet it is larger than most cities in most states of the US as example.
I also agree that having too many flats seems to not be that bad a problem to have. Especially when 2‰ of the US are unhoused - even though there are millions of empty flats.
Right up until the demand for housing turns flat and then negative due to unquestionable demographic realities facing China. When such a huge percentage of the populations net worth is tied to real estate, the impact of a housing crash can’t be ignored. And there is a storm coming, the numbers don’t lie. In the next 20 years China’s population WILL shrink
https://www.huffpost.com/entry/china-population-drop_n_63c69f7be4b0cbfd55f616e2
The numbers will sink in the next 20 years for pretty much all “developed” OECD countries. Including the US, UK, France, Germany… yet how often do you personally write about that problem? When even people like professor Reich of Berkeley mention the 40(?) trillion $ wealth transfer due to shrinking population and that mostly to a small group of population with reduced demand for housing you seem to focus a lot on a country you are not living in.
Do I think China faces challenges? Surely. Do I think the capitalist market oriented parts of it will lead to problems that are integral to capitalist market systems? Sure. The CPC has much more power to act on it though. China is currently able to house its population much better than 30 years ago after the crisis of the fall of the Soviet Union. Germany’s capital is missing 600k affordable flats at the same time.
Lets see how things will play out, but similar articles were published every couple of months for the last 20 something years. That generates sentiment.
Their housing market is still unaffordable for Chinese citizens. Rather be in an unaffordable housing market where I get what I pay for. Like the house, that I’m typing this in. Which I paid for, and then got the keys to.
https://trends.google.com/trends/explore?date=all&q=china crisis
Seems China is always in Crisis according to Western news. The consequences seem to not be there though.
Instead wages increased threefold within ten years. It is funny that the Isle of Man got the most searches for “china crisis”, I would guess cause it is a tax haven and therefore sensitive to such “news”?
Without joking, China did manage to succeed through ten crisis and you can read Wen Tiejun’s book about it
Today: a weatern basement-dweller furiously defends a murderous authoritarian regime, while eating a burger and shit-posting on the world-wide(almost)-web.
In other news, there’s water in the ocean.
They’re posting from lemmygrad.ml, so that should give you an idea.
Touch grass, you project stronger than the Leica Cine 1.
- I’m not clicking any link that comes from a lemmygrad.ml user, lol. It’s like licking a handrail in a metro station.
- This is not hexbear, nor lemmygrad, people are alowed to laugh at tankies.
- Become a journalist and write an article in CNN, maybe I’ll read it then. Until then, I’m not interested in lemmygrad blabberings.
Your attempt at bullying is just sad. Go touch some wildflowers.
What is it with lemmygrad weirdos and telling people to go touch stuff? Lemmy isn’t the authoritarian, murderous regime of china, I’m free to do as I please.
Need some tissues? How about a blankie?
Go away lemmygrad.
Their population demographics are a problem that is going to be much harder to manage. If they succeed, good on them for figuring it out. But they’ve managed because they’ve had fresh population to feed into their economy. That is NOT going to happen going forward. So they better change their strategy.
Honestly, I hope they do for the sake of the human beings living on that piece of earth currently ruled by the CCP. I actually wish them no ill will and the rest of the world is likely to suffer if china has a full on collapse.
And yet still, fuck the CCP.
To be fair I mean it’s called the Isle of Man, of course people are going to Google it.
