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Started By
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re: China Makes Preparations for Evergrande’s Demise; prepare for a ‘possible storm’
Posted on 9/23/21 at 7:58 am to SlowFlowPro
Posted on 9/23/21 at 7:58 am to SlowFlowPro
If you can’t own something there, why in the ever living frick would someone pay $1m for an apartment in Shanghai?
The idea about overpriced properties is that they are an asset to be cashed in on if you need to. If you don’t own it and the government can seize it, why buy it?
The idea about overpriced properties is that they are an asset to be cashed in on if you need to. If you don’t own it and the government can seize it, why buy it?
3
Posted on 9/23/21 at 8:01 am to teke184
quote:
If you don’t own it and the government can seize it, why buy it?
Great question they should’ve asked Mao back in the day.
Posted on 9/23/21 at 8:02 am to stout
quote:
In Toronto and Vancouver local citizens have been priced out of the market.
There are a lot of new residential towers all over Toronto. It’s insane considering the growth rate of Ontario. I’m not sure if those are all going to real residents.
Posted on 9/23/21 at 8:02 am to SlowFlowPro
I remember seeing videos of multiple ghost towns with giant apartment towers. China just kept on building without buyers? I hate China so much (sorry Lebron) and would like to understand better what's going on.
Posted on 9/23/21 at 8:04 am to hollybeachsecrets
quote:
China just kept on building without buyers?
Their burgeoning middle class has a limited window of investment opportunities, with real estate being the most attractive.
So those people were funneling all their savings into speculative construction endeavors anticipating forever growth.
Posted on 9/23/21 at 8:04 am to teke184
quote:
If you can’t own something there, why in the ever living frick would someone pay $1m for an apartment in Shanghai?
They see it as an investment and being part of a modern economy. The Chinese love "investing" in stuff.
Invest 13 minutes in this video
13 more minutes if you fancy, with the comments about the "investing" included
This post was edited on 9/23/21 at 8:06 am
Posted on 9/23/21 at 8:09 am to SlowFlowPro
Well they are about to learn what happens when you make Potemkin investments in a Potemkin economy.
Posted on 9/23/21 at 8:44 am to SlowFlowPro
He nailed it in the second video. "A country with no beliefs that defaults to greed".
Posted on 9/23/21 at 8:47 am to dewster
They will get bailed out because if it goes belly up it will have a huge impact on China and around the world.
Posted on 9/23/21 at 8:48 am to OweO
Chris, the grown-ups were talking. Maybe go back to the simplistic-minded kid's view table.
Posted on 9/23/21 at 8:49 am to Strannix
quote:
What will be the second order effects?
A pound of crawfish is going to cost more than a Chinese ghost condo.
Posted on 9/23/21 at 8:51 am to OweO
quote:
They will get bailed out because if it goes belly up it will have a huge impact on China and around the world
They have been bailed out for years. At some point the web of debt becomes too thick.
They wanted to bail everyone out in 2008 but we still had a massive crash and economic slow down.
Posted on 9/23/21 at 9:00 am to teke184
quote:
The idea about overpriced properties is that they are an asset to be cashed in on if you need to. If you don’t own it and the government can seize it, why buy it?
CHIIIIIIIINA Communist Party
Posted on 9/23/21 at 9:04 am to WaWaWeeWa
quote:
The world economy is connected and do you honestly believe Evergrande is the only Chinese company in trouble?
Just consider also the suppliers, contractors, supplier factories, their workers and their families. When a developer of this size goes down they take a lot of innocent families down with them.
Consider the smaller scale of when Jimmy Swaggart went under in 1988. He almost bankrupted a major contractor. Baton Rouge lost 14 million in convention business. His bible college shut down. He had to sell off Bluebonnet Road in Baton Rouge to cover his own losses.
Now multiply that by a billion.
Posted on 9/23/21 at 9:04 am to dewster
Did this company have their hand in any of the schemes the Chinese had going on where they would build entire cities of apartment buildings and office space but no one ever bought them or moved into the units?
I don't remember all the details or what ended up happening but a few years ago the Chinese were building massive buildings and basically building cities out of nowhere and nobody would ever move there. Seems like I remember something about maybe the Chinese govt was buying the buildings and then contracting these companies to just keep building them as a way to artificially boost their economy or something like that. Just wondering if this company had their hands in that fiasco and if it may have affected this collapse they're going through..
I don't remember all the details or what ended up happening but a few years ago the Chinese were building massive buildings and basically building cities out of nowhere and nobody would ever move there. Seems like I remember something about maybe the Chinese govt was buying the buildings and then contracting these companies to just keep building them as a way to artificially boost their economy or something like that. Just wondering if this company had their hands in that fiasco and if it may have affected this collapse they're going through..
This post was edited on 9/23/21 at 9:09 am
Posted on 9/23/21 at 9:14 am to IAmNERD
This company is the tip of the iceberg. I travel to China regularly and the ghost towns and developments are very obvious.
At the end of the day, you don’t even own your real estate. It is a land lease from the government for 50-75 years. Nothing appreciates. They just kept building new
The RMD is not freely floated. The govt decides what the exchange rate will be. I suspect they are deciding if they want to take care of this problem by printing money and setting price controls.
At the end of the day, you don’t even own your real estate. It is a land lease from the government for 50-75 years. Nothing appreciates. They just kept building new
The RMD is not freely floated. The govt decides what the exchange rate will be. I suspect they are deciding if they want to take care of this problem by printing money and setting price controls.
Posted on 9/23/21 at 9:19 am to LSUBadger
The problem with turning on the printing presses is that it potentially makes your own currency worthless.
They may have an “official” exchange rate of their money to USD but that isn’t what people will necessarily pay for them.
Going full Weimar to cover Evergrande’s debt would be dumber than letting them fail IMHO.
They may have an “official” exchange rate of their money to USD but that isn’t what people will necessarily pay for them.
Going full Weimar to cover Evergrande’s debt would be dumber than letting them fail IMHO.
Posted on 9/23/21 at 9:22 am to Gifman
quote:
IB Freeman will not like this.
Won't get his attention unless its tied to Chinese film tax credits
Posted on 9/23/21 at 9:32 am to SlowFlowPro
quote:
This Chinese RE is legit shite and falls apart in 5 years.
I remember that YouTube video of the guys riding around and looking at Chinese construction and how quickly it had fallen to shite. They said the Chinese use shite quality and then don't maintain anything either.
Posted on 9/23/21 at 9:39 am to GetCocky11
quote:
I remember that YouTube video of the guys riding around and looking at Chinese construction and how quickly it had fallen to shite. They said the Chinese use shite quality and then don't maintain anything either.
that's serpentza
I made a thread with his videos a few months ago (and posted some earlier)
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