Posted on 08/31/2022 12:27:39 PM PDT by Twotone
One of China’s largest developers said the country’s property market has tumbled into a severe depression, using some of the strongest language yet to describe the yearlong downturn and the financial pain it has caused.
Country Garden Holdings Co., 2007 -6.43%▼ which for years ranked as China’s top real-estate developer by contracted sales, on Tuesday reported a 96% drop in first-half profit after selling a third fewer homes than it did a year ago.
The Guangdong-based company said the market has struggled with weakening expectations, sluggish demand and declines in property prices.
“All these exert mounting pressure on all participants in the property market, which has slid rapidly into severe depression,” the company said. It added that the resurgence of Covid-19 in cities across China has also slowed construction activity and weighed on its performance.
Country Garden eked out a small profit equivalent to $89 million, versus $2.2 billion in the first six months of 2021.
The company has long been regarded as one of China’s financially strongest developers, but like many of its peers it has struggled to overcome a crisis of confidence that has caused home buyers and investors to back away from the Chinese property market.
(Excerpt) Read more at wsj.com ...
I’m surprised people don’t want to buy Potemkin Village homes
Perhaps the real estate market would improve if China allowed foreigners to purchase property.
We are headed into a long, deep global recession or worse. The two economies that can lift us out of it, can’t. Biden is the new Herbert Hoover.
You mean to tell me that people have stopped buying empty (literally nothing other than the concrete floors and walls) apartments for too much money after they noticed that others were unable to sell them to bigger suckers later? (Because these supposed suckers don’t make enough money to afford them).
Looks like the bubble is starting to burst. I’m AMAZED it took this long.
20% of the total urban housing properties in China — around 65 million properties — are vacant.
This 20% includes large sections of cities like Tianducheng, Thames Town, Binhai, and many others which span across hundreds of square kilometers but have far more empty buildings than occupied ones.
Such “ghost cities” in China have well-connected roads, infrastructure, skyscrapers, and a variety of public spaces, but are vastly underpopulated and have vast areas that are completely without residents.
This is all a result of vast corruption and bribery.
These are the beginnings of extremely dangerous times.
The actions that Red China is taking around the Pacific rim gives anyone with any sense of thought that there is a war oncoming.
Red China will take us into war to take the minds of its people off the problems within that country.
Moreover kabar. IMO, the main catalyst for the oncoming war will be....FOOD.
Wait till after this harvest season is done and lets see how much grain reserves there are...in this country alone.
Maybe we should send China our illegal immigrants. Or homeless.
A war with China would be an economic disaster for all parties. US dependence on China for so many essentials including drugs, manufactured goods, machinery, etc. would plunge us into a Depression.
Likewise, the US is China’s biggest export destination by far. China’s economy would go down the toilet without the US purchases.
And all of this economic damage doesn’t include the death and destruction from a kinetic war. The US is not ready for a war. Nor is China ready to decouple from US trade.
Wow, how wrong headed you are. It would be the opposite!! The silver lining in war. They only good thing would be the rebirth of American industry. The new vibrant economic activity WOULD BE OFF THE CHARTS GOING UP, NOT DOWN.
They have all moved here..no problem
Swamp thing at Mar_A_Lago
https://rumble.com/v1hwwaf-swamp-thing-at-mar-a-lago.html
LOL. How can anyone think that a war between two nuclear powers would be a good thing? We used to have a policy of Mutually Assured Destruction (MAD). There are no winners in such a war. Both of our economies would be destroyed.
The Defense Department said China currently operates six nuclear-powered ballistic missile submarines, six nuclear-powered attack submarines and 46 diesel-powered attack submarines.May 10, 2022. What would happen if just one of these ballistic missile subs launched its missiles against us?
That would be the least of our worries.
No one is going to nuke anyone ever again. The two nuclear attacks in 1945 were one-offs. There will never be another situation where and a nuclear power nukes anyone. Look at Ukraine. ONE nuke fired on Kiev ends the war instantly. So why hasn’t Putin done that?
What would happen if aliens kidnapped Biden? About the same chance of that happening.
“ No one is going to nuke anyone ever again.”
Only simple minded fools make statements like that.
L
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