China’s bursting housing bubble summed up in a viral video, as official tells citizens to ‘Buy one property, then a second. Bought a second? Buy a third, and fourth’

Fortune ^ | 08/17/2022 | YVONNE LAU

[ChicagoConservative27]

As China’s property crisis deepens and Chinese homeowners across 100 cities refuse to pay their mortgages, some local government officials are taking matters into their own hands.

Deng Bibo, a county party secretary of China’s Hunan province, encouraged everyone to buy multiple homes during his opening speech for a real estate exhibition fair in Shimen, a county of Hunan, on Tuesday.

“I hope that today all comrades will take the lead in buying property,” Deng said. “Buy one property, then buy a second one. If you purchased a second one already, then buy a third. Bought a third? Then buy your fourth.”

[ChicagoConservative27]

Coming to a state near you

[janetjanet998]

YIKES
VIDEO: China demolishing unfinished high-rises
https://rumble.com/v1gpcid-china-demolishing-unfinished-high-rises.html

[NohSpinZone]

Scene from Big Short when Steve Eisman (aka "Mark Baum") confirms that there's a major housing bubble.

[Ken H]

Sounds like covid booster shots.

[NohSpinZone]

BTW, what that Chinese official is saying is no less stupid than the dips***s in DC telling poor people to buy EVs and solar panels if they think their gas and utility bills are too high.

[Rurudyne]

Much of those solar panel components sourced from the ChiComs and they own many of our politicians.

[rb22982]

Five houses in and of itself doesn’t mean anything if they were bought by someone with good credit, with a good down payment and are being used as a rental. Buying a vacant home on the single hope they keep appreciating with little to nothing down however is a very different story (the gal in the big short). Sounds like China is taking it to another level.

[NohSpinZone]

Right, less than 5% down per house and the condo because everybody on the pole is cash rich but with lousy credit. LOL.

[Brian Griffin]

All Chinese mainland urban land is owned by the government.

[EvilCapitalist]

I thought Commies don’t believe in private property.

[BozoTexino]

Wow!

[SaxxonWoods]

Here’s what we’ve been through during my life started (’49), since ‘53.

Recessions———Causes

7/53-5/54: End of Korean War
8/57-4/58: Asian Flu(!)
4/60-2/61: Foreign autos entering US markets
12/69-11/70: Stopping runaway inflation
11/73: 3/75: Oil embargo by OPEC
1-7/80: Oil crisis + Inflation
7/80-11/82: Double Dip - Oil and Volker killing inflation
7/90-3/91: S+L crisis, Gulf War, Oil
3-11/2001: Dot Com bust, 9/11
12/07-6/09: Mortgage crisis
2-4/2020: Covid19

Some familiar problems keep repeating, don’t they? Makes surviving a bit easier if you study it.

[FroedrickVonFreepenstein]

I've followed this guy's youtube channel for quite awhile. He covers China. About 3 months ago he put out this video explaining China's ghost cities and how the Chinese economy depends upon the construction of these places and the purchase of multiple properties by it's citizens.

https://www.youtube.com/watch?v=wJ8JBTIVUVw

[TChad]

Bill Whittle on China's ghost cities:

https://billwhittle.com/chinas-ghost-city-economy/

Ghost cities that will never be occupied -- where China's workers have invested their retirement funds.