Posted on 08/22/2022 1:08:12 PM PDT by RomanSoldier19
China’s property sector is crumbling in the wake of the country’s tough pandemic restrictions, with frustrated homeowners taking part in unprecedented mortgage boycotts.
In August, the nation recorded its 12th straight month of falling property sales, as cash-strapped developers struggle to complete projects.
The country’s economic growth was just 0.4 per cent year-on-year in the second quarter – its slowest rate since the initial Covid outbreak.
So far, more than 20 major developers have defaulted on their debts in the past year alone, with S&P Global Ratings warning around 20 per cent of Chinese developers are now at risk of becoming insolvent.
China’s Evergrande has now become the world’s most indebted property developer after racking up about $US300 billion ($A436 billion) in liabilities.
(Excerpt) Read more at news.com.au ...
Real estate in China is a ponzi scheme, and it’s falling apart. It represents 30% of their GDP.
CC
Can’t pay, won’t pay: thousands in Britain vow to ignore energy bills
the energy price cap – the maximum amount suppliers can charge in England, Scotland and Wales – will go up, leading to further bill rises for millions of customers. The typical gas and ...
The Guardian15d
The CCP announced their solution to the mortgage crisis: convert them all to timeshares.
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It sure seems like the Chinese are taking lessons from the liberals in our “diverse” communities.
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