Did people loose their homes? Did people end up jobless?
I know there was a company central to the story, and that China was basically going to let it fail, but what was the fallout?
Did people loose their homes? Did people end up jobless?
I know there was a company central to the story, and that China was basically going to let it fail, but what was the fallout?
The fallout was that the Chinese government bought the bottom and all the wall street dipshits than invested in the stock lost their money. The Chinese government has always posited that speculating on the price of housing is a social ill and they’ve always pulled stunts like this to curb companies that try to start this hype cycle. This time western investors lost money so that’s why we heard so much about it.
tl;dr it’s in state custody now
Perfect. That’s what I figured.
Buy the dip
lmao good, get fucked ghouls
Can’t wait to see in 2030 when China has achieved a 100% homeownership rate for adults with all the affordable housing.
You read the news on your phone in your shitty apartment you share with total strangers (if you’re lucky) in bumfuck nowhere addressing this. And what greets you is a picture of a pouty Mr. Monopoly with a tear rolling down his cheek as the headline reads. “Why does China hate real estate? Authoritarian CCP just killed the housing market now no one can build wealth off their investment again!”