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First you steal peoples' money in endless real estate Ponzi schemes. Then you act surprised that they don't have any money left to spend.
It is not the Chinese working class is who is getting soaked by those, it is foreign and domestic capitalists.
- Reuters: China Evergrande ordered to liquidate in landmark moment for crisis-hit sector
- Bloomberg: China Reiterates Stance That Homes Are Not for Speculation
- CNBC: China’s housing minister says real estate developers must go bankrupt if necessary
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“We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing,” an English-language version of the report said.
This is an old story, except for the LA Times. The guy on Money and Macro explains the situation better in this vid: https://www.youtube.com/watch?v=7bOSWQttmvU
this post was submitted on 26 Oct 2024
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