this post was submitted on 03 Aug 2024

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China Rejects $1 Trillion Housing Rescue Plan Pitched by IMF (www.bloomberg.com)

submitted 3 months ago by filoria@lemmy.ml to c/worldnews@lemmy.ml

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[–] queermunist@lemmy.ml 7 points 3 months ago* (last edited 3 months ago)

My understanding is middle class Chinese people bought real estate because they wanted passive income from investing in real-estate. China shouldn't have allowed them to do that but the solution isn't to bail out these developers. The actual solution is to make sure these people do not end up destitute because they wasted their money on gambling.