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this post was submitted on 28 Aug 2023
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Evergrande? What do they do?
Take deposits for housing and use it to solicit more deposits for housing, without actually building any useable housing.
First of many, oh how the cards are falling.
Just to add, they did start building, but they just started building as construction costs were increasing, so they ended up negative on all of their construction costs.
Construction companies famously tore down fully built buildings because evergrande couldn't afford them..
They built a pile of tofu dreg buildings that'll all fall down inside of ten years.
Real estate
Fake estate?
real debt, though.. ha ha..
Real Fake-Doors
Oh my god it’s still the commercial
They were one of several construction companies that built a ton of buildings in China fueled by municipal and corporate debt. It works great when the local economy grows.
The Chinese economy has stopped growing at the levels to sustain the market conditions to pay back the debt. There are doubts that China could even get back to those levels of economic growth due to its aging population.
Nothing, but they got paid for lots and lots of houses and offices. And that a problem.