this post was submitted on 22 Apr 2024
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At least Americans get to own their land. In China you don't own the land. Just the building sitting on top. Also you start paying for the mortgage before the building is finished....... IF it finishes.
This is a misconception bordering on a fucking lie. For all intents and purposes, in China you do own the land you purchase. The 70 year lease is mostly a formality. The government owns all the land legally speaking, much the same as literally any other country on Earth. Regardless of what a piece of paper says, the land is yours. The 70 year lease is just so the government can keep tabs on all the land in the country for different purposes, such as organization, urban planning, taxation, regulating land use and waste, and the state will compensate you for more than your home is worth, if the land is required for development, ala imminent domain.
Ironic that despite officially being a lease, in China you own your land more than you do in the U.S., which is a blanket nightmarish patchwork of banks and home owners associations.
Pssshhh. Keep drinking the Kool aid.
My family had a factory in Chengdu with a 50 year lease + a 50 year option.
A few years in they decided they wanted to expand the road and cut my family's factory in half. The warehouse was literally butt up against the highway. Then a few years after they completed the road they decided to expand it again and took the entire land it was sitting on.
They gave us a tiny fraction on justthe land we "owned". Not even accounting for the upgrades and improvements made to the facilities. We also lost all the bribe money we had to pay to buy this factory in the first place.
They completely ruined my family and our investment. It's been 20 years and we still haven't fully recovered.
How can you type this with a straight face holy shit
Boohoo China has a 90% home ownership rate. Their system is literally working properly because you failed at becoming a landlord and have to get a real job.
Nobody in America has ever had their home taken by the government to build a highway /s
The continued concentration camps, forced eviction from your property without compensation, planned starvation, and planned chemical attacks against Native Americans to create "natural" park wo[u]ld like a word with you.
So let me get this straight, your family bribed your way into owning a factory and you want sympathy because you had to give it up? Meanwhile, in the US, the supreme court is going to be ruling on whether states can fine people for sleeping outdoors, while homelessness gets worse. It might be the case that had your family done the same in the US, you'd still have that factory and be wealthy too. That's not a good thing. The dictatorship of capital in the US comes at the cost of everyone else.
In the US, cities have been known to bulldoze homeless encampments: https://www.vice.com/en/article/5db7qb/dc-bulldozed-a-homeless-persons-tent-while-they-were-still-inside
And you're saying "China bad, US good" because you lost control of a factory.
Sounds like you got what you deserved.