this post was submitted on 15 May 2024
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So what was the fallout of all the "housing collapse" news from china? (hexbear.net)
submitted 8 months ago by RedWizard@hexbear.net to c/askchapo@hexbear.net
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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?

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[–] EmoThugInMyPhase@hexbear.net 22 points 8 months ago (1 children)

Foreign investors tried to short the bankruptcy and invested billions expecting China to bail the real estate company out and pay everyone. China said fuck off and kept the investors’ money and let the company fail. They also prohibited foreign investors from owning critical Chinese assets that were made available from the bankruptcy

As for the normal citizens, there was some news that the government forced the company to use its remaining funds to continue construction as far as possible and ignore the investors demanding a payout. I’m not sure what happened beyond that though.