World News

32321 readers

984 users here now

News from around the world!

Rules:

Please only post links to actual news sources, no tabloid sites, etc
No NSFW content
No hate speech, bigotry, propaganda, etc

founded 5 years ago

MODERATORS

Rumblestiltskin@lemmy.ml

AgreeableLandscape@lemmy.ml

jackmarxist@lemmy.ml

zephyreks@lemmy.ml

OurToothbrush@lemmy.ml

344

China's housing minister says real estate developers must go bankrupt if necessary (www.cnbc.com)

submitted 8 months ago by schizoidman@lemmy.ml to c/worldnews@lemmy.ml

66 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] realharo@lemm.ee 1 points 8 months ago (1 children)

What about all those unfinished buildings that people got in debt to buy?

[–] RestrictedAccount@lemmy.world 9 points 8 months ago* (last edited 8 months ago) (3 children)

They are not needed. There is no one to live in them.

They have over a billion excess homes. It was the only thing that normal people could invest in so they just kept building.

If you bought one as an investment, nobody is going to buy them from you. They are worthless.

[–] HobbitFoot@thelemmy.club 2 points 8 months ago (2 children)

So what are you going to do with the millions of people relying on that for their retirement savings?

[–] Holyginz@lemmy.world 3 points 8 months ago

🤷‍♂️

[–] explodicle@local106.com 1 points 8 months ago

IMO Social Security is a better solution because not everyone has extra money to invest, and any class of investment can crash.

[–] realharo@lemm.ee 2 points 8 months ago* (last edited 8 months ago) (1 children)

But what is the actual real-world practical solution for those people?

Are they now just going to be broke (or even in debt) with no place to live?

[–] Alsephina@lemmy.ml 3 points 8 months ago

Someone buying an unfinished building likely already has a home. If they don't they can buy one for much cheaper now since housing prices have gone down cuz of the real estate bubble popping.

[–] gandalf_der_12te@feddit.de 2 points 8 months ago

They have over a billion excess homes.

Which is good, because it keeps costs of living down, amiright?