Sounds like this is going to be a bankruptcy of epic proportions.
Is this the bursting of the China bubble?
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China only lets bubbles pop when they want those bubbles to pop. Someone needed to be taught a lesson.
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Well all the new constructions in my city have like 25% investment buyers who are most likely from China.
Pretty sure this will bankrupt the US housing market as well. We’ll see.
Might hurt the coasts and London on the high end, but it won’t destroy the US housing market in general.
Honestly it would be better to get rid of those investment buyers anyway. Cut down some of the demand/profit margin on mansion construction and that could trickle down to lower material/labor prices for smaller homes.
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Looks like the next domino might be falling:
Country Garden, another giant real estate developer is facing significant headwinds and missed a bond payment recently.
https://www.reuters.com/markets/asia/country-garden-how-bad-is-chinas-property-crisis-2023-08-17/
Ouch
China Evergrande founder’s fortune plunged to $979 million, from its peak of $42 billion in 2017.
