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Posts: 5732

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Q: why did china let 60 minutes do a show in china about the realestate bubble?

saw a video of 11 minutes from 60 minutes with Leslie Stahl in China showing the ghost towns and interviewing one to the biggest builders in China, i am somewhat surprised that this was allowed to be done. i saw the video on business insider website but i suppose its available in other sites, my students thought it was propaganda from the west, imagine that.

11 years 3 weeks ago in  Business & Jobs - China

 
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Posts: 520

Shifu

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Oh I think the media here have reported those ghost towns and China's real estate problems really a lot. How old are those students? Do they have access to internet? Do they have time to read news?

ambivalentmace:

high school students , rich kids on international program to go to canada, i have to get them to a 5.5 score on all 4 parts of the ielts in one year.

11 years 3 weeks ago
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mattsm84:

My suspicion would be that your students are the children of party member, and in being critical of the way that the party runs China CBS is being critical of the institution that is largely responsible for their status. 

11 years 3 weeks ago
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ambivalentmace:

if things go bad , china can always say we voiced concern and allowed foreign journalists to report on this as a saving face issue if the bubble breaks, or they know its gonna break

my other take is some government agency this year can buy stock in chinese companies for their pension plans, the best way to get a good price on a company is to scare off foreign investors with talk of a bubble so you buy the market cheap when they sell and leave. promoting talk of a bubble has to have a long term plan by china , just havent figured out what that is yet.

11 years 3 weeks ago
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Nessquick:

Seems you r right, ambi ...  lets buy also some stock :)

11 years 3 weeks ago
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11 years 3 weeks ago
 
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my uni students are fully aware of it. it is not a secret. 

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11 years 3 weeks ago
 
Posts: 196

Shifu

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Even though they're "ghost towns" the properties are in fact sold...

Did you see the article about some Chinese government officials owning 30+ properties? That's why.. 

They see the sale value of the properties going up and up and up... It's because people are buying far more properties than they need, thinking that they're going to make a fortune selling them later...  Yes, that's one hell of a bubble and it's not propaganda..

 

I live in an apartment building that's about 25 floors..  Barely anybody lives here and the rent is about 1000 kuai + utilities a month.  All the apartments in this building are in fact, sold...  Sold at a price of 300,000 kuai each, but not many people actually live here! You could buy a nice house in the USA for that, I can't believe people are dumb enough to buy these apartments for 300,000 kuai each, but all the Chinese here believe that the cost of the apartments are just going to keep going up and up and up forever.. Somebody needs to give the Chinese an economy class.

 

China now has more billionaires than the USA does.. The Billionaires are putting all their money into property development which is causing the price of housing to be ridiculously expensive..   The Chinese government has recently made it much more difficult to buy a house because there is a lot more paperwork involved now, but that hasn't stopped the rich people from buying everything.

 

They're building a new building next to this one, and it's identical to this building, but is about 10 years newer.. Those apartments are going to be even more expensive than the ones in this building... It's absurd!  Chinese are insane to pay that much for an apartment, especially if they knew how shitty these apartments really are..   They don't even have copper piping or PVC piping, they're using IRON and LEAD PAINT for everything.   You end up with rust chips in your water and pipes that rust out and break, flooding the floor of your apartment.. LEAD PAINT causes birth defects, but the property developers don't even care.

The lift is only 10 years old and it's in bad shape, a lot of days one or 2 out of the 3 lifts is out of service. The property owners don't seem to care much about fixing it because barely anybody actually lives here. Since the apartments are all sold, and not much people live here, nobody seems to care if the lift even works or not, except for the poor bastards like me that rent and actually live here. At the very least we have some security guards 24/7, which makes me happy. Though I think they're more concerned about stopping homeless or poor people from breaking in and living here.

 

 

These buildings are not being built to last a long time. It wouldn't even be legal in the USA to build these kind of apartments. The people buying these apartments up like crazy without even living in them are getting ripped off horribly and they don't even care because in their own little minds, they think the property is worth far more than it really is.

 

It's a housing bubble like no other, and it's not propaganda..

ambivalentmace:

yes , let the good times roll, im amazed how they think the laws of economics have been suspended for china and the elite think they have economics controlled like a chessboard and it really irks me when western commentators envy the chinese planning of this great bubble. 30 years of growth and growth forever , really alice in wonderland

11 years 3 weeks ago
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mattsm84:

It's that they don't have anywhere else to invest their money.

11 years 3 weeks ago
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cooter:

Um, I'd love to know where I could buy a nice house in the US for 300,000 rmb (~48,000 usd).  I think that's about what my parents paid for a small suburban ranch style house in the early 80's.....

11 years 3 weeks ago
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Scandinavian:

the beauty of it is that all these buildings are solid like paper mache on a rainy day. 

11 years 3 weeks ago
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Sidicas:

>Um, I'd love to know where I could buy a nice house in the US for 300,000 >rmb (~48,000 usd).

 

Kansas. Check realtor.com.

 

 

11 years 3 weeks ago
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cooter:

Location, location, location.

11 years 3 weeks ago
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giadrosich:

Even Dorothy didn't want to live in Kansas!

11 years 3 weeks ago
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11 years 3 weeks ago
 
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I cannot believe the CPC with all it's control mechanisms just let this 'slip through', it had to be deliberate. 

Why? Obviously this is just conjecture, but perhaps as a warning to those illegally buying multiple properties that a. they aren't going to make money and (bigger perhaps) b. 'they' are coming after them.

 

You never know, I live in constant hope that the words by Xi Jinping reference coming down hard on corruption will be born out, because if they are, the skies the limit for China.

ambivalentmace:

yes hugh , to be released or slipped through during the change of government leaders makes it more suspicious

11 years 3 weeks ago
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11 years 3 weeks ago
 
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Everything will be found out one way or another. With today's society any story seems to be news worthy. They even have stories about how a kid named honey boo boo wins kids pageants.

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11 years 3 weeks ago

There are cookies, bookies and too many rookies for me to sit here trying to be a hooky! Looky Looky don't call me a wooky. Touchy Touchy Feely Feely Spicy Spicy Nicey Nicey & that's what the doctor Ordered!!

 
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Actually the part about the estate bubble is one thing. but what about the two construction moguls that talk about that China will be a democracy quite soon and that the current government will not be able to handle the consequences of a bursting bubble (as in, uprising and civil unrest) 

Hugh.G.Rection:

Perhaps a 'warning'?

Think about it, if you were considering some such unrest, you might think twice if your ideas (or similar) were aired on TV for all to see, including the police.

 

Or less conspiracy nut scenario, lower the peoples expectations now ready for a 'major announcement' from the new government about how they have listened to the people and are going to change / enforce the law, then arrest a few higher ups (especially your political opponents) and everyone loves you.

11 years 3 weeks ago
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ambivalentmace:

i think they will try and become singapore by design, singapore is on paper a democracy but the government manages the properties , so if you protest to much , your electricity and water dont work anymore, a subtle way to make you behave..

11 years 3 weeks ago
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Scandinavian:

yeah, Singapore is the prime example of how democracy can be engineered to look like the real deal but is far from it. It's like a BYD with a Lexus badge

11 years 3 weeks ago
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I am old.... and I am Canadian..... small town Canadian....... and I just don't see how an apartment on the 10th or 15th or 30th floor of a soon to fall down skyscraper can be considered "real estate" ............  if you don't own the property, you don't own real estate.....all you have is a 20 year commitment to the bank and then you have a dilapidated old shithole of an apartment............  slum lord maybe in your future.

buy property, real estate .... they ain't making any more .....

ambivalentmace:

i never understood why they let you buy a 70 lease on the property in a new building. the concrete structure is guaranteed for 70 years or they know you will die before you renew the lease.

11 years 3 weeks ago
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https://www.scmp.com/news/china/society/article/2168025/public-anger-china-spreading-property-prices-drop

 

Imagine paying 1 million for a square concrete box and 3 months later, people are buying the same size box for 700 thousand and you still wait a year for a key to move in and put everything on top of the concrete to live there.

5 years 23 weeks ago
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5 years 23 weeks ago
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icnif77:

https://www.zerohedge.com/news/2018-10-13/violence-public-anger-erupts-china-home-prices-slide

 

Violence, Public Anger Erupts In China As Home Prices Slide

    "People are so used to rising prices that it never occurred to them that [prices] can fall too. We shouldn’t add to this illusion." 

     

     

    5 years 23 weeks ago
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    ScotsAlan:

    Yeah. But a lot of the year waiting thing is superstition. It takes at least 6 months for the paint to dry etc. Anyway, I hate to say this, and I do hate it as a libtard, the area we bought our apartment in 5 years ago is being developed. The wife is delighted cos the apartment value will double. I hate it, because life should not be dictated by property value.

    5 years 23 weeks ago
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    ambivalentmace:

    Libtards make me look good, don't worry, wear your views as a badge of honor, and kill all the hypocrites. I love libtards, hope they are always with us. My grudge with Hussein aside. he did not really go as far left as people think, and was very much a closet corporate warmonger neocon in action, but his speeches and talk was extremely left and caused the extremely far right backlash of Trump. The pendulum theory of American politics. Having a press that never question his actions and worshiped his words was a dangerous position and now the result was Trump. It could have been much worse, at least he has lived, breathed, and worked with the left all his life in New York and real estate bubbles are as common to him in New York as brushing your teeth.

    5 years 23 weeks ago
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    5 years 23 weeks ago
     
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