this post was submitted on 12 Mar 2024
375 points (98.4% liked)

World News

32285 readers
1 users here now

News from around the world!

Rules:

founded 6 years ago
MODERATORS
Rumblestiltskin@lemmy.ml
AgreeableLandscape@lemmy.ml
jackmarxist@lemmy.ml
zephyreks@lemmy.ml
OurToothbrush@lemmy.ml
375
China's housing minister says real estate developers must go bankrupt if necessary (www.cnbc.com)
submitted 2 years ago by schizoidman@lemmy.ml to c/worldnews@lemmy.ml
75 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] RestrictedAccount@lemmy.world 9 points 2 years ago* (last edited 2 years 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.

[–] realharo@lemm.ee 2 points 2 years ago* (last edited 2 years 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 2 years 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.

[–] HobbitFoot@thelemmy.club 2 points 2 years 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 2 years ago

🤷‍♂️

[–] explodicle@local106.com 1 points 2 years ago

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

[–] gandalf_der_12te@feddit.de 2 points 2 years ago

They have over a billion excess homes.

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