this post was submitted on 31 Dec 2023
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Am I talking to a brick wall or what?
You're playing pigeon chess my friend.
Maybe I am. Like, I won't pretend to be an expert, but the fact that they said "flooding the market with houses is a sound strategy" on one hand, and said it's a problem that requires a resolution on the other, just says to me that they don't know what they're talking about.
Flooding the market with unfinished buildings? Are you on crack or something? You have to actually finish it to call it "housing". And again, those property were built to be sold, and they weren't going to undersell them. Leaving both the buyer and the constructor with no money is not called a "sound strategy".
Even if it's not done out of malice and it's purely out of ignorance, to the end user/buyer, what difference does it make? Investors and employees alike protested in front of Evergrande office regardless, and owners are still left without a complete home, or without one entirely.
And are you really trying to give them a pass? A company so large they couldn't afford to make proper financial forecast and decisions? A country so powerful and literally has hands in private businesses, they couldn't see potential problems with it? Really? There were signs of a housing bubble since 2010!
Surprise surprise, China did end up actually detaining the chairman of Evergrande and some of it's senior employees for misusing funds. Makes so much sense.
More stuff to read:
https://www.bbc.com/news/world-asia-china-66956769
https://web.archive.org/web/20231229093805/https://www.nytimes.com/2023/12/05/business/china-evergrande-default-debt.html