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So how does China hold this man accountable without also holding themselves accountable?
Isn't it Chinese Communist policy that all businesses, especially a large one like Evergrande, has government personnel on the board of directors or equivelant?
Seems like if CCP had their hand in this cookie jar they should sanction themselves as well.
I can see them holding individuals in the party accountable. Not those high up, but someone might take a fall.
Basically, good luck expecting Winnie the Pooh to doxx himself.
Xi will either blame predecessors or the CIA. Whatever the case the lesson "learned" from this will be more government control and things will spiral down further.
Once of the hallmarks of Xi's China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn't know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.
China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!
That's really backwards thinking, but I'm sure you think you have a point.
Mr Hui was also fined $6.5m, according to a filing by the company to the Shenzhen and Shanghai stock exchanges.
Uhm. For “who was once China's richest man” This is a small slap on the wrist considering the magnitude of fraud. It’s 0.008333% of the 78 Billion.
Being accused isn't the same as being found guilty. Especially in the case of real estate, there is always a possibility that what he did to skirt to law and obtain that wealth may not actually be illegal.
That being said I don't know enough on the laws or what he did, but it's probably likely why China hasn't killed him yet. They likely are doing a more drawn out investigation to find out if it's their own poorly written policies that enable men like this to obtain that wealth and what to do to correct it in the eyes of common Chinese citizens.
China doesn’t give a fuck about the citizens, they’re not doing anything to correct it in their eyes.
The CCP cares about their nation's economy, they will care about what caused this mess.
The party cares about if they’re rich. This guy was a party member and he made himself rich.
Did the Evergrande bubble finally pop? It's been floating for so long. An interesting video on it
It popped a while ago, but it will take a long time for some people to finally accept that. The parallels to the crash of the japanese housing bubble over 30 years ago are well... staggering. Ironically enough.
It was much bigger than that.