Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds.

    • tal@kbin.social
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      1 year ago

      I have to say that of all things in China for Marxist-Lenninists to be defending, the Chinese urban real estate sector of 2023 seems like a pretty odd choice.

      • teft@startrek.website
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        1 year ago

        Read up on the concept of “face” in asian cultures. China doesn’t like it when they appear weak or stupid. In any arena.

    • teft@startrek.website
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      1 year ago

      Happens anytime you mention anything bad and china. The apologists and downvoters come out and play. Same thing used to happen on reddit.

    • greyfrog@lemmy.world
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      1 year ago

      That’s pretty rude. I’m all for critism where it is due but seems like in any article about China rather than discussing the article we use the article to prove our preconceived notion is truth.

      Same as I don’t automatically believe any article I read about UK/US/Europe.

  • teft@startrek.website
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    1 year ago

    Building ghosts cities to hold 30 million people and then not filling them. Who would have thought that’s not a valid strategy for property management?

      • just_browsing@reddthat.com
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        1 year ago

        Some are, but not all. The point here is building entire towns or entire new city sectors in one fell swoop instead of planning them out and building them in stages so plans can be adjusted as needs inevitably change is a bad idea. It’s things like this that have directly led to the current property market crisis.

        Of course if buildings are already there it makes sense to use them, but they might have been able to put something better suited or more economically viable there if they had staggered the construction.

  • TenderfootGungi@lemmy.world
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    1 year ago

    They have a tightly controlled economy. The government will do whatever it takes to keep a default from spinning out of control.