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China Is on Edge as Fallout From Its Real Estate Crisis Spreads
(www.nytimes.com)
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this post was submitted on 21 Aug 2023
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Those buildings were pretty wild though. As an American, I relate to them this way: a lot of China's prosperity is recent, within the last couple of decades. You'll see some of the same stuff in America but with respect to much older achievements that were neglected. Both are the result of local governments falling asleep at the wheel or specific politicians ignoring problems to make themselves look better, at least temporarily. In other words, same shit, different day.
Since this is Lemmy, I guess I should say this isn't a "both sides" thing. It's a "this is being human" thing. I suppose the difference between the two is China will censor stuff for civic harmony while US media will blow everything wildly out of proportion to drive rage clicks. So there's that.
Yeah it's a lot of guys getting sweetheart contracts from government construction initiatives, then skimping on materials to pocket as much cash as possible. Capitalism/cronyism doing its thing