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To circumvent local government's restriction on sharp price drop, Chinese real estates developers literally handed out gold ingots to home buyers. (lemmy.nz)
submitted 1 year ago by throws_lemy@lemmy.nz to c/damnthatsinteresting@lemmy.ml
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Context :

https://www.theguardian.com/world/2023/jun/12/gold-bars-used-to-lure-chinese-homebuyers-amid-market-slowdown

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[-] Smoked_Brie@lemmy.blahaj.zone 0 points 1 year ago

I’m fucking dumb. What does this mean?

[-] LoamImprovement@beehaw.org 1 points 1 year ago

This means that real estate developers are saying "I can't sell this house for $250K but I can sell it for $300K and give you a 1Kg ingot worth $50K" to get around the overvaluing of the house, because people won't buy the house at the prices Chinese government insists they should be sold.

[-] Smoked_Brie@lemmy.blahaj.zone 1 points 1 year ago

Oh my… what a shit show. Thanks for explaining friend.

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this post was submitted on 25 Aug 2023
6 points (100.0% liked)

Damn, that's interesting!

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