123
An oversupply of housing sounds nice coming from a place where rent cost 60% of my income.
Many of these are unfinished, people are highly in debt due to owning like 4-5 houses in different places, many of which are also unfinished by the constructor.
It’s a bubble that’s either bursting or already did and we don’t know anything about it because China.
This is the best summary I could come up with:
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.
On Tuesday, state-owned media outlet Paper.cn, citing an anonymous company source, reported that Country Garden suffered “temporary liquidity pressure” due to deteriorating sales and a difficult refinancing environment.
5 by sales in the first half of this year, according to the China Index Academy — a leading Chinese real estate research firm, a sign that even the biggest players in the industry are suffering from the worst slump the country’s property market has seen.
“If Country Garden, the biggest privately owned developer in China goes down, that could trigger a crisis in confidence for the property sector,” said Edward Moya, a senior market analyst for Oanda.
“The downgrade reflects our expectation that Country Garden’s credit metrics and liquidity buffer will weaken due to its declining contracted sales, still-constrained funding access and sizable maturing debt over the next 12 to 18 months,” Kaven Tsang, a senior vice president at Moody’s, said in a statement.
Last Monday, Premier Li Qiang pledged to “adjust and optimize” policies to ensure the healthy and stable development of the property market, urging cities to roll out measures that meet their own needs,
I'm a bot and I'm open source!
Uh oh, they're going to start propping up the property sector. What could go wrong
Who knows?! This is totally new territory! Hey, I have an idea! Maybe the traders can start off-loading risky debt onto eachother like it's a party game at a drunk frat house!
It’s Groundhog Day!
this post was submitted on 10 Aug 2023
123 points (96.9% liked)
World News
39026 readers
1639 users here now
A community for discussing events around the World
Rules:
-
Rule 1: posts have the following requirements:
- Post news articles only
- Video links are NOT articles and will be removed.
- Title must match the article headline
- Not United States Internal News
- Recent (Past 30 Days)
- Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
-
Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think "Is this fair use?", it probably isn't. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.
-
Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.
-
Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.
-
Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19
-
Rule 5: Keep it civil. It's OK to say the subject of an article is behaving like a (pejorative, pejorative). It's NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
-
Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.
-
Rule 7: We didn't USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you're posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
Lemmy World Partners
News !news@lemmy.world
Politics !politics@lemmy.world
World Politics !globalpolitics@lemmy.world
Recommendations
For Firefox users, there is media bias / propaganda / fact check plugin.
https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
founded 1 year ago
MODERATORS