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submitted 2 years ago* (last edited 2 years ago) by MicroWave@lemmy.world to c/world@lemmy.world

Debt-laden local government financing vehicles face soaring bond yields

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[-] luthis@lemmy.nz 36 points 2 years ago

Probably for the best. Search on youtube for tofu dreg construction.

You can see people digging out load bearing columns with their fingers, pulling door frames off the wall with minimal effort, bending and cracking rebar steel with one hand.

[-] Kerb@discuss.tchncs.de 16 points 2 years ago

oof, i still remember the one where a guy pulled out balcony railing posts with seemingly no effort.

it was high up too, at least 20th floor.

[-] luthis@lemmy.nz 15 points 2 years ago

That shit is fucking scary. Have you seen the videos where shit just falls off buildings and narrowly misses a person? Apparently they aren't so lucky so often.

[-] InvertedParallax@lemm.ee 9 points 2 years ago

So, personal story:

I was at their biggest glory internet company almost a decade ago, they had a brand new huge campus that sprawled over acres, and in hindsight its clear they just tried to copy Google.

Roof constantly leaked (buckets everywhere), holes in the floor of all things, walls crumbling. They'd moved in 1-2 years earlier and it was considered a point of Chinese national pride. No a/c either, which was brutal in the summers.

They need to stop building before more people get hurt.

[-] luthis@lemmy.nz 3 points 2 years ago

Sounds like the train station that was recently flooded because they didn't build any proper drainage

[-] InvertedParallax@lemm.ee 3 points 2 years ago

This same building had literally millions of dollars of servers lying around the floors, the whole thing was surreal.

[-] Spacebar@lemmy.world 13 points 2 years ago

Hasn't this been a problem for years? I seem to remember stories like this from 10 years ago, but for different reasons.

[-] HobbitFoot@thelemmy.club 5 points 2 years ago

There were empty cities, but they usually got filled within a few years of construction. Now, it is at the point where the cities aren't being finished.

[-] Echo71Niner@kbin.social 10 points 2 years ago

China Evergrande filed for bankruptcy today, it's over.

[-] BarrelAgedBoredom@lemm.ee 5 points 2 years ago

I thought evergrande crashed and burned like 2 years ago. How is this still going on?

[-] dudewitbow@lemmy.ml 8 points 2 years ago

2 years ago was the default, today was bankruptcy.

Defaulting means youre behind on payments. Bankruptcy is when you file for methods to discharge the payments.

[-] clutch@lemmy.ml 6 points 2 years ago

One developer was so broke, but it still tried to make do:

The group's real estate development income plummeted from 1.1 billion yuan in 2021 to zero in 2022, according to China Chengxin Credit Ratings. It has even started selling corn and jujube fruit as a new business.

this post was submitted on 18 Aug 2023
175 points (97.8% liked)

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