this post was submitted on 31 Dec 2023
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There's another side to this. "Pre-planning" without proper forecast led to the housing crisis we are seeing today in China, with one of the largest developers in China Evergrande defaulting and filing for bankruptcy. A lot of people who were promised a good property and sunk their life savings into the project, now have no choice but to live in unfinished buildings in ghost towns without electricity nor water.
https://www.aljazeera.com/economy/2023/10/31/crumbling-buildings-and-broken-dreams-chinas-unfinished-homes
https://www.reuters.com/markets/asia/china-home-buyers-occupy-their-rotting-unfinished-properties-2022-09-26/
I haven't got into the article that much but sure, nothing is perfect.
Is it better to not even try and pretend its acceptable for people to be homeless, like they do almost everywhere else?
They're not building apartments to give out to homeless people for free here. People actually had to pay for those properties and were scammed.
keeping the population homeless is better?
Am I talking to a brick wall or what?
You're playing pigeon chess my friend.
Maybe I am. Like, I won't pretend to be an expert, but the fact that they said "flooding the market with houses is a sound strategy" on one hand, and said it's a problem that requires a resolution on the other, just says to me that they don't know what they're talking about.
i have the feeling im the one talking to a brick wall.
would you rather pay rent to a banker for the rest of your life? flooding the market is a sound strategy to make cheap housing.
Flooding the market with unfinished buildings? Are you on crack or something? You have to actually finish it to call it "housing". And again, those property were built to be sold, and they weren't going to undersell them. Leaving both the buyer and the constructor with no money is not called a "sound strategy".
oh, they are building cities to scam everyone out of money and destroy their own country, as if they didnt print it like crazy already. it all makes sense.
thats a very intelligent strawman right here. great argument, bro.
Even if it's not done out of malice and it's purely out of ignorance, to the end user/buyer, what difference does it make? Investors and employees alike protested in front of Evergrande office regardless, and owners are still left without a complete home, or without one entirely.
And are you really trying to give them a pass? A company so large they couldn't afford to make proper financial forecast and decisions? A country so powerful and literally has hands in private businesses, they couldn't see potential problems with it? Really? There were signs of a housing bubble since 2010!
Surprise surprise, China did end up actually detaining the chairman of Evergrande and some of it's senior employees for misusing funds. Makes so much sense.
More stuff to read:
https://www.bbc.com/news/world-asia-china-66956769
https://web.archive.org/web/20231229093805/https://www.nytimes.com/2023/12/05/business/china-evergrande-default-debt.html
“Nothing is perfect” Is a hell of a way to minimize the enormity of the issue. Like wow…
at least you have something to criticize, ill take it over literally nothing any day.
Imagine being literally scammed into pouring your life savings into a property that is unfinished without electricity nor water, and then thinking "at least I have something so I shouldn't complain"? Those people actually had something before, now they're left with less than nothing.
you are acting as if everything was a big scam and literally everyone lost everything.
in reality this same thing happens occasionally all over the world all the time and has many possible paths for resolution.
Sure. Please find me articles about places that have incidents happening in a large scale like this right now then. Or do big companies like Evergrande just default occasionally all over the world in your books?
i have a feeling yoy can use google yourself to understand the situatuon
You're the one who made the argument. The responsibility lies on you.
Edit: and are you, who haven't posted a single link here yet, really telling me, who did provide news articles, to do my own research? How ironic.
im not your nanny, you might be capable of research if you look into it. go ahead and determine the truth, im not about to dig back stuff for some random dude on the internet.
Lol
lmao 👽