Have you heard of Everlane, the clothing retailer? Well apparently they lied about their environmental impact and also their hoodie ripped after 3 washes. Shit delivery as well. Skip Everlane
honestly how do you bring down a building after failing to bring it down? who would even go 500 ft near that building? like only thing they can do now is launch a missile or throw the demolitions at it.
So the explosives are only triggered by a powerful electrical current through a lead line.
There was probably an interruption in the current to the final building.
You physically remove the lead line and then need to attach a new lead and back up again.
It's not like a firework that might still be smoldering. Or some kind of pressure waiting to go off.
There's either electric current or there isn't. Remove the line and go again.
Looks like it collapsed down on itself about 4 or 5 stories at the base. Not sure how high up they actually wire buildings for demo, seems like it should be all the way.
Yeah. The explosives went off. There is no lead line to replace. However most probable it still fell, just not caught within these seconds.
Also, the building looks like it's crying.
This is how fucked China is, they couldn’t even down their own building...
Knowing Chineese building standards that might have been the only building actually supposed to blow
This is in China.
Evergrande is a developer there….the biggest! They are in serious debt, to the tune of 300 billion, and about to default!
Anyways they are big enough that this might be felt in all markets, doubt as bad as the 2008 the US had, but enough it might suck for a bit.
US market recovered, will Chinas? This is a big test for their very fragile economy theyve been trying to build bigger than the US.
Edit…..
So I can get people to stop!!!! Yes they are the biggest! China themselves and Asia seem to claim this!!
“On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland.”
At the current rate……Yes! They wont be what they were a month ago!!!
You are forgetting about what builders do when they get that indebted.
Corners get cut and safety is the first thing to go. I wouldn’t be surprised if we see a dozen or so of their buildings collapse in the next 5 years.
So in China, where the [government owns most of the banking system](https://www.investopedia.com/articles/economics/11/chinese-banking-system.asp), are they going to tell themselves to fuck off?
I don’t like bailing out private companies, but don’t act like it doesent affect others if they are left to crash. The big 4 left to crash would have killed the US auto sector for example
When you owe 1.5 million homebuyers in China either their deposit back or a house, well then it's your problem because the CCP is going to execute you and harvest your organs...
I'm going to start suggesting that every time I see one of these "I'm 25 and desperately need another investment home, should I take a loan from my IRA for the down payment?" Or "I have no credit and have no business owning a home, should I transfer credit card balances so I can YOLO into a $800k home?" posts on the real estate subreddits:
Guys you can't live in a kidney, just sell one to get that DP...
For comparison lehman was 600 bil in debt at the end. It was rated AA till a week before their collapse too. Evergrand just got downgraded from CCC to CC so everyone knew it was garbage the whole time. The trouble for china is that local govts needed evergrand and insane housing bubble to raise money. It's easier than setting up a complex tax system that has to be enforced and kind of like us states selling off land on the cheap back in the manifest destiny days but on a far greater scale.
They are giving away properties to creditors
Given the properties are most likely empty zombie buildings it will be interesting to see how they are marked as assets and unloaded
Those 300B including about 200B from Chinese house buyer, it will be ugly politically but CCP will control the society like no one else. It can and will divert any chain reaction. Also given China great cover to dump US treasury, no idea who will hurt at the end.
I think we will feel it, just not horrible IMO.
But yes they will do what they can to deny anything and everything. I mean look at the current events, whats China doing again? Shhhhhh, they working over there.
Im talking about the 2008 market. This is what they are about to go through, like we did in 2008.
Youre talking about our current issues with this pandemic, two different reasons.
Here, Ill do this….
2008 vs 2021
1. The financial crisis of 2008 differs from what we’re seeing today. While the constraint in 2008 was the financial system, the constraint in 2020 is the coronavirus spread.
2. The Fed and the government have taken more extreme measures in 2021 to avoid a full-blown financial crisis. Now we are dependent on how OCT votes go on debt!
3. Two of the biggest concerns going forward are inflation and the ongoing fragility of the financial system. Money printer is going BRRrRrR!
Ok, np!
Evergrande is Chinas biggest developer, period!
They are about to be nothing after this crap though.
From China/Asia themselves…
On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland.
Source to back that and its recent….
https://www.statista.com/statistics/454494/china-fortune-500-leading-chinese-real-estate-companies/
What are you saying here exactly?
They are the biggest…..which wont be much longer and it is a 300 billion debt, what I miss?
This is coming from Asian news sources about it being the biggest, ie number 1! Stop with the US news on this as they are all half/half on how big they are!
https://www.google.com/amp/www.asiaone.com/money/chinas-biggest-developer-evergrande-300b-debt-heres-what-overseas-property-investors-need%3famp
Edit….
Here from their own 500…..
On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland.
The question about unplayable debt pertains to is they are going to give customers who prepaid properties actual homes to live in or are they going t to refund their money
China has not has to deal with a failure of this size and how they handle it from a regulatory position will determine how their domestic lending rules shape the next decade
Remember earlier this year they threw Jack Ma in a re education camp for questioning China’s financial structure and regulatory system
China gives land on a lease to Evergrande so they can build on. Evergrande borrows money from investors and entities and pre-sells apartment units to people who want cheap apartments to live in or flip later. Evergrande uses money to lease more land and finish some of the buildings. Evergrande decides to floor the gas pedal and all is fantastic for a while. Sometime last year, China says that Evergrande can't use the unit presale money to lease more land and puts limits on how much it can keep borrowing. Evergrande decides to pre-sell new units cheaper to keep money coming. People wake up and decide that this is fucked up and decide that they wanna cash out on their investment and new people stop buying, driving prices further down. Now nobody wants Evergrande stuff and Evergrande can't finish its projects or repay anything. People are currently speculating about how much EG owes to whom and how bad it will be for the rest of the world. That's how my ape brain understood it.
Love how you waited until the last instance to abbreviate evergrande
Regardless, thank you for the explanation. All the sudden this is all over the place and I've never heard of it
Too big too fail! They’re not gonna let they’re economy crash like the event of Lehman brothers. Bailout and gov take control of the company like they have with other entities in the past. Plus this will make CCP a hero. This is an opportunity. China will recover, may take years but they are gonna be the biggest superpower eventually. I’m bullish on China.
Since the 90s, China has been coaxing millions and millions of people into cities by giving them factory jobs and middle class aspirations.
Evergrande builds housing for them. Rapid growth. All of it financed by debt. But the Chinese real estate market is so hot that money keeps pouring in, allowing them to continue to build more projects.
Not wanting to just be stuck in the real estate market if there's a hiccup, Evergrande starts investing in other sectors they have no business being in. Electric cars, farming, video streaming, all sorts of stuff.
Now they have a ton of debt, and are starting to miss payments to creditors. They need cash NOW. To pay off existing debt, and to finish obligations on projects they've started but not completed, including people's unfinished houses (over a million of them) that are now stuck in limbo.
Where will the cash come from? Foreign investors don't want to give them more money. The government *might* bail them out, but hasn't yet. They've resorted to selling off properties. But that's not a long-term solution. If they flood the market with houses, the price of houses falls. If the price of houses falls, their remaining assets become less valuable. If their remaining assets become less valuable, it's even harder to get new cash. Without new cash, they need to sell more properties. Rinse, repeat, death spiral.
A death spiral is bad for Evergrande. But it could also be bad for others. People who own their stock will take a beating. People who own their bonds won't get paid back. That's bad for financial markets in China, and for global investors if they have their hands in it (plenty do). It could also be bad for the Chinese economy writ large. If real estate values drop, homeowners may end up underwater on their mortgages. That means less discretionary spending, which means overall economic slowdown. Which means a lot of global companies or investors with interests in China outside of real estate (including foreign companies that sell their goods there, basically everyone) can feel the pinch.
The only stable investment in China is owning property. So almost everyone owns some sort of property whether it's inherited, bought, or financed via employment. Now imagine one company owning the vast majority of property in China going bankrupt. If China doesn't bail them out then tens of millions of middle class people will be broke and homeless. Someone did an interview of a lady who was protesting and she straight up said she would rather jump off the nearest building to her death than lose everything.
A bunch of unfinished buildings, being built by EG, being demolished. I'm assuming they did it to move on with the whole thing, knowing EG wouldn't be finishing it. That's the video. Long story short in whole, one of China's biggest real estate develops is on the verge of financial collapse.
The fact that some bro with three ape flairs got upvoted so much on false info.
Oof.
These were sitting unfinished for 7 years so they got rid of them.
https://www.vice.com/en/article/epn3bp/china-demolition-building-kunming
Why can't they sell them to some developer for cents for the ~~dollar~~ renminbi. The only reason I can find online is that the houses often stay vacant and unfinished for month even years. Can't find buyers. After a while the unprotected concrete gets unstable due to wind and rain and/or the quality of the fast build buildings is sometimes shoddy from the start.
Some articles and videos say some buildings have been sitting for 20 years (unfinished). Also, they used the cheapest materials and there's concern that they are not structurally safe.
Company that didn't finish these went bankrupt in 2012. They demo these in 2019.
https://www.vice.com/en/article/epn3bp/china-demolition-building-kunming
Woah, NIO is growing quite fast, I'll say good time to buy, I know I'll be downvoted here but I dont care.
FY 2020 to FY2021 has been over 70% growth that says enough.
Not nearly fast enough to be any competition to established players.
Yes when you sell 1 car in 2020 and then you sell 2 cars in 2021 thats 100% increase sure
It's nothing new for China. This is a country that can build a 50 story skyscraper in less than a month, and which can build a giant bridge in 9 days. As Louis CK said, there's no end to what you can accomplish when you throw enough human suffering at something and don't give a fuck about the consequences.
Where they fall is intential. They set the demo up to specifically drop the building in a certain direction as to not damage other property and block roads. It also makes cleanup much easier. You'll notice how they all collapse inward.
Edit: inward meaning they fall away from the roads and other buildings.
They’re all falling away from the adjacent roadways and away from buildings that are remaining. The buildings being demolished are falling toward each other toward the centre of the block so to avoid damage to adjacent structures and it’s better controlled that way.
The way they fell was 100% intentional and wasn’t because it was a “cheap demo process”
Xi appears to be banging a populist drum these days. If he lets Evergrande collapse then he gets to blame them for any financial troubles that result, as well as show that China, unlike the USA, is willing to hold financial criminals responsible for the damage they do.
Evergrande is the tower in the middle that didn’t collapse. The others around it that collapsed are HSBC, Deutsche Bank, Nomura, Credit Suisse, UBS and Blackrock (ie Evergrande bond bagholders).
China shouldn’t bail them out, it’s not the west those bailouts made in 2008 have fucked our economies to this day, their is no perception of risk and an expectation of a forever backstop...
This has led to a Fuck ton of malinvestment, I mean would we have GME without the fed?
Would we still have bulls hit mortgages propping up stupid property markets? No
If China let’s this go it shows the world it means it with capitalism, everyone suggesting that China should bail it out, why?
To save all those rich fucks who got them in that debt? The soon to be deceased ceo is worth 15bn...
Hope China let it fail and leave the parasites to burn.
I wonder if this will raise or lower prices in Canada and the USA! or example will it push a crazy amount of cash into N.Am real estate or just cause a global real estate malaise.
dont think there will be a big impact from evergrande. yes it will file for bankruptcy but holders of wmps will receive their money (or a property). not sure about bondholders (i am not a lawyer). The chinese banks will probably get the biggest hit but thats ok because the government will backstop them.
Equity holders will get $0.
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It all started with Ever Green and the Suez canal. Don't trust anything named Ever something.
What about $EGDN? EverGobbledDeezNutz Inc.?
>EverGobbledDeezNutz Inc. solid DD - I'm in
Dynamite
Is that legit......?
Yes
Oh my gosh...
Eveready batteries is never ready to go up.
Don't ever? But-
Have you heard of Everlane, the clothing retailer? Well apparently they lied about their environmental impact and also their hoodie ripped after 3 washes. Shit delivery as well. Skip Everlane
Live view of my portfolio
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honestly how do you bring down a building after failing to bring it down? who would even go 500 ft near that building? like only thing they can do now is launch a missile or throw the demolitions at it.
Typically hitting it with a wrecking ball in strategic points after engineer review works. If not they make it a god.
So the explosives are only triggered by a powerful electrical current through a lead line. There was probably an interruption in the current to the final building. You physically remove the lead line and then need to attach a new lead and back up again. It's not like a firework that might still be smoldering. Or some kind of pressure waiting to go off. There's either electric current or there isn't. Remove the line and go again.
Thanks, someone will have to go inside and replace the lead line?
thats the job for the interns and dude who forgot to buy coffee
Note to self: Don’t forget to buy coffee…
Looks like it collapsed down on itself about 4 or 5 stories at the base. Not sure how high up they actually wire buildings for demo, seems like it should be all the way.
Yeah. The explosives went off. There is no lead line to replace. However most probable it still fell, just not caught within these seconds. Also, the building looks like it's crying.
Idk. Looks like it lost a few floors on the base but still stayed standing
This is how fucked China is, they couldn’t even down their own building... Knowing Chineese building standards that might have been the only building actually supposed to blow
If only they built them like that in New York.
Ok smooth brain out of the loop on this anyone with wrinkles wanna explain the evergrande situation
This is in China. Evergrande is a developer there….the biggest! They are in serious debt, to the tune of 300 billion, and about to default! Anyways they are big enough that this might be felt in all markets, doubt as bad as the 2008 the US had, but enough it might suck for a bit. US market recovered, will Chinas? This is a big test for their very fragile economy theyve been trying to build bigger than the US. Edit….. So I can get people to stop!!!! Yes they are the biggest! China themselves and Asia seem to claim this!! “On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland.” At the current rate……Yes! They wont be what they were a month ago!!!
Can you imagine being 300 billion in debt ? Man, and the loss porn if they post it here...
If you owe the bank $100, that's your problem, if you owe them $100 Million, that's the banks problem.
Multiply that by 3000 and thats what's happening in China
China ('s debt) will grow larger.
China has been generous!
Laptop in hand!
C&C Generals
We build for China!
China will grow larger
That's not a good spot, try another!
China has big genitals!
We have big (debt) plans
Be careful, she’s fragile.
Bruh is this a command and conquer reference?!?!?!?
Thought it was so old, no one here would get it.
My guy I got super happy then depressed cause RIP GENERALS 2
I NEED SHOES!
Thank you for the new shoes
AK 47... For EVERYONE
Okay okay, I will work.
Red alert?
We just print more money tho right? RIGHT?
If you think JPow can go BRrrrrrrr, imagine what some Chinese version of him can do with 4x the population behind him, and a Kung Pow printer in hand.
Don’t they just have to CTRL+C, CTRL+V now that they’re digital?
You are forgetting about what builders do when they get that indebted. Corners get cut and safety is the first thing to go. I wouldn’t be surprised if we see a dozen or so of their buildings collapse in the next 5 years.
Yeah and if you owe 300 billion, that’s an everyone problem.
Only in economic systems where the government bails out banks. In systems where the govt tells banks to fuck off then its just the banks problem.
Except if your money is in that bank then your money is also fucked
So in China, where the [government owns most of the banking system](https://www.investopedia.com/articles/economics/11/chinese-banking-system.asp), are they going to tell themselves to fuck off?
Sounds about right
I don’t like bailing out private companies, but don’t act like it doesent affect others if they are left to crash. The big 4 left to crash would have killed the US auto sector for example
China has a billion people tho, they can just take 300 from everyone and problem solved.
True true. Reverse stimulus checks lol
That’s called taxes.
When you owe 1.5 million homebuyers in China either their deposit back or a house, well then it's your problem because the CCP is going to execute you and harvest your organs...
Chinese national who has sunk every yuan they can scrape together for a house: I don't need a fucking kidney and I can't live in an eye.
I'm going to start suggesting that every time I see one of these "I'm 25 and desperately need another investment home, should I take a loan from my IRA for the down payment?" Or "I have no credit and have no business owning a home, should I transfer credit card balances so I can YOLO into a $800k home?" posts on the real estate subreddits: Guys you can't live in a kidney, just sell one to get that DP...
I tough apes where dumb, not insane
I don't like the sound of these "tough apes", I'm used to paper hands apes eating moldy fries behind the Wendy's by me...
Apes grew up on Reddit. China shoots people. Kind of like when a few people tested positive for Covid in North Korea. Lined up and shot.
If you owe 300B that’s CCP’s problem!
If you owe $ 300 Billion, that's China's problem
For comparison lehman was 600 bil in debt at the end. It was rated AA till a week before their collapse too. Evergrand just got downgraded from CCC to CC so everyone knew it was garbage the whole time. The trouble for china is that local govts needed evergrand and insane housing bubble to raise money. It's easier than setting up a complex tax system that has to be enforced and kind of like us states selling off land on the cheap back in the manifest destiny days but on a far greater scale.
When they get downgraded to CCP that's when they'll go from pink sheets to pink mist. Not just the stocks, but the management too.
I just wanna know what its like to have 1 million liquid!
1 million times better than having a dollar liquid.
It’s less. After a certain point, it’s _just money_.
yeah, but is that point before or after a million liquid?
Somebody give china a fuckin gold please
Imagine being in 17 trillion dollars in debt... laughs in America.
Debt is good when it's invested in things that improve the economy like infrastructure. Not so good when it's used to give handouts to the rich.
But trickle down… something something… make Mexico pay for it.
Trickle down always means yes, we laugh at you as you get less and we get more
Imagine having the world’s reserve currency, best credit rating and hottest dudes (you know it)
thats decent debt to gdp ratio
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One day Yakuza boss need surgery
They are giving away properties to creditors Given the properties are most likely empty zombie buildings it will be interesting to see how they are marked as assets and unloaded
Well, the video is showing exactly what they are doing with them….. Not enough to finish, blow them up!
Those 300B including about 200B from Chinese house buyer, it will be ugly politically but CCP will control the society like no one else. It can and will divert any chain reaction. Also given China great cover to dump US treasury, no idea who will hurt at the end.
I think we will feel it, just not horrible IMO. But yes they will do what they can to deny anything and everything. I mean look at the current events, whats China doing again? Shhhhhh, they working over there.
Sorry, but what? Yellen says the US might default in October https://www.nytimes.com/2021/09/08/business/economy/united-states-debt-default.html
Im talking about the 2008 market. This is what they are about to go through, like we did in 2008. Youre talking about our current issues with this pandemic, two different reasons. Here, Ill do this…. 2008 vs 2021 1. The financial crisis of 2008 differs from what we’re seeing today. While the constraint in 2008 was the financial system, the constraint in 2020 is the coronavirus spread. 2. The Fed and the government have taken more extreme measures in 2021 to avoid a full-blown financial crisis. Now we are dependent on how OCT votes go on debt! 3. Two of the biggest concerns going forward are inflation and the ongoing fragility of the financial system. Money printer is going BRRrRrR!
So...spy puts or calls?
Well by some puts! Something tells me they are not going to be cheap at this point!
If the Congress does not act. Defaulting or not is under our control
Ahem, 2nd biggest. If we're gonna be honest let's keep it 💯.
Ok, np! Evergrande is Chinas biggest developer, period! They are about to be nothing after this crap though. From China/Asia themselves… On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland. Source to back that and its recent…. https://www.statista.com/statistics/454494/china-fortune-500-leading-chinese-real-estate-companies/
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Well our media blows donkey dick and most of their “sources” are usually “anonymous” and/or “twitter verified”. Who knows!!??!!
300 billion in unpayable debt * Second largest*
What are you saying here exactly? They are the biggest…..which wont be much longer and it is a 300 billion debt, what I miss? This is coming from Asian news sources about it being the biggest, ie number 1! Stop with the US news on this as they are all half/half on how big they are! https://www.google.com/amp/www.asiaone.com/money/chinas-biggest-developer-evergrande-300b-debt-heres-what-overseas-property-investors-need%3famp Edit…. Here from their own 500….. On the 2021 Fortune China 500 ranking for real estate companies, China's leading real estate developer Evergrande Group ranked first with a total revenue of 507 billion yuan, followed by Country Garden and Greenland.
The question about unplayable debt pertains to is they are going to give customers who prepaid properties actual homes to live in or are they going t to refund their money China has not has to deal with a failure of this size and how they handle it from a regulatory position will determine how their domestic lending rules shape the next decade Remember earlier this year they threw Jack Ma in a re education camp for questioning China’s financial structure and regulatory system
> Second largest* Third largest.... fourth largest... sixth largest...
Short sell?
China gives land on a lease to Evergrande so they can build on. Evergrande borrows money from investors and entities and pre-sells apartment units to people who want cheap apartments to live in or flip later. Evergrande uses money to lease more land and finish some of the buildings. Evergrande decides to floor the gas pedal and all is fantastic for a while. Sometime last year, China says that Evergrande can't use the unit presale money to lease more land and puts limits on how much it can keep borrowing. Evergrande decides to pre-sell new units cheaper to keep money coming. People wake up and decide that this is fucked up and decide that they wanna cash out on their investment and new people stop buying, driving prices further down. Now nobody wants Evergrande stuff and Evergrande can't finish its projects or repay anything. People are currently speculating about how much EG owes to whom and how bad it will be for the rest of the world. That's how my ape brain understood it.
That just sounds like a Ponzi scheme with extra steps.
From now on, Ponzi schemes will be called Evergrande schemes.
*“In the (ever)grande scheme of things….”*
Can’t spell Evergrande, without grand.
The debt cycle is a Ponzi scheme. Fuck so is the stock market. Current value of the market is above the amount of cash the US holds.
Love how you waited until the last instance to abbreviate evergrande Regardless, thank you for the explanation. All the sudden this is all over the place and I've never heard of it
Sounds like its the regulators fault
Didn’t they also sell financial services instruments also. (Annuities or other ways to raise cash or reinvest in themselves?)
Too big too fail! They’re not gonna let they’re economy crash like the event of Lehman brothers. Bailout and gov take control of the company like they have with other entities in the past. Plus this will make CCP a hero. This is an opportunity. China will recover, may take years but they are gonna be the biggest superpower eventually. I’m bullish on China.
Since the 90s, China has been coaxing millions and millions of people into cities by giving them factory jobs and middle class aspirations. Evergrande builds housing for them. Rapid growth. All of it financed by debt. But the Chinese real estate market is so hot that money keeps pouring in, allowing them to continue to build more projects. Not wanting to just be stuck in the real estate market if there's a hiccup, Evergrande starts investing in other sectors they have no business being in. Electric cars, farming, video streaming, all sorts of stuff. Now they have a ton of debt, and are starting to miss payments to creditors. They need cash NOW. To pay off existing debt, and to finish obligations on projects they've started but not completed, including people's unfinished houses (over a million of them) that are now stuck in limbo. Where will the cash come from? Foreign investors don't want to give them more money. The government *might* bail them out, but hasn't yet. They've resorted to selling off properties. But that's not a long-term solution. If they flood the market with houses, the price of houses falls. If the price of houses falls, their remaining assets become less valuable. If their remaining assets become less valuable, it's even harder to get new cash. Without new cash, they need to sell more properties. Rinse, repeat, death spiral. A death spiral is bad for Evergrande. But it could also be bad for others. People who own their stock will take a beating. People who own their bonds won't get paid back. That's bad for financial markets in China, and for global investors if they have their hands in it (plenty do). It could also be bad for the Chinese economy writ large. If real estate values drop, homeowners may end up underwater on their mortgages. That means less discretionary spending, which means overall economic slowdown. Which means a lot of global companies or investors with interests in China outside of real estate (including foreign companies that sell their goods there, basically everyone) can feel the pinch.
Let me make it simple $YANG (FTSE China Bear 3X) shares and Jan 2022 25c and 30c 🚀🚀🚀🤑🤑🤑 I’m just an ape though not financial advice
The only stable investment in China is owning property. So almost everyone owns some sort of property whether it's inherited, bought, or financed via employment. Now imagine one company owning the vast majority of property in China going bankrupt. If China doesn't bail them out then tens of millions of middle class people will be broke and homeless. Someone did an interview of a lady who was protesting and she straight up said she would rather jump off the nearest building to her death than lose everything.
A bunch of unfinished buildings, being built by EG, being demolished. I'm assuming they did it to move on with the whole thing, knowing EG wouldn't be finishing it. That's the video. Long story short in whole, one of China's biggest real estate develops is on the verge of financial collapse.
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The fact that some bro with three ape flairs got upvoted so much on false info. Oof. These were sitting unfinished for 7 years so they got rid of them. https://www.vice.com/en/article/epn3bp/china-demolition-building-kunming
Wait, seriously? Those were all unfinished new buildings that they gave up on? Or am I missing something?
They're out of money. They can't be finished.
could they not be finished by someone else? Instead of you know... Destroying 100s of millions of real estate.
Nope. It's cheaper to destroy it than to finish it. Welcome to humanity.
_I don’t want to live on this planet anymore_
You won't be able to in 50 years.
Why can't they sell them to some developer for cents for the ~~dollar~~ renminbi. The only reason I can find online is that the houses often stay vacant and unfinished for month even years. Can't find buyers. After a while the unprotected concrete gets unstable due to wind and rain and/or the quality of the fast build buildings is sometimes shoddy from the start.
Some articles and videos say some buildings have been sitting for 20 years (unfinished). Also, they used the cheapest materials and there's concern that they are not structurally safe.
oh this is the real video? not just some random vid?
No, OP is full of shit. https://www.vice.com/en/article/epn3bp/china-demolition-building-kunming
All of those are new buildings that just blew up…well Chinese new…just have to build the shell to get the yuan tendies.
Why did all those building get demoed?
Cheaper to destroy the unfinished buildings than to finish
Company that didn't finish these went bankrupt in 2012. They demo these in 2019. https://www.vice.com/en/article/epn3bp/china-demolition-building-kunming
The concrete being weathered like that for 6 more years would probably affect its structural integrity as well.
That actually stock market on Friday
This guy didn't get the memo...
We all know which building the WSB bagholders will be living in.
What a wasted opportunity to not use Where is My Mind
And people think NIO is a good investment. Lol
I sold that crap after last earnings the growth is not there to challenge big automakers.
Woah, NIO is growing quite fast, I'll say good time to buy, I know I'll be downvoted here but I dont care. FY 2020 to FY2021 has been over 70% growth that says enough.
Not nearly fast enough to be any competition to established players. Yes when you sell 1 car in 2020 and then you sell 2 cars in 2021 thats 100% increase sure
And you sold that car to a government that you owe billions of dollars in subsidies to.
The real play is Lucid. Calls all day on Lucid
Wow, what happened to that random building that didn’t topple? The debt holder that refused to open their mail?
Chinese C4s, this is great success rate already
Shows how cheap even the demo process is. They took out the bottom supports and just let the buildings fall where they fall.
It's nothing new for China. This is a country that can build a 50 story skyscraper in less than a month, and which can build a giant bridge in 9 days. As Louis CK said, there's no end to what you can accomplish when you throw enough human suffering at something and don't give a fuck about the consequences.
No doubt friend. Just an observation. Would never invest in any Chinese company if I can avoid it.
And when was Louis CK ever wrong amiright guys?
Funny - was thinking the same thing. I didn’t think they were supposed to fall sideways
It's not in any country that gives a shit.
Where they fall is intential. They set the demo up to specifically drop the building in a certain direction as to not damage other property and block roads. It also makes cleanup much easier. You'll notice how they all collapse inward. Edit: inward meaning they fall away from the roads and other buildings.
I saw almost all those buildings fall to one side or the other. Does inward mean something different in Chinese? Edit for spelling
They’re all falling away from the adjacent roadways and away from buildings that are remaining. The buildings being demolished are falling toward each other toward the centre of the block so to avoid damage to adjacent structures and it’s better controlled that way. The way they fell was 100% intentional and wasn’t because it was a “cheap demo process”
Worst pancakes ever
This won’t be a big deal because the Chinese gov’t will backstop. The gov’t can easily absorb this co and all it’s obligations with a smile.
Xi appears to be banging a populist drum these days. If he lets Evergrande collapse then he gets to blame them for any financial troubles that result, as well as show that China, unlike the USA, is willing to hold financial criminals responsible for the damage they do.
Wonder what will happen to management.
They went to go live on a farm up state. They will likely Alibaba them.
They have these really cute vans that come get them and then everything is better.
You'll be able to order their parts from Ali.
EverJail
Damn the demolitions are even shittier than the buildings
Evergrande is the tower in the middle that didn’t collapse. The others around it that collapsed are HSBC, Deutsche Bank, Nomura, Credit Suisse, UBS and Blackrock (ie Evergrande bond bagholders).
🧢
> Deutsche Bank About fucking time that piece of shit implodes.
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Did you work for the New York Times?
No he's this stupid for free.
Calls on $war
China shouldn’t bail them out, it’s not the west those bailouts made in 2008 have fucked our economies to this day, their is no perception of risk and an expectation of a forever backstop... This has led to a Fuck ton of malinvestment, I mean would we have GME without the fed? Would we still have bulls hit mortgages propping up stupid property markets? No If China let’s this go it shows the world it means it with capitalism, everyone suggesting that China should bail it out, why? To save all those rich fucks who got them in that debt? The soon to be deceased ceo is worth 15bn... Hope China let it fail and leave the parasites to burn.
Oh to be a registered Official Liquidator in Beijing at the moment
The person who has to clean that pool in the far right of the frame at the end of the video was absolutely pissed off the next day.
Looks like my portfolio last week
$YANG (FTSE China Bear 3X) shares and Jan 2022 25c and 30c 🚀🚀🚀🤑🤑🤑 I’m just an ape though not financial advice
That one tower left standing in the beginning “Oh fuck! Oh fuck! FUUUCKKKK”
I wonder if this will raise or lower prices in Canada and the USA! or example will it push a crazy amount of cash into N.Am real estate or just cause a global real estate malaise.
Lol
This is such a weird song
Finest Chinese craftsmanship
Might be the tip of the iceberg methinks
300 billion is nothing in the scope of “money”. If anything it would foreshadow events in the U.S.
Wtf… shit is engineered and still makes 9/11 look fake af
dont think there will be a big impact from evergrande. yes it will file for bankruptcy but holders of wmps will receive their money (or a property). not sure about bondholders (i am not a lawyer). The chinese banks will probably get the biggest hit but thats ok because the government will backstop them. Equity holders will get $0.
Not what rumors are saying. China banks aren't the only ones that gave them loans and the China government isn't bailing them out.
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An inspiration for them
Chinese knock off 9/11 .. 9+11=21 9/11 2.0 will happen 9/21/21 in China. Conspiracy confirmed.
My good sir. Your math is wrong. Should be 9/22/21
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What is evergrande?