That's quite a fantasy you're telling yourself. A huge portion of China's people's wealth is wrapped up in real estate, and tens of millions of stalled residential units have already been purchased by the Chinese people, and that money is now gone, taken by the developers.

The IMF recommendation here was "to deploy 'one-off' fiscal resources to complete and deliver pre-sold properties or compensate homebuyers." That would literally be rescuing the Chinese people who were burned by developers. Instead, the Chinese government is supporting the tech and manufacturing industries. Don't pretend like China is some paradise where the common people aren't getting fucked

[–] davel@lemmy.ml 21 points 1 month ago

Don’t pretend like China is some paradise where the common people aren’t getting fucked

Reuters, 2018: China overtakes U.S. for healthy lifespan: WHO data
United Nations, 2019: Helping 800 Million People Escape Poverty Was Greatest Such Effort in History, Says Secretary-General, on Seventieth Anniversary of China’s Founding
The Economist, 2021: At 54, China’s average retirement age is too low For most men in China the age is 60, much lower than the average of 64.2 in the OECD, a club mostly of rich countries. For female civil servants the age is 55; for blue-collar women it is 50.

[–] naturalgasbad@lemmy.ca 14 points 1 month ago (1 children)

Oh no! The millionaire is now not a billionaire... And the developer was sentenced to life in prison.

Anyway...

[–] yeahiknow3@lemmy.dbzer0.com 9 points 1 month ago (1 children)

How is a family spending their money on an apartment they now won’t receive “a millionaire that is not a billionaire”? Not to mention, China loves billionaires. They have more of them than the US. It’s a fascistic shithole.

[–] coolusername@lemmy.ml 8 points 1 month ago* (last edited 1 month ago) (4 children)

Why are you lying? They bailed out buyers. And no it's not. Are you a fed? https://redsails.org/china-has-billionaires/

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[–] queermunist@lemmy.ml 11 points 1 month ago* (last edited 1 month ago) (1 children)

Don't pretend like the average person in China is a fucking real-estate investor. This investment money is from the middle class and up i.e. people who don't need to be rescued. They're going to be fine. Even if their investments all go up in smoke, they won't be homeless. Common people just spend their paychecks and keep a little aside for savings, like everywhere else in the world.

[–] andyburke@fedia.io 10 points 1 month ago (1 children)

My understanding is many everyday Chinese people bought real estate that wasn't yet built because demand was so high. Supposedly many of them sunk their whole life savings into units that developers had promised to build at some future point. That point seems unlikely to come if those developers go bankrupt, meaning that some decently large number of everyday people are going to lose their life savings.

[–] queermunist@lemmy.ml 8 points 1 month ago* (last edited 1 month ago)

My understanding is middle class Chinese people bought real estate because they wanted passive income from investing in real-estate. China shouldn't have allowed them to do that but the solution isn't to bail out these developers. The actual solution is to make sure these people do not end up destitute because they wasted their money on gambling.

[–] coolusername@lemmy.ml 7 points 1 month ago* (last edited 1 month ago) (1 children)

China already bailed out the buyers. Don't know where you're getting your info from. THIS perhaps? https://www.appropriations.senate.gov/imo/media/doc/FY21%20BILL%20HIGHLIGHTS_SFOPS_final.pdf

https://www.congress.gov/bill/116th-congress/house-bill/7937/text?format=txt

https://prospect.org/politics/congress-proposes-500-million-for-negative-news-coverage-of-china/

[–] protist@mander.xyz 2 points 1 month ago

My info is from the article. Your info is from where?