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To circumvent local government's restriction on sharp price drop, Chinese real estates developers literally handed out gold ingots to home buyers. (lemmy.nz)

submitted 1 year ago by throws_lemy@lemmy.nz to c/damnthatsinteresting@lemmy.ml

7 comments fedilink hide all child comments

Context :

https://www.theguardian.com/world/2023/jun/12/gold-bars-used-to-lure-chinese-homebuyers-amid-market-slowdown

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[–] Roundcat@lemmy.ca 35 points 1 year ago

So now we're at the direct materials trading part of the dynasty.

[–] Smoked_Brie@lemmy.blahaj.zone 12 points 1 year ago (1 children)

I’m fucking dumb. What does this mean?

[–] LoamImprovement 34 points 1 year ago (2 children)

This means that real estate developers are saying "I can't sell this house for $250K but I can sell it for $300K and give you a 1Kg ingot worth $50K" to get around the overvaluing of the house, because people won't buy the house at the prices Chinese government insists they should be sold.

[–] Smoked_Brie@lemmy.blahaj.zone 4 points 1 year ago

Oh my… what a shit show. Thanks for explaining friend.

[–] TonyTonyChopper@mander.xyz 3 points 1 year ago (2 children)

so communism is when unbearable housing markets are government mandated instead. What a world to live in.

[–] LoamImprovement 2 points 1 year ago

Well, if we're being honest, it's capitalism with communism branding. Otherwise you wouldn't be able to buy and sell the house in the first place.

[–] argv_minus_one 2 points 1 year ago

How so? This looks like unscrupulous businesses finding loopholes in the regulations and the government being slow to close them. Same thing happens in the west.