>>515542492
China literally has nearly 1 billion empty apartments (not "unsold" they're owned, as investment, but empty), this was confirmed by a Chinese official
they will literally NEVER get settled. that's 1 billion empty apartments in addition to the sufficient number of domiciles for the entire 1.2 billion population
add to that piss poor quality and the need for upkeep, and this "store of value" (considered the only stable investment and store of value in China) is not only worthless, worth zero, but actually has NEGATIVE value as it only costs and has no prospect of ever being settled
once the "correction" comes, chinks bank accounts are literally getting zeroed. worse than America's Great Depression
this correction, the Chinese Great Depression is coming, will hit China by 2029-2030 (coinciding with America's Great Depression's 100th anniversary funnily enough)
what then? Evergrande already went bankrupt. Chinese govt is trying to patch this gaping wound with a band-aid, soon they're gonna run out of band-aids
the Chinese economic model has been in essence a pyramid scheme based, like all pyramid schemes, on 1 thing only: extra-ordinary growth
and that extra-ordinary growth ended in 2020. ever since then, China has not registered extraordinary growth. discounting Chinese fakery, China only registered as much as 3% growth in a year, since 2020
IT'S OVER
in 2021 there was the evergrande
and already in 2022 they apparently cut public sector salaries overnight by 25-30%
they prefer to cut salaries than raise prices
essentially China is in a deflationary spiral, which is why I mentioned the Great Depression, which was deflationary in nature too (overproduction & lack of demand for various reasons)
imagine that. your salary gets cut by 30% overnight and you cant even protest because every camera registers your face, youre observed 24/7 and will instantly be picked out and farmed for organs