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Houses are for living, not for speculation (en.wikipedia.org)

submitted 4 days ago by eah@programming.dev to c/wikipedia@lemmy.world

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[–] nutsack@lemmy.dbzer0.com 13 points 3 days ago* (last edited 3 days ago) (3 children)

a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.

they built trains which are great. im a leftist too. but you guys, holy fuck.

[–] thatKamGuy@sh.itjust.works 8 points 3 days ago

Chinese property prices have been in continual decline for the past three years, when the bubble popped and the government has done little to incentivise further builds and mania.

Coupled with the aging population and falling birthrates, the mechanics simply aren’t there for it to happen again - so although Xi’s quote dates back to 2016 - it is very much true now in China.

There has been a sharp turn in national investment towards high-tech manufacturing, driven by EVs and associated industries, as the next engine for economic growth and prosperity.

Whether or not that actually plays out as intended is a seperate matter, but that’s really outside the scope of this discussion.

[–] y0kai@lemmy.dbzer0.com 2 points 2 days ago

When I was there some 10 years ago, they were building entire cities that no one wanted to live in. Really weird seeing uninhabited downtown Chicago sized places in the distance.