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China's housing minister says real estate developers must go bankrupt if necessary (www.cnbc.com)

submitted 8 months ago by schizoidman@lemmy.ml to c/worldnews@lemmy.ml

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[-] Alsephina@lemmy.ml 16 points 8 months ago* (last edited 8 months ago)

Evergrande already went bankrupt in 2021 and the general population in China have been mostly shielded from the damage (except the poor billionaires though 😢)

[-] idunnololz@lemmy.world 3 points 8 months ago

How were they shielded? Do you have a source I can read? I'm genuinely interested.

I remember reading that there were protests because people bought condos and were essentially told they were never going to get completed. Did those people get a refund from the government or the company?

[-] Alsephina@lemmy.ml 16 points 8 months ago

Not afaik. Anyone buying an unfinished condo though likely already has a home, specially since China's home-ownership is about 90%.

And if they don't, they can buy one for much cheaper now cuz house prices have gone down thanks to this real estate bubble being popped. And China already has 600 million vacant homes.