this post was submitted on 12 Mar 2024
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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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[–] RestrictedAccount@lemmy.world 10 points 8 months ago* (last edited 8 months ago) (3 children)

They are not needed. There is no one to live in them.

They have over a billion excess homes. It was the only thing that normal people could invest in so they just kept building.

If you bought one as an investment, nobody is going to buy them from you. They are worthless.

[–] HobbitFoot@thelemmy.club 2 points 8 months ago (2 children)

So what are you going to do with the millions of people relying on that for their retirement savings?

[–] Holyginz@lemmy.world 3 points 8 months ago

🤷‍♂️

[–] explodicle@local106.com 1 points 8 months ago

IMO Social Security is a better solution because not everyone has extra money to invest, and any class of investment can crash.

[–] gandalf_der_12te@feddit.de 2 points 8 months ago

They have over a billion excess homes.

Which is good, because it keeps costs of living down, amiright?

[–] realharo@lemm.ee 2 points 8 months ago* (last edited 8 months ago) (1 children)

But what is the actual real-world practical solution for those people?

Are they now just going to be broke (or even in debt) with no place to live?

[–] Alsephina@lemmy.ml 3 points 8 months ago

Someone buying an unfinished building likely already has a home. If they don't they can buy one for much cheaper now since housing prices have gone down cuz of the real estate bubble popping.