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From reading the article, it seems they need to raise more money to actually resume many of their construction projects (which is where their revenue comes from
by sbarre 5y ago
From reading the article, it seems they need to raise more money to actually resume many of their construction projects (which is where their revenue comes from), and because they are unable to repay existing debt, no one else wants to give them money.
- vesinisa 5y agoWhich is hardly surprising, given how insane the Chinese real estate bubble is. I understand there are entire ghost cities of extensive high-rise developments - sitting largely abandoned and owned as vacant second homes by Chinese private investors waiting to sell them on a profit thanks to an urban migration that might never happen. Edit: I don't know why am I being downvoted. The Chinese real estate bubble has been rather well-documented, see e.g. this YouTube video: https://youtu.be/EgVXRtq5EIg https://youtu.be/EgVXRtq5EIg
- pjc50 5y agoYes, this is basically Anglo-Irish Bank on a much larger scale.