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The people are the ones who suffer. Not the banks. Evergrande sold homes that didn’t exist. People got loans from banks to buy those homes. Citizens in China
by throwaway2990 3y ago
The people are the ones who suffer.
Not the banks.
Evergrande sold homes that didn’t exist. People got loans from banks to buy those homes.
Citizens in China can’t file for bankruptcy. So even if they never get a home. They are in debt for life.
This is what you get living under the rule of the CCP.
- onlyrealcuzzo 3y agoPeople associated with Evergrande are very screwed. Yes, the people who bought unfinished homes are screwed, too, and there's more of them. But the whole entire country is screwed when their housing bubble pops. This happened just 15 years ago with 2008 in the US. China and the CCP aren't particularly extraordinary. And they definitely didn't invent incompetence and greed...