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Where do you think those local authorities spent their money? They knew the local housing market was no good. Even the things that did get built were Tofu-dre
by busterarm 3y ago
Where do you think those local authorities spent their money? They knew the local housing market was no good. Even the things that did get built were Tofu-dreg projects.
The bought real estate in the US and Canada.
- jncfhnb 3y agoMost of it they pumped back into the their own building and development market because of bad top level incentives. Hence the problem.
- cyanydeez 3y agoReal estate in Canada? Just the way it's outlined makes it sound like some foreign led fraud as opposed to a mostly home grown corrupt practices. A similar thing happens in American suburbs where they expand cities with business malls and suburban development to enlarge the tax base but ignore O&M on infrastructure then sell more development to compensate. But in china, they were selling development with ever building them because it became an investment vehicle.
- busterarm 3y agoYou must not be familiar with what happened to the real estate market in Vancouver as a result of majority foreign investing from China...