A property crisis in China is deepening as the number of debt-ridden developers grows after Beijing capped their loans.
Real estate giant Evergrande is struggling to pay back $300bn in loans.
And the company is now fighting the demolition of dozens of apartment blocks.
Al Jazeera’s Katrina Yu reports from Danzhou in Hainan province, China.
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#China #Evergrande #EvergrandeCrisis
Haha poor China
ah haaaaaaaaaaaa 🤭🤭..
Opss.. Maybe you’re right!
Yes, thank you
🌏Al Jazeera English!
Ladies and gentlemen – for yours solidarity 🌏🌍🌎!
Good health always!!
# I thank you.
🌏
.
But where was the local government when all these structures were being erected
@name1.1 name 2.1 yes when the work was pointless very bad
They were having Peking duck dinner with guy that constructed them
he is serving life sentence for bribery charges now
The mayor was there taking the bribes. Common knowledge.
That Mayor is in lifetime prison now.
China Development Pandemic
China people very intelligent..
Poor Iran & China🇮🇷🇨🇳🏳️🌈
Sorry but check the per capita income of China
lol iran will eat azerbaijan for dinner kid
Debt slaves to the devil bankers.
This is good for China. Shows the people how greedy and corrupt capitalist are. Let these people have free range and it turns out like this.
Support Free West Taiwan from Japan Anti-China politics🇯🇵❤🇹🇼
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And just what the heck does “Free West Taiwan” mean? So don’t care about East Taiwan? You are either the lamest bot ever or typed by some cheap comment farm workers in SE Asia…
Haha China is loser
Well dang it.
bye bye Chiiiiina
The first Chinese Guy is spot on. Wasting resources demonish a near completed building is stupid. Should of never started building, if the environment was a concern.
SOUNDS like a political attack not unlike the Yukos oil company case. Evergrande probably backed by the non-Xi faction within the ccp.
@JD you think? I thought Pooh bear had put away toadman for good?!??the battle continues?
@wadafik yes why not gut them use for bird and tree sanctuary turn the thing into massive greenhouse/small animal house
Seriously – why tear them down when they can be used for other purposes? The first couple of people they interviewed were spot on.
@wadafik The Mayor that approved it is serving life imprisonment for corruption
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The problem with property sector is that the price is too high for common people to afford hence the government crackdown, the government can keep the property sector going on forever if they want but right now the government is focusing on common prosperity which means thay people have to be able to afford a house, those who are into their 2nd or3 rd houses are the ones who will bear the burden
This is not government repression, but one of economic development issues, and the balance can only be adjusted after the end of the dollar hegemony!
Hunger. Poverty. Drought. Displacement.
Afghanistan faces one of the world’s most acute humanitarian crises.
We have launched plans to deliver aid to 22 million people in Afghanistan and 5.7 million more requiring help beyond the country’s borders.
By. # UN | الأمـــــمُ المتّـحــــدَة
Thank you.
And May God’s peace 🌏🌍🌎 be upon you all:
🌏Arabian people!
Good health always!
Thank you.
🌏
…
Looking at all those chinese cities living districts, I’m just wondering if they will end up like similar projects in Europe and ex-USSR, becoming ghettos for the poor because of poor construction quality caused by the construction frenziness of a moment in history.
The chinese government should work at better urban planning to let cities grow organically, not like this.
Yes!!
CCP can’t let anything grow naturally always gotta move the picture a bit cuz it’s tilted you know…. That’s the problem with many governments especially CCP they can’t leave well enough alone EVER.
🌏Al Jazeera English!
NELSON MANDELA
“You don’t have to have education in order to know that you want certain fundamental rights,
you have aspirations,
you have got claims.
It is nothing to do with education.”
By. # NelsonMandela,
from an interview with Brian Widlake
for ITN Television (UK),
Johannesburg,
🌍South Africa,
31 May 1961.
Thank you.
###
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How this is related to the video ?
Real problem is china communist party which is creating viruses, killing millions and always creating problems everywhere, getting rid of them will solve half of world problem.
Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office.
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First time watching a Chinese Talking to Media
and how do you feel?
the priority scale must be supported by agricultural and livestock infrastructure as food security is also related to sustainable business development in order to have productive qualifications and the need for sustainable sanitation and resources at a statistical scale
Why not open the apartments or rather the economy to international investors and people to buy?
The price is already increasing too fast when the market is closed to foreigners. I taught in Nanjing city for two years and bought one apartment. Before I left, I had to sell it since foreigners are not allowed to own rental property. but my investments gained almost 30% in two years.
Same, made just over 33% profit just for holding property from 2019 to 2021. Says a lot about how much inflation has been pumping up prices.
And that was a random plot of farm land I found as bargain when the pandemic bullshit started. South Africa is no exception.
@Dustin Tacohands so the company just wanted to maximize profits on both ends (loans and customer) but ended up messing everything.
@Marasa I’m guessing that yes, they take payment before apartments are even done a lot of the time then from what I’m seeing here they’re not delivering anymore … the company is a corrupt mess.
What a waste of money on those on those apartments
The only wasted money will be of the bond holders
Yep, the bubble exploded
They want to waste alot of money
😍
Well, instead of demolishing, the government can take control of it and use it (Perhaps reselling). This one project would not save the world from global warming, so instead they can use the income from this project on other sustainable projects. If the concern was environment, why allowed and permitted at first place?!
Don’t demolish the buildings. Leave them alone and finish building later. Print more money just like America is doing for infrastructure development and finance those unfinished projects. Regulate the construction of new buildings until the unfinished buildings are built. America owes 1 to 3 trillion dollars to China. Take out from US and use those money for infrastructure development and buildings. There can be a revolution in China if Chinese people lose their investment money in build back China. Nobody wants violent revolution in China. It can affect the whole world.
give them away
That’s what the CPC is starting to do, and it’s scaring off foreign capital while angering Chinese people who have nowhere else they can invest outside of real estate. China is already overburdened with debts incurred by redundant hard builds of infrastructure whose quality doesn’t seem to give confidence that it will actually stand decades of use. Too many of China’s buildings and high speed trains today go mostly empty because they were developed to satisfy Party policy, not actual customer demand.
Actually, China is due for a violent implosion. For 5000 yrs China could not dominate anything and after this brief 40 yrs they are going back to their roots.
It´s good to see how the Evergrande property crisis blames the poor Chinese government to.
If Chinese CCP is concerned about environment, How did it approve environmental clearance at first go ? Don’t these corrupt officials get arrested first . But china is China.
It was constructed as part of a military experiment for constructing further out to sea if you check the dates and talk to locals that work in the government.
Reminds me of that saying, “A good politician is one who, when bought, stays bought.”
LOL
They would collapse of they were finished.Adding all that weight would be useful if it’s like other ‘Tofu-Dregs’ building’s😂
Tofu dreg buildings on reclaimed land in an earthquake prone area! What could possibly go wrong?
It’s good in the long run. Is CCP beginning to clean up corruption?
0:47 the guy has a northeastern accent, which is kinda funny.
The economy of China is spurious at best. And any good Muslim knows that it’s better to divest, than to betray the Ummah.
These ugly buildings should be eliminated ASAP!
I thought china was a communist country? Why do they waste so much recources?
The good thing that can come out of it is the spectacle of 39 buildngs imploding into their own footprint.
Has the news and science of rising sea levels not reached these people?
Very bizarre.
Or the 2011 tsunami in Japan?
china’ s great TIBET robbery shame….Genocide in TIBET by communist regimes china thugs.. shame worldwide keeping mumb
lets turn these buildings into wind and solar power collectors rather than demolish them
It’s a good example of the capitalism works only for rich people, while there are much more poor people without a home to care for the families. They construct building each time more tall than the other, even without money to finish them, it’s so pathetic. Maybe Freud explains…
Capitalism creates wealth for people that are driven and ambitious. That’s why it’s the most fair economic system in the world. Every millionaire I know is self made. The problem with China is that they are communist. This is just another example of corruption of the CCP. The CCP like all communist governments line the pockets of their members and leave the scraps for the rest.
the video image is too poor, you need to fix it more
Why doesn’t the government seize those properties and auction them off?
They could, but they’re sending a message to banks and developers.
@Patricia Palmer
They clearly need a message but I think rival banks and developers benefiting would be a fitting message, without the waste and toll on the environment.
@Robustus One big media story and it’s wildfire there. Waste, human beings, property, the environment are of no conseqequence. For 100 years the goal of the CCP is world domination by any means necessary. They have never wavered. No entity must come close to being seen as powerful. Evergrand was beginning to. The west continues to ignore this mindset at their peril. I have travelled and lived all over the world including there. My sincerest best wishes for your success this year, Pat
@Patricia Palmer if they wanted domination half the world would be speaking Chinese today.
Wasting resouses is to build such ugly monsters. How can people live in such homes and not to get mental illness?
You mean they never saw them being constructed?
The CCP is sending a loud message to banks and developers. They have no concern for people or the environment.
Corruption everywhere at every level !
Just finish them. Give half to the municipality for breaking environmental laws and offer the other half to evergrande debtors in lieu of payment.
Its not that simple though…
It’s probably built in an area likely to be displaced by water. Makes no sense to continue building what would inevitably be a catastophy.
One earthquake………
In the city of Beijing, just to the north of one of the parks, sit 12 Apartment towers surrounded by a Highwall and Barbwire. There are hundreds and hundreds of finished units in these apartments that have now been sitting empty for over 18 years. The contractor made a big mistake, he had a license to build a park and instead he built apartment towers.The units were close to being finished and sold when the government realized what he had done and boarded up the whole project. So much for transparency in China.
@Ruben Malate LoL! Lies are lies, even if you keep repeating them. Reading from the CIA cookbook again?
@Ruben Malate Don’t forget to breath in between sentences
@Madsam 03 Absolutely bruh, the free press is lying as usual, only commie news outlets can be trusted
I’m sorry, but that’s a bit of a stretch of a statement, that Hainan is China’s Hawaii. I’ve been to both a number of times and trust me when I say Hainan does not even come close to being a Hawaii.
China is just pricking their own housing bubble ahead of the world property bubble popping.
Only countries like China can do this. Democratic countries cannot as they have lobbyists who will fight against property corrective measures.
China is reducing leverage, stabilizing the economy, and preparing to survive the coming world property bubble crash.
China invented the virus bully Asian neighbor manipulate business transaction kill innocent student in Tiananmen square kill Muslim and Christian minority experiment Hong Kong rally people in Wuhan laboratory that started the virus hack the product and military equipment in computer to sell and invent the product of other country so they result is not good quality and invented drugs that kill innocent people
Someday God will punish you for bullying and inventing virus
Xi jinping is a monster that take drugs so his mind is a monster
Putin illegaly invades Crimea now Ukraine so wants to invade so Ukraine will act to defend their teritory they manipulating Ukraine not to join NATO
Ukraine has own soveriegnty and freedom country Putin is like Hitler who want to invades and dictate the Ukraine and pressuring Sweden and Finland Putin have no rights to dictate the future of Ukraine
Putin is new Hitler dictator of other country is like xi jinping want to invades harass bully the Asian country that Hitler mind
Someday will punish your of god keep it mind what comes around goes around
That’s mind boggling.
All the talk is around the cost 🤦♂️. No one mentions the environmental impact of building these man made islands then constructing and the demolishing these buildings. China is an environmental disaster!!!! Disgusting
Building demolition or self demolition
My kidneys will rejoice if your lips speak righteous things.
Builders are multi billionaires they care a hang about pollution and people living in the vicinity. Powerful builders are connected with politicians.
— Demolition Man —
No way i would live in the center building. No sunshine and your view is the other building windows
Take over evergrande
Seize all the company boss property
Us$ 300B on debt. Holy cow
?? What idiot stuffs so many tall buildings together, into such a small space, so that everyone living there can hear and see what everyone is doing across from you 24/7! (BEYOND creepy)
We’ve already had the disease that dare not speak its name. Now we’ve got this catastrophic property debacle. What’s china got up its sleeve for us all this year I wonder?
Those buildings are probably substandard, which is why they are not worth finishing.
tofu caves in the xithole worth xit
The local government is broke, and this is why they want to demolish those buildings: so they can resale/lease it to another company.
What was built, built. Its waste of resources to demolish it after it has take great effort to pay govt fees to support the china hugh population. The developer deserve govt support.
It should be demolished to create a prescedent, so that nobody dates again to do so.
Its good to know that evergrande knows its businesses and numerous investments to be completed, and the self sufficient ones that protects GDP growth and preservation as well per rule of law for the people, and its private/public sectors that attests to its completion. SMEs….
CCP owned everything….hahahaha
Sounds more like government land grab to me
The corrupted local officials can’t care less! Demolishing has several benefits for them: 1. Evergrande bribed the wrong officials at the beginning ( the former mayor is now in prison) and they have no money to bribe the current and good officials which obviously made them very angry; 2. In China, if you build something, it will be calculated into GDP growth ( thus the promotion of officials), however, if you demolish all those buildings, they will not affect your GDP, demolishing itself create new GDP figures (because you employ a lot of people and resource doing the job); 3. Anything with a cap of “green” would make the local officials look good (even regarded as someone with excellent “vision” though they may know nothing real…)…
The Government has given GreenLight for Investors/E’grande new deal of extending the loan/bonds repayment..
Restructuring is own is way, these buildings will stay on be finished.. the new Mayor that stop and demanded it being demolish will be slapped and hanged by the buyers, if he kept insisting …🤣
Tofu Ponzi scheme