Gee it sure sucks that Evergrande collapsed. What a horrible sign for the Chinese economy!
If you keep getting your understanding of China from Five Eyes propaganda and corporate media, you’ll keep being wrong.
- CNN, 2017: China’s metro station in the middle of nowhere
- 2023: This Is What the World’s Loneliest Metro Station Looks Like Today
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Corporate media paint China in the worst possible light they can get away with, because this is a cold war in which propaganda is a major component, just like last time. They absolutely do not want you to notice anything that makes capitalism look worse by comparison. Plus they get flak and lose access to sources if they don’t.
There was enough pent up demand in the Chinese property market to fill these cities, but the national government saw overall demand would fall as early as 2021 when it started restricting some types of construction projects, like some skyscrapers and subway lines. You are also seeing some provinces adding in perks for buying property, like hokou registration.
It seems like China has mostly cought up to a lot of its demand for urban residential property. This is a problem as most municipalities and provinces have relied on property development as a way to fund local services.
The Chinese property crisis may end up being on post with the American mortgage crisis in 2007-2008. However, the Chinese crisis will look very different compared to the American one.
China paints China in the worst possible light, actually. Hell, even their mass produced fake electronics paint a grim picture at the micro level of how that country operates.
That’s also hysterical that you are bitching about western propaganda, when China is the undisputed king of bulk fake news.
You sound like one of these shills, actually. You didn’t post anything useful, but rather, just regurgitated some random poor-China schtick.
Here is an alternative Piped link(s):
This Is What the World’s Loneliest Metro Station Looks Like Today
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source; check me out at GitHub.
I challenge you to look up any of those “ghost cities” now. Literally all are filling up. People really don’t understand planning and building for the future?
Not really future proof when they’re being built with shit materials, you can literally crumble the concrete with your bare hands.
Poe’s law is real, @filoria@lemmy.ml.