China's Evergrande files for bankruptcy | CNN
China's Evergrande files for bankruptcy | CNN
China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.
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If they are that important, hopefully the wealthy will fund them. Sounds like it’s needed to help keep house prices down.
Low probability of that. Evergrande is so big, it can't be compared to any western reference. For example, they built entire cities for millions of people that are completely deserted and are such bad quality most of it crumbles at a touch. Nobody will save that. Also, the Chinese people's saving and retirement system is based on real estate. The Chinese government will try to avoid the fallout but very certainly not the way we western people are used to.
Honestly, we could use more of that over in Canada. We have a housing crisis that needed to be fixed yesterday. Any roof is better than no roof.
I can imagine. But even if a 10 million luxury apartments is sold at half price, I doubt that will help with that problem.