Evergrande: China property giant and its founder accused of $78bn fraud
Evergrande: China property giant and its founder accused of $78bn fraud
Former billionaire Hui Ka Yan has been fined and faces being banned from the financial markets for life.
Imagine living in a country where the rich are actually subject to the laws like everyone else...
Not exactly ... they still treated with special previllages, its just this is bit too much
What special privileges are they treated with?
What special privileges are they treated with, motherfucker?
he was investigated over suspected "illegal crimes"
Are there any legal crimes you guys know of that I can try?
landlordism
Insider trading while being a member of congress
Accepting bribes if you're a Supreme Court justice.
Idk, piracy and jaywalkin'...
Then there's loitering?
TFW: A writer gets paid by the word...
Anything with a fine you can easily pay.
Lobbying is just corruption with a different name.
are you rich?
Smh first they come for the corrupt property developers
Fun fact: his last name means a 'dick' in Polish (the most vulgar version of that word).
Not only in Polish. Pretty sure it's most of Eastern Europe. 🤭
Gee it sure sucks that Evergrande collapsed. What a horrible sign for the Chinese economy!
You would think that multiple fake cities built out of the cheapest materials possible might have been a sign that something was fishy ... I mean.... How could anyone have known!?!?!???!!
Edit: Lulz. This is a news community on .ml. Oops. I usually try to stay away from here, but I'll just YOLO this one out since the replies are already hysterical.
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
.
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.Poe’s law is real, @filoria@lemmy.ml.
Chinese do not fool around. I expect they will make an example of this guy.
fined
yeah, with a bullet through his skull
We are saddened to announce that he was fined deaded with two bullet wounds 😔
Man all these bad news about Chinese property market, hopefully there isn't a collapse there as predicted.
I hope that the property market collapses and property prices go way down. Surely there are large numbers of people who would like to buy property but cannot afford it at the moment. I hope that happens in many countries.
I mean, that sector is also a huge employer with lots of construction companies and jobs tied directly and indirectly to it. If the construction section comes down, that's going to cause a lot of hardship on a lot of people. So even with cheaper houses (for a while, if the construction sector doesn't improve you'll get high prices again later) I'd say it's a huge net negative for people and their lives.
He is fucked.. he is a dead man..
Now do Ken Griffin
Based. Wish that were us; we've got OODLES of real estate clowns who need to be shoved in a Brazen
Permanently Deleted
How do you recover that? How the hell are they going to recover what is essentially multiple time the sum of the wealth of all the top 10 richest individuals on earth???
Presumably they won’t recover, because the Chinese state isn’t coming to their rescue: China’s housing minister says real estate developers must go bankrupt if necessary
By locking up the rich, seizing their wealth, and using SOEs to take over incomplete projects for pennies.
multiple time the sum of the wealth of all the top 10 richest individuals on earth???
Do you mean the $78B fine or the $300B debt?
In either case, you're way over exaggerating. All of the top 14 wealthiest people have over $100B each. Jeff Bezos (#2 richest) has close to $200B alone.
You don't, the investors loose the money. That's the risk that they take investing in a business.
Sucks to suck. This guy should be OK though, based on the CCPs history of fair trials and lenient sentencing.
Uh-huh: https://en.wikipedia.org/wiki/Incarceration_in_the_United_States
The United States has the largest known prison population in the world, it has 5% of the world's population, and 20% of the world's incarcerated persons. China, with four times more inhabitants, has less persons in prison.
Uh-huh:
https://deathpenaltyinfo.org/policy-issues/international/executions-around-the-world
As in previous years, execution totals do not include the estimated thousands of executions carried out by the world’s leading executioner, China, where execution data is considered a state secret; ...
