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World News @lemmy.ml

filoria @lemmy.ml

1y ago

Evergrande: China property giant and its founder accused of $78bn fraud

Evergrande: China property giant and its founder accused of $78bn fraud

World News @lemmy.world

fne8w2ah @lemmy.world

1y ago

Evergrande: China property giant and its founder accused of $78bn fraud

www.bbc.com /news/business-68603195

83 comments

If a billionaire is in actual trouble, he's in China. US would have bailed out Evergrande.
- I have pretty severe concerns about how the Chinese government operates, but this is one thing they do right.
  
  I have pretty severe concerns about the way the American government operates.

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?

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!
- 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.
  
  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?

Chinese do not fool around. I expect they will make an example of this guy.

Man all these bad news about Chinese property market, hopefully there isn't a collapse there as predicted.
- 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

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???
- By locking up the rich, seizing their wealth, and using SOEs to take over incomplete projects for pennies.
- 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
  
  I just hope the collapses won't pull others with them and the whole construction sector. I think the fear of that and the effects rippling to other sectors and to trust in the economy is why bailing out is sometimes done.
- 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.
  https://www.forbes.com/real-time-billionaires
  
  It's even worse than I thought......... Holy fucking shit.
- 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; ...

83 comments