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?
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. 🤭
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 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.
Now do Ken Griffin
He is fucked.. he is a dead man..
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
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; ...
