Real estate problems in China have been exposed for the last few years. Overbuilding and extensive use of credit saw massive building of residential apartments throughout the Chinese landscape. Buyers would line up to buy a condo in a high rise building that may or may not have been completed. Most buyers bought a shell or unfinished unit which they began making payments on while they funded the finish: doors, windows, kitchens, heat, AC, doorknobs, toilets, lights, locks, etc. Often this could take 4-5 years of saving before occupancy.
Beijing ordered a slow down, maybe even to the point of destroying some condos already built. What of those who paid money upfront? And the developer stopped building or never began? Left holding the bag(snipe hunt), citizens complained on line. Bad in China. The Communists monitor online chatter. It has become so prevalent that Xi JP had to act. He ordered the PLA watchdogs to shut down any site that hosted complainers. Done.
So, if your real estate deal went bust: don't say a word: only positive responses are now allowed in China on social media.
Welcome to State-run government(s). In this case: COMMUNIST.
Have a nice day.
No comments:
Post a Comment