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China’s real estate market imploding is one of the worst bubble busts in modern history. Many Chinese people invest their savings in real estate they own on paper, but sits in the middle of nowhere unoccupied.
The biggest players in that market are defaulting on the interest payments of their loans and going under. The bubble is in the process of bursting. This is going to get ugly.
Good thing we're living in a time of unprecedented peace and stability across the globe, that should soften the blow a little.
Wait, shit, took a wrong turn through the multiverse hub, I'm supposed to be in the next one over. I'm sure you guys will be fine. Probably.
The multiverse hub market is crashing! We're taking you with us!
Strange, I don't remember writing that. Must be this headache.
Don't worry, that's just a symtom of virtual reality imploding.
Apparently, Evergrand made employees sell bonds (iirc,) for investing in the company. to meet quotas, many of those employees were forced to buy them, themselves. so when the company goes tits up, like... well it has been... those employees are pissed.
There are whole cities in China full of mostly empty buildings. People were investing in real estate scams in huge numbers and the government let it happen apparently.
Contagion- it will hit our market last most likely.
Chinese Internet users normally: HA China economy #1, much better than shit imperialist American economy, China is the best 1000000% GDP growth, USA is a failing country and China will rise to be the #1 superpower 🇨🇳 🇨🇳
Chinese Internet users today: nooooo Americans pls help... 🥺 my stock portfolio lost value
it's not just that the Chinese market is slumping right now.. their market is in a 10 year slump already, while Western markets have been booming along steadily.. they also have painfully high youth unemployment.. and you can count on them to lie about all of it..
presumably CCP policy is not at fault in any way...
the crazy thing is that the US might in fact bail them out.
not because the Chineese want us to, but a lot of US investment firms are in china and about get wrecked.
So why is RMB stronger against GBP today? That is confusing.
Does anyone have any idea why they are posting to that account though?
I don't but I'll hazard a guess. Firstly censorship, they have to be careful what they say so maybe using the US Embassy account it's a way of saying "we blame america" whilst still asking for help.
Secondly because of censorship maybe the general consensus that their downturn IS the result of US behaviour. So they believe their government has let them down and genuinely believe US can help them.
Maybe ironicly as well but I don't see it, anyone else got suggestions?