Did people loose their homes? Did people end up jobless?

I know there was a company central to the story, and that China was basically going to let it fail, but what was the fallout?

  • save_vs_death [they/them]@hexbear.net
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    6 months ago

    The fallout was that the Chinese government bought the bottom and all the wall street dipshits than invested in the stock lost their money. The Chinese government has always posited that speculating on the price of housing is a social ill and they’ve always pulled stunts like this to curb companies that try to start this hype cycle. This time western investors lost money so that’s why we heard so much about it.

    tl;dr it’s in state custody now