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?
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?
Foreign investors tried to short the bankruptcy and invested billions expecting China to bail the real estate company out and pay everyone. China said fuck off and kept the investors’ money and let the company fail. They also prohibited foreign investors from owning critical Chinese assets that were made available from the bankruptcy
As for the normal citizens, there was some news that the government forced the company to use its remaining funds to continue construction as far as possible and ignore the investors demanding a payout. I’m not sure what happened beyond that though.