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?
At the high level, the Chinese government bought all the bad debt and closed down some of the largest construction firms. It’s a managed transition from the high rate of building they’ve been doing the past two decades to a more maintenance-focused construction industry as demand tops off.
I wish I knew more about how this effected people on the ground. I want to say that houses that have already been paid for are being built at a loss under state supervision, but I really have no idea.