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Instead of investing in things like stocks or business ventures, many Chinese invest in real-estate, often buying new empty houses or condos that they'll never live in. In China there are tens of millions of houses and condos sitting empty, all of them purchased for no reason other than an investment. It's a massive housing bubble and it's estimated that as much as 25% of Chinese real estate is sitting empty. Surprising in a nation with nearly 1.5 billion people!
In Kunming, southwestern China, city officials decided to take action and demolish an entire condo city because the buildings had sat empty for seven years and rainwater had accumulated in the basements.
What a waste!
They could have incorporated that in a Godzilla movie.
China has more empty cities than Godzilla has movies.
And don't think that the CCP was against the building boom bubble...it helped prop up its GDP and gave employment to lots and lots of workers to build those empty cities.
Instead of investing in things like stocks or business ventures, many Chinese invest in real-estate, often buying new empty houses or condos that they'll never live in. In China there are tens of millions of houses and condos sitting empty, all of them purchased for no reason other than an investment. It's a massive housing bubble and it's estimated that as much as 25% of Chinese real estate is sitting empty. Surprising in a nation with nearly 1.5 billion people!
In Kunming, southwestern China, city officials decided to take action and demolish an entire condo city because the buildings had sat empty for seven years and rainwater had accumulated in the basements.
It's a shame they couldn't have waited to do that during a BLM or ANTIFA convention there. The US would be forever grateful.
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