China facing fresh 'ghost town' crisis after developer collapse
Yu Xuejun, the Jiangsu banking regulator, said developers are running out of cash. This risks undermining land sales needed to fund local government entities. "Credit defaults will definitely happen. It's just a matter of timing, scale and how big the impact is," he said.
Emphasis added.
Floor space per capita has reached 30 square metres, surpassing the level in Japan in 1988 just before the Tokyo market collapsed.
There are many more terrifying tidbits about the Chinese economic growth "miracle" buried within the article. In fact, it was difficult to prioritize them all. Your prioritization may therefore vary. Sigh.
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This is why erasers were invented.
ReplyDeleteLuke The Debtor,
ReplyDeleteAnd bulldozers. :(