A ponzi sceme now backed by unfinished, neglected, rotting residential towers ending up as a pile of rubble just like the dreams of their owners left holding the mortgage bag.
Often it's also savings from other reletives like parents and grandparents, funds meant for retirement. It is very bad. I feel for my distant relatives still living over there. I've seen old photos of the cousins I have never met.
A ponzi sceme now backed by unfinished, neglected, rotting residential towers ending up as a pile of rubble just like the dreams of their owners left holding the mortgage bag.
Sadly the Chinese do not finance most of their purchase. They put a lot of their savings.
That means it is worse, their savings are wiped out.
Often it's also savings from other reletives like parents and grandparents, funds meant for retirement. It is very bad. I feel for my distant relatives still living over there. I've seen old photos of the cousins I have never met.
Yeah wiping out generational wealth.
Exactly. A very bad situation weighting on the shoulders of the claimant/victim/owner who often takes care of the grandparents too.
this was inevitable, we not just saw this from miles away, but all the way from the other side of our planet 😉
really sad if you think about those citizens who hoped and dreamed of having their own home.