Is China's property market about to go bust? | Chinese Whispers | SpectatorTV

[@busking6292]

Customer:-'I've stopped paying my mortgage' Bank:- 'then we'll reposess your property' Customer:- 'go ahead' Bank:- 'err...where is it'? Customer:-'exactly' checkmate!!

[@gareth7574]

Bank: we already own it because we bailed out the developer Government: Hmmmm

[@dbspecials1200]

Customer: "Well, it was only a very long lease, as I can't actually own property in a communist country anyway." Western observer: "Well, you leased vapor."

[@PibrochPonder]

Lol that’s an awesome comment

[@DontUputThatEvilOnMe]

The banks are screwed and so are the buyers because they will never get the homes if they don’t pay the mortgage. It’s a double edge sword. If mortgages aren’t paid banks will not give loans for development so the developers cannot build the homes.

[@peterwuwei3297]

@@gareth7574 "bailed out the developer with a HUGE govt loan that we then leveraged 5x."

[@paulwally9007]

Q: What's the national bird of China? A: The construction crane.

[@hermanrogers1325]

Coo coo

[@rossb3454]

Q: What’s the most roasted animal in China? A: Xi Jin Pig aka Winnie da Poohpooh

[@robinsattahip2376]

the jailbird

[@joesky011]

@Zack Smith Are you part of the 50 Cent Army?

[@terryharris1291]

The government back hander bird is ,spends all of its time feathering it's own nest.

[@palemale2501]

Wait a minute - Chinese developers have taken pre-sales money from house buyers (via their mortgages) AND these developers also borrowed money (bonds) and STILL failed to complete the building projects due to lack of funding - WTF ? Sounds like fraud. and gross incompetence

[@buildmotosykletist1987]

There's a lot of corruption in construction co's and government, particularly local gov't.

[@noobermensch8113]

It's a little more complicated than that. Evergrande as an example have leveraged themselves to an incredible extent in order to fund hyper rapid growth of the business. Their business model was dependent on being able to continue growing so future increases in revenue would allow them to service the balooning debt repayments. In addition to that, any business that grows so fast will encounter extreme management diseconomies of scale.

[@curiositycloset2359]

@@noobermensch8113 they're not businesses. It's that simple. The people will pay. We have the same issue in the west.

[@pjacobsen1000]

They took the mortgage payments and the bond revenues and used them to develop new projects, and based on perceived value of the new projects, they were able to issue more bonds and get more loans, etc. etc. That's why George Magnus in the beginning called it a Ponzi scheme. As long as housing prices go up, it works, but as soon as the market starts to stagnate, the house of cards falls. I don't think we'll see a sudden crash, because the govt. won't allow that, but we are likely to see a (possibly) multi-decade economic slump, Japan style.

[@hermanrogers1325]

Yep that’s right it is a skipping scam and they will pay because the mortgage for 30 years and everything will be grande for everybody to profit

[@stewartbone4236]

Iive in Beijing. Housing agents are not finding it easy to rent properties in some areas, especially when so many foreigners have left. Schools are desperate, Chinese graduates are finding jobs tough to get and the business climate isn't easy for retail. It looks a bit sad compared to a few years ago.

[@peterwright9934]

Can’t rent out your property? Lower your rent!

[@deebil8099]

@@peterwright9934 Rent in China is already relatively cheap. Especially when you compare it to the cost of buying.

[@TheFirebird123456]

China is entering a recession for the first time in decades.

[@MrSky10101]

I left China, I could handle the outrageous lockdowns and testing

[@deebil8099]

@@MrSky10101 -10000 credit score! You take that back and say China is the best country in the world!

[@Mrrossj01]

George Magnus is appears in the financial media when excellent, honest financial analysis is demanded. Bravo George.

[@DD-tr8do]

The money is long gone - they are just realizing it now. 20% youth unemployment, 20 million retirees in the coming years - boom, game over

[@bighands69]

That game over may make the CCP very dangerous and do things they may not have done before. If they think that their life is in danger then they may do desperate things.

[@AnotherAmerican91]

@@bighands69 true, but there's not much we can do about it. Why were funding a deranged regime makes no sense to me regardless.

[@bighands69]

@@AnotherAmerican91 I think they can be managed but it does not look like anybody wants to do it.

[@jameszebell3845]

Thanks for this very good interview. One missing element is the demographic challenges faced by the country. Although there are many people, the population is rapidly aging and their demographics are the inverse of ideal for growth.

[@Ash-vt5cp]

i'm always surprised how so many analysts don't mention it, or just casually gloss over like it's a minor issue

[@billclarke3773]

Spec has now addressed this - very interesting.

[@benhill70]

You might enjoy Peter Zeihan. He describes the very weak position China is in on many fronts. Demographics are one of the worst parts.

[@whitemoon5752]

One child policy prolonged too long. If it was only for 10 years still manageable but man 40 years is too long. Moreover the rural family opt to have male child rather than female which further left so many bachelors in rural areas.

[@whitemoon5752]

One child policy prolonged too long. If it was only for 10 years still manageable but man 40 years is too long. Moreover the rural family opt to have male child rather than female which further left so many bachelors in rural areas.

[@DD-tr8do]

Greater Fool Theory - always collapses when you run out of fools.....

[@davidbarry6900]

The property price bubble in China has many causes, e.g. the very rapid urbanization from 1980 onwards (much faster than any other country's urbanization), one-child policy (which caused a surplus of young men vs women, hence the demand that men prove their worth by having a home), but it was also a side effect of the very success of China's industrialization and economic growth, and the CCP's failure to improve social programs accordingly. More and better jobs meant more income, so greater demand for places to save and spend that money. Access to the stock markets was limited and too risky (after several crashes, and since the state can always change ownership rules), so investing in property became the best and default way for Chinese people to save their money and provide for a retirement. (In a sense, this was also a vote of no-confidence in Chinese banks.) This issue is not unique to China - a lot of other countries have housing booms that are at least in part due to speculative investment and a culture of seeing houses as a safe investment. This increased demand for housing (as a savings vehicle) is more exaggerated in China though, because of WW2 and the cultural revolution, that wiped out institutional memories of how housing markets SHOULD operate, and that they sometimes crash. Property values CAN sometimes go down, but most people in China have never seen anything like that happen, so they downplay the risks - and it's not as if they really have many other places to invest their money either. So, incredibly high demand for property, combined with local government that does not get tax revenue but has to fund operations through property sales to developers, combined with entrepreneurial development companies that are perfectly willing to cut corners and also figured out a ponzi-like corporate growth scheme. A recipe for a perfect storm. Let's hope that someone figures out how to defuse the situation before it really crashes.

[@cooldudecs]

if that happens... it will be a civ collapse

[@TheFirebird123456]

U summed it up pretty well. I will also add that east Asians in general love investing in property, look at the japan bubble, prices in Seoul, Taiwan, Hong Kong and Singapore. These guys have access to reasonably well regulated banks and open markets and they still invest massively in property. Property in china technically isn't safe as it's long term leases and not change in ownership; however the shitstorm that would result if the communist party invalidates these leases en mass would be so huge that the party won't risk it.

[@barryraymond9004]

China built out an industrial plant to build 200 years worth of infrastructure in 10 years. Instead of growing at a normal pace each year they added more and more capacity to build more and more each year... Then they passed the point that they needed more apartments and kept going for another five years on second and third home speculation. China could not construct new homes for half a decade or more now and still have plenty of supply, but all the jobs from all that capacity will go away along with 25% of their economy. They could transition to higher quality construction and knock down the Tofu buildings, but they all have debt attached to them and the folks that own them consider them assets. I don't know how they get out of this without a lot of pain and the folks that spent their gains from working hard will wonder why they sacrificed so much.

[@robertwang7825]

It’s already gone bust. Sales down 40% YOY , price down 10 months in a row , multiple defaults by developers, over supply of housing , non delivery of projects already purchased , no longer a haven for wealth accumulation ,etc.

[@bongeyedbill9355]

About to go bust? 😂 It already has...just look at the ghost towns.

[@misterprogressive8730]

Oversuply is a sign off the bubble bursting.

[@Arcomist]

@@misterprogressive8730 They are not an oversupply, all those ghost towns are selling well, people just use it as a way to invest and save money and not as housing

[@fourshore502]

@Zack Smith oh they will be dear. just give it a little bit more time. its a disaster happening in slow motion, but its speeding up.

[@Migolcow]

Blows my mind that you can have a mortgage you make payments on...on a house not even built yet. How on earth does that make sense?

[@dbspecials1200]

We are doing it with cars & trucks here in the states. it takes about a year to get one built. the trucks come up from Mexico on trains. a guy at my job has one on a train right now. nobody can tell him when the dealer will have it, but you start paying the note right away. and it's like $80 grand now. it's not a fair comparison, but it's happening with durable goods.

[@theonlyconstantischange123]

@@dbspecials1200 but u eventually OWN the vehicle. Not so In China. Perpetual servitude

[@DRM-nb1fg]

@@dbspecials1200 People are not buying cars for the sake of investment growth. In China, they don't trust stocks or anything else. They dump all their investment money into real estate, so they end up with a ton of empty homes and even ghost cities. It's construction for the sake of construction, a fake economy in many ways. The question is how long will they be able to continue this type of activity? Maybe forever. The Chinese government doesn't really answer to anyone.

[@bighands69]

It is an investment to many in China because they do not have any other form of investment available to them. The irony is that they do not even own a property when it is built due to it really belonging to the People's Republic.

[@PibrochPonder]

It’s a 70 year lease as well. You don’t even own it.

[@girishkagarwal3378]

There have been growing concerns about zero Covid policy and this has resulted that China caused huge supply chain gap. This has resulted that manufacturing shifting to outside China, causing forex reserves to fall, unemployment and further strain to the Chinese economy.

[@bighands69]

That move out of China has been in progress before the pandemic and only started to speed up during. There are still generic factories in China pumping out mass products but they are not going to be able to keep it up. China has lost its price to cost production edge about 12 years ago and it now has taken the market and consumers to realize that. People were willing to pay $1 for a bit of plastic junk that may work or fail but they are not willing to pay $10 for a similar type of product. The cheap china is gone and the market has adjusted.

[@Confucius_Says...]

In my personal opinion, I think that the Zero Covid Policy is just a covert way of laying Economic Sanctions on the West without doing so overtly... After all any and all domestic dissent can be crushed with a pliant army with its tank divisions.

[@MarkMifsud]

Question: If constructors are helped financially to finish projects, how do we know they will not cut corners? Are there any deterrents against bad construction? There are many tofu dreg projects in China and the current squeeze on the market guarantees that quality is going to decline even more from now on. Anything they can do to save money, the constructors will do it.

[@TheFirebird123456]

You kinda answered your question. They are cutting corners. Mind u they aren't the only ones, the developers are also cutting corners to finish the projects cheaper and faster.

[@tylerk3616]

Lol its china. Builders do not give af.

[@p2p104]

@Zack Smith Jealous of China ? LMAO. In US and in Europe we actually USE very tough construction norms

[@GuyIncognito764]

@Zack Smith hahahaha

[@bustertn2014]

What's even funnier about their real estate problem is how much they leveraged that money in their homeland to buy property around the world. When the bill comes due they will lose that as well.

[@barryraymond9004]

Actually they cut off that a decade ago. That money was repurposed to build empty apartments in china. You know capital controls

[@AYVYN]

There’s always loopholes. The easiest way is to subvert real-estate laws and get foreign citizenship for your family/employees and make profit through them.

[@barryraymond9004]

@@AYVYN But only for the well connected to the CCP. A decade ago any successful person in China could get their family and money out without all the bribes and risk.

[@AYVYN]

It’s easy getting American money into China through investment, and in China you pay “interest” to your “friends” firm back in America. Now you can freely send money back in forth.

[@JeromeAJackson]

Why have a mortgage on a unfinished project I'm in real estate its like buying a car that hasn't been built. Bad real estate practice, they can take your money, Developers and banks are corrupt.

[@timrobertson8436]

16:50 Lulu Chen: "We still had population moving . . . We , we . . .And on top of that our population growth is slowing and probably going to drop . . . " It seems Lulu is identifying herself with China by using the first person pronouns in talking about China. So, does she speak for Bloomberg as well in this perspective? No wonder she is self censoring by trying to downplay the catastrophic situation in China caused by long term CCP policies. By the way, latest 2020 China census figures show population has already dropped by more than 100 million people, so she is quite a bit behind the curve. It has already been dropping for several years now. This is another obvious cover up for China on her part among many others in her "reporting as a neutral journalist".

[@timrobertson8436]

@Zack Smith The CCP used stolen the property, capitol and technology to develop parts of China over the past 30 years since Mao, who ruined China. And now it is destroying the economy of China by the policies of personality cult dictator who wants to be THE LEADER for life, just like Mao. The cycle goes on but not forward for China. China is going backwards and will always try to catch up to the West because it cannot innovate, so it needs to copy existing tech from outside China.

[@happyhappynuts]

Totally fair enough for her to speak in this way. Plenty of recent migrants and members of families recently migrated say that. As an aside, using we and you for observations is also common in general. "You get lots of cases of flu in winter" can be used for the wider community and not the conversation partner having the flu.

[@AndyKing1000]

This is the first interesting comment I'm reading today.

[@timrobertson8436]

@@happyhappynuts She is supposed to be speaking as a journalist, regardless of her national or ethnic origins. She is also representing her employer, Bloomberg which is supposed to be neutral or uninfluenced by ethic perspectives and biases. She apparently represents China rather than her profession, employer or the factual truth. This is apparent in many ways in her "reporting" and analysis

[@timrobertson8436]

@Zack Smith How is this relevant to the observation about her choice to use first person pronouns in reference to China? Just another troll

[@girishkagarwal3378]

Note further that local councils have no resources, Chinese steel industry, low fare airlines, bullet trains are running at operating loss and financing banks have no way to recover their investments and interest. This is causing banks to become cash less and frankly bankrupt.

[@bighands69]

Chinese steel industry is based on low grade steel production. Anything they have exported for major projects has rotted away.

[@Rapture77]

The question with the 3 Red Lines is not really about sustainable investment but why only now ? The signs were there for at least 15 years .

[@AnotherAmerican91]

Because in authoritarian countries leaders don't want to know the hard problems, they want to hear that everything is good. So everyone around Xi tells him, everything is good. China best, no problem here.

[@Inchonseoul]

It's just inconceivable to think that anyon can ever separate money from Chinese. For his love of money is paramount to anything on this earth, even to life itself. Chineses culture is unique in this regards over to all other cultures.

[@untitled6391]

It's not though

[@gareth7574]

Great interviews on a disturbing situation.

[@jayd6224]

What is the porcelain factory failure you are talking about? Doesn't come up on Google.

[@jaywolfdesigns]

just found this fantastic channel, love the in depth info!!

[@venkag]

One of the finest interviews on Chinese real-estate, I think, it is a temporary phenomena.

[@sreenathgopinathan4002]

This economic crisis in People's republic of China is similar to the economic crisis in the USA during 1930s (which is commonly known as Great depression). Basically time isrunning out for Xi Jinping. He has to attack Taiwan (reunification by force) or attack any unfriendly country like India or Vietnam. Otherwise , in Business as Usual scenario, Big Banks in China will fail.

[@venkag]

@@sreenathgopinathan4002 imagine if Chinese government spends billions to buy home this would certainly improve the sentiment

[@sreenathgopinathan4002]

@@venkag Imagine they don't have the billions. Had they were having the billions, Rajapaksa brothers need not to have run away from Sri Lanka.

[@Laowai-xu8vt]

Your accent is adorable. I love it. Of course your content is on point.👏👏👏👏👏

[@Mrrossj01]

China is not an isolated entity. The Chinese housing crisis is a world issue.

[@billclarke3773]

Superb journalism. I actually know more now that I did half an hour ago. Keep up the EXCELLENT work.

[@hongshenxiao949]

why are so many properties not completed?

[@Nightstalker314]

Looking over coverage of this on KZbin for the last 10-12 years it was about to happen all the time. So when is the time?

[@kchalu]

Excellent interview. I hope the homebuyers will be okay.

[@matthewmorgan7106]

Great interview !

[@Thefatandy]

In China new construction purchase the mortgage begins before the home is complete?

[@ThorIsBoss]

One thing I do not understand is given their demographic collapse, won’t a lot of the excess buildings(supply) have even more issues when there aren’t as many buyers(demand). The US real estate market bounced back but it doesn’t seem like this one can if it bursts.

[@MrValz0]

Really insightful, thank you.

[@DD-tr8do]

She said 300 billion Yuan - it's 300 billion dollars - bit of a difference there.

[@deebil8099]

Yea, the dollar is a real currency. The yuan is funny money that isn't accepted anywhere outside of China. It's like monopoly money.

[@kikolatulipe]

First time on the channel , good content !

[@ingridlinbohm7682]

Great to see my home county on the wall. I can see the Cathedral from my window.

[@unclenemononame]

Meaning the host with the "No...., NO... Just Business..." ? that photo?

[@richardpeychers4076]

Paying for a property up front off a plan shows the faith the population had in the institutions now with this massive loss of credibility exactly the opposite will ensue.

[@shroomingnewman4648]

i've seen several videos on china's ghost cities and economics, and one thing they always neglect to mention is how central banking enables all this. this could never happen a free market economy

[@liyunfei]

no mention of bond markets?

[@gerhard7323]

14.00m

[@Dj-Boozz]

Recent months?? Over 9 months...

[@himoffthequakeroatbox4320]

Did PPE at Oxford. Yes, totally ordinary, just like the other billion or so.

[@askbob2009]

with working from home....western commercial property market is quite shaky

[@garyeast7259]

I think the presale "model" should be dead anyway. Why would anyone trust any other company selling houses that arnt built yet in the future. Maybe they should go back to how its always been done and build houses then sell them. Its like earth 2 or nfts.

[@bigpete4227]

Let’s hope so.

[@wajahatali321]

True and I agree with this details. Very informative article

[@MrT1979]

Why China real estate bubble? The real estate bubble gave rise to speculation, as China's middle class borrowed heavily to buy houses for retirement income investments (up to 74% of the population) developers used monies to buy land and not put spades in the ground, people are / were paying mortgages 'off plan' and the ponzi failed. According to George Magnus, household debt rose from about $2 trillion in 2010 to more than ''$10 trillion in 2021'', with the ratio of debt to disposable income surging to about 130%+. Tick tock for the hyper large pop! And we wonder yet again why the world is inflating drastically to counter buying up their subsequent debt portfolios...This will make 2006 feel like a little baby burp!

[@beegchunguz7425]

It cant burst if the property doesnt have occupants or completed buildings in the first place.

[@danbreeden68]

Beautiful news commentator

[@rocketred55555]

The one word not mentioned in this chat .. "corruption". Corruption by who? It is not the buyers obviously who were sheep lead to slaughter. Corruption by running off with the cash has a huge impact given the way banking and debt works. One dollar stolen has a ten times impact on the remaining cash and the constructors who had to pay 30% fees to local cadre, means that the quality of structures also suffered. Someone needs to bear the repairs, so add that tofu dreg mentality to the mix. The entire industry was run with "near enough is good enough mentality and perpetrators had time to slip away. The chat didn't go deep enough to capture ALL the crap... this is the real iceberg scenario going on here and will take more than three red lines to fix. Watch this space. I leave hanging who were the bad actors.....

[@dinaldcurchod3296]

No. It’s not about to go bust. ..It already has

[@ivohahn]

I think Evergrand has US-Dollars 305 billion in liabilities, not Yuan!

[@claudebujold4959]

When corruption is a tool for growth!

[@gizroc]

A crash worse than 2008. Must be bad when you have 58 Detroit city bankruptcy in your country

[@PRAR1966]

Spectator 5 months behind the curve - and that's the layman's curve, for businesses everything changed rating a long time earlier. I wonder how many of them bought crypto on the "dip" 😆

[@zomgoose]

Didn't take very much to disrupt the market.

[@poobum9857]

all the risk is in the purchasing like ponzi structure !!

[@dksharron]

About to ? It already has

[@science212]

Good magazine.

[@faizalhakim3772]

Sub crime- Freudian slip

[@kikolatulipe]

“Housing isn’t for speculation “ maybe it is the right decision to fix the housing market !

[@AnotherAmerican91]

Letting it collapse is probably the right ideal, whether or not the CCP survive the collapse is the real question.

[@keithrobert5117]

Milton Friedman said to the central committee of the CCP ' I can make all of you guys not just billionaires, but trilliionaires.' So, the resources of the state merge with, in effect, a quasi slave economy. And productive power is wealth, unimaginable wealth.

[@emmawang1999]

Chinese economy is a managed economy as opposed to free economy in the West. It will never just collapse like in the West countries. Yes, it does have crisis from time to time. But they can be managed.

[@axellacaze9115]

Yeah just like the Soviet Union's managed economy neeeever collapsed, right /s

[@emmawang1999]

@@axellacaze9115the soviet union went from an agricultural society to an industrial one in a very short period of time. The soviet union collapsed not because of its economy. What really destroyed the Russian economy was the shock therapy.

[@ingridlinbohm7682]

The shock therapy was applied because the patient (USSR) had died.

[@georgedoolittle9015]

It's not a development issue as an outsider looking in but a credit issue as *"stop work orders"* start seem to be, well basically a truly awesome amount of non-working Capital *("impairments.")* That would makes this not a "Lehman Brothers Moment" per se but a "Bear Stearns Moment"* using this as your metric as the financial institution(sss) simply are oblivious to the disaster unfolding. There are more than a few who have commented on this for a very long time Kyle Bass the most famous here in the USA but yes absolutely geopolitical events have created what one could argue is a *SHOCK* (Russia invades all of Ukraine, fails, still doubles down on that) and suddenly the viability of any speculative debt from foreign markets *ALL* get called into question and not just China. Obviously Russia, obviously the entire Middle East, obviously all of South America, obviously all of Africa. The United States really on in fact *trades* for critical goods with Canada and to some extent absolutely Mexico as well but for the most part trade is a very small aspect of US economic growth and growth prospects...though hardly meaningless. Anyhow *"deflations"* are absolutely not to be taken lightly as the Japanese experience going into the 1990s painfully revealed (Lost Decadessss and beyond.) Add a Crazy Ivan and capital could very much flood even more so into the US economy than it already has which in my lifetime anyways I have never seen such an investment boom in US assets *EVER* as what has been experienced over the past 20 Years something certainly very much deflationary in the USA as well. I certainly doubt the IMF will in any way want to be of any help to China as well! Anyhow just an outsider here giving a very rough take on what could be a very fast moving series of financial events caused by Putin trying to truly disrupt the entire European Order of certainly the past 50 Years but one could argue even going back 1000 Years as well. Bad time for China not to be laser focused on their Banks and other financial institutions in a way that is anything that stops being unhelpful going on for some time now.

[@dovbarleib3256]

I think that simply saying that the CCP is not cracking down on mortgage protesters keeps your KZbin videos monetized?

[@peterwright9934]

Xi is right! Housing should be for living not speculation. Problem is the recent history of China has reflected what has also happened in many developed Western countries where the ordinary working class has been priced out of housing by speculation. The difference is Xi has the power to call for an end to this. We will see if it works.

[@DD-tr8do]

Bit late now, when construction is 30 % of GDP & 70 % of household wealth. Any slowdown is going to wipe out people's savings+ faith in the system.

[@peterwright9934]

@@DD-tr8do True. Now China has learned that capitalism has its contradictions. That’s why it will move back to a more directed economy.

[@Robocop-qe7le]

Xi is doing the right thing. State interference in the market is the shortest road to bankruptcy. Well done Xi, tear down this house of cards built on corruption. :)))

[@bighands69]

@@peterwright9934 How would you propose they stop speculating on property?

[@peterwright9934]

@@bighands69 limit everyone to owning one property in China and open up other pathways to invest in Chinas economy or in other countries (but not real estate). Also establish proper supervision of business. Crackdown on cronyism and fund local government through allowing them to tax not sell just through selling land. Create a working tax system to redistribute wealth. Allow workers to strike for better pay and conditions. And a lot more….

[@bazbarrington250]

I find it hard to believe this is true. China’s manufacturing base is huge. They have been commonly known as, ‘The Worlds Factory’, for a long time. They have also been the worlds main supplier for a lot of our health and safety equipment and pharmaceutical’s, which cause a lot of problems during the early period of the recent pandemic. Particularly when the US and UK struggled to acquire their usual shipments of masks, gloves and antibiotics. Our western nations are also terrified that our main supplier of micro chips, even for military use, will be impacted by China interfering in Taiwanese affairs. The stories spread by our secret services may have worked to drive cultural changes within western countries or change regimes within poor nations that are reliant on relief from richer countries, but I doubt this tactic will work on China. However, even if this news is correct, doesn’t this make China more dangerous for the rest of the world? Surely a nation would want to keep its status of being one of the worlds super powers. So if they’re experiencing financial difficulty, they would invest in their military, with a view of expanding their empire? The west has been in decline for years, but is still currently the main global power house. So if the west has identified the risks from the expansionist desires of China, Russia or Iran, shouldn’t we intervene now? I fear we will struggle in several years time.

[@AYVYN]

So your argument is China’s economy is good because they have a good economy? A mortgage crisis can destroy an economy, even if they had a strong economy beforehand.

[@whitemoon5752]

THREE RED LINES, let that sink in. Unless government lowers that perhaps make it pink and get rid of Zero Covid that will be the only way

[@sergeantmajorzero7482]

I remember the fall of the Soviet Union (yes, I'm that old), and it took just 48hrs to collapse. Is the CCP about to experience the same?

[@jimmylam9846]

China : If the problem is money...money isn't a problem. We built the HSR system $ 6 Trillion US..The highway system 1/2 trillion..Did we ask the richest nation on earth,theUS for loans ?😁😁😁

[@doubleeagle9722]

enjoyed your interview. like the observations and comments. Personally i felt the CCP regulation come too late and too weak. the "time bomb" already ticking and red flags were up even back in 2016. Sad because whatever the outcome is, many lives and livelihood have been affected and may even be destroyed. Adding to it, the Pandemic is making the whole solution difficult to come by and Banks may themselves be in big trouble to handle all these bad debts.

[@junsuaiiim998]

Money and Macro's done a video explaining all this, don't feed the clickbait youtubers

[@Blue-God]

Economic crises aside.... I don't know why only South Asians look Beautiful .. is it my DNA ?

[@Zorn76]

Hi Cindy

[@spektrumB]

I find it unbelieveable you keep using the Chinese official data.

[@goncalovazpinto6261]

Three people discuss china's real estate sector for half an hour and not one mention is given to the huge environmental impact of china's building insanity and all the upscale industries that feed it... No one cares, all that matters is money and "peoples rights". China is responsible for more than 30% of global fossil carbon emissions. China's real estate sector is responsible for up to 40% of their fossil carbon emissions. China has at least 65 million empty homes. China's population size is declining rapidly. This is not a "perhaps" situation, like one of the interviewed put it, it's an inevitability. China overproduces low quality steel, gobbling up most of the world's iron ore production, and then the rest of the world have to impose tariffs and other measures to prevent china from dumping their steel in international markets, ruining other countries' steel industries. Meanwhile china has to import high quality steel. China is the world's largest importer of sand.

[@russellleavitt4449]

What would happen in America if millions of angry voters suddenly stopped paying there mortgage. You know we are in a bubble as well. It could burst at any time.

[@AYVYN]

The bank would take your house and sell it. This protest only works in China because the houses don’t exist.

[@curiositycloset2359]

The biggest pain to cartoonists is good-looking people

[@williamzabiski7653]

Nope

[@daviddoink872]

Will Communist Party members who own property be treated in the same way , with regard to unfinished properties , as non party members ?

[@guff9567]

Who cares if it does it doesn't?

[@tomthumb2361]

Reminds me of Japan when its distorted economy stagnated

[@unclenemononame]

Japan's banks refused to write off bad debt. And now we learn China's banks are doing the same?

[@123pangolin]

Epically tedious. I hope some Chinese people are enjoying a similar entertainment about the UK property market.

[@gerhard7323]

Are masses of people in the UK paying mortgages on still unfinished properties being built by a few massively indebted megaproperty developers then?

[@123pangolin]

@@gerhard7323 would have been good to hear from those affected, Just pundits here.

[@craigwillms61]

I doubt it. What is epically tedious is the west stupidly putting all their eggs in the China basket. I mean what could go wrong?

[@guntguardian3771]

@@123pangolin you're talking about China, im sure people who came and gave a western interview wouldnt take any sort of social credit score hit 😂😂😂

[@mckengineer5727]

No Taki 😂

[@craigr4763]

Notice you got rid of the super stereotypical intro music lol.

[@thulatoria6304]

Unemployment keeps surging and bills wait for no one that’s why we have to figure new ways to make an income, I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made $210,000 in 4 months from $35k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas

[@sedovale7698]

@Alerk Yana Exactly, the trick is to diversify your investment, don't panic when everyone else do and invest consistently

[@saneramos6334]

I have been seeing so many recommendations about Veilleux Thierry on social platforms trending, I think he must be good for people to talk about.

[@reece5725]

@@saneramos6334 < Consistency is key, I've been trading with him for months now and I've made a lot of profits using his trading strategy.

[@rashfordmaguire7384]

This is really helpful for my situation!!!! Thanks guys I will try him but do you know how much is okay for a start let me know if I can do this?

[@Michael5627]

@@rashfordmaguire7384 Of course you can, they're different packages, I started with $5k and I'm earning massively right now.

[@Sillysillylittleman]

Get your parachutes ready.

[@DanSme1]

The Spectator is behind the curse by a country mile.

[@acetheking3136]

🗑️

[@freedom1028]

I couldn't be happier for the CCP. 😅😅😅🍻

[@AngelRivera-wp9bg]

In other words a scam lol

[@DaBooster]

Cindy is beautiful

[@binbi8177]

Westerners dream of China's collapse🤣🤣🤣

[@cooldudecs]

its happening...this time it will happen during a dem bomb

[@deebil8099]

Why would westerners dream of China's collapse? I know Chinese people always obsess over the U.S. but most people in the U.S. don't even think about China. Before they unleashed covid on the world, nobody ever talked about China. It was just some place that makes cheap goods at slave labor prices.

[@hjs9td]

The CCP dreams of perfect propaganda.

[@binbi8177]

@@hjs9td Compared with CNN, BBC, and the New York Times, the Chinese media are far less capable of disinformation.

[@hjs9td]

@@binbi8177 Of course, since they are all invested by SOEs of the CCP. You have to start somewhere

[@JA-pn4ji]

Methinks this is Western sour grapes. For how many years and how often have western media sources been predicting doom for the Chinese property market? The source of their present concern stems from their own economic prospects with inflation in the US/UK rising and a recession on the horizon. China enjoys moderate inflation, and interest rates are actually trending down, its current stifled growth are a fallout from aggressive covid policies.

[@pjacobsen1000]

I think we'll find out over the next year or so how bad it is. Let's hope you're right.

[@cooldudecs]

lol... china has printed more than all the west ... It also has a bigger real estate market than americas equity market.. boom...

[@mabusestestament]

A ponzi scheme is still a ponzi scheme, 'sour grapes' or not 😘

[@zorg729]

Imma take a guess and say your paychecks show CCP as the payor.

[@deebil8099]

Yes, yes. The west is bad, China is the best. We all heard this story non stop by Chinese people. Everything is perfect in China, nothing ever goes wrong. If it does, it's always the fault of the west...

[@jamessmith1652]

Typical negative press on China. Why not do even a single reportage on something positive out of China? I dare you Spectator, just try. See if you can manage just one positive piece on China.

[@harryantino]

Outlets are, or should be, wary of doing puff pieces about countries run by murderous dictatorships James.

[@paulwally9007]

The CCP's mismanagement of Covid probably caused the pandemic and hence the deaths of millions of people. I think media outlets across the globe have been reasonably compassionate in not levelling much blame at the Chinese leadership. Stop moaning.

[@redcapitalist]

@@harryantino you mean the ones with a queen who start opium wars and forcibly colonize the cities of other countries? karma is here, harry. enjoy sky high rents, inflation, energy bills and unlimited supplies of fentanyl hahahaha

[@davidrenton]

come on James you report the fantastic news , maybe the on the uighurs or the lockdown. The CCP is a defunct horrible system , but you get apologists just like you had in the 30's for Stalin. Ever heard of the term 'useful idiot'

[@redcapitalist]

@@davidrenton yes the term applies to you perfectly. the uyghurs are doing fine thanks to the most responsible government in the world. and change your inset - there are no more english gentlemen in this world - only pub yobs in a 4th world country called the UK. the sun set on it a century ago. lmao

[@MrJanes-cl5sj]

OMG a Chinese girl with an Australian accent is so hot...

[@zootsoot2006]

No one in this video has an Australian accent.

[@troymackenzie1858]

Sounds British to me.

[@michaelhart7569]

I assure you her superb accent is very English. I find any 'perfect' accent on foreign women very pleasing to the ear.

[@DontUputThatEvilOnMe]

I like how she said that the people born in the late 20th century have never seen an economic downturn. When everyone thinks the economy will always go up this is very dangerous.

[@unclenemononame]

This is insightful because from the 70's and 80's all western societies, all societies have experienced economic downturns, except Australia which has been riding a 30 years of steady growth, however that is also changing doe to COVID. Interesting times are ahead