Massive Layoffs in China’s Real Estate: 500,000 Jobless, 20 Million Unfinished Buildings

Currently, more than 50 Chinese developers have defaulted on international debts. According to the grassroots think tank Keyan, which focuses on China's real estate, about 500,000 people have lost their jobs. There are approximately 20 million residential units unfinished in China, requiring an estimated $440 billion to complete.
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[@MasticinaAkicta]

So many empty apartments. So much money just gone... So much debt. But don't worry China's GDP is 5%+++

[@Numischannel]

They "cook the book"....

[@lance8080]

Rice farming work available 🇨🇳

[@patrickt49]

@@Numischannel Cook the books in a wok made mostly of lead and gutter oil.

[@Numischannel]

@@patrickt49 Been watching Serpentza? 🤣🤣🤣

[@hermanrogers1325]

This is why it is impossible for America to compete with cheap labor countries and all their good shit back to America and I am asking where is the money can’t buy unless you got money to hell with credit

[@gadgetz8625]

There is a fundamental issue not discussed here, other than the 10’s of millions of un occupied homes, the population is dropping rapidly, the demand hence will fall of a cliff of no return, there is no balancing of supply and demand in such situation even after decades of time

[@misterbig9025.]

China 🇨🇳 has been a money-printing machine on overdrive. During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times. - It has printed more money than the US and Japan combined, while it's economy is only half of them. - Current Chinese debt-to-gdp is already *highest in the world, at 300%,* according to Bloomberg. - With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.

[@joshuajoseph5998]

So you're saying their debt-to-gdp ratio is now worse than Japan's? Really?

[@hendrikwidjaya1494]

How do you know that China is printed money more than USA? Yuan is not acceptable worldwide, while USD is everywhere 😅. "According to Bloomberg 😂" Bloomberg is a USA economic media propaganda

[@mur4s4m3]

@@joshuajoseph5998 Japan's debt-to-ratio is peculiar because most of it is owned by population

[@joshuajoseph5998]

@@mur4s4m3 looks like China's financial problems are far worse than Japan's. It's real estate and banking sector is built on one enormous Ponzi scheme.

[@happyfinance1806]

If you don't own house ...you lease it for 70 years...what happens after 70 years...likely your future generation become home less again ?

[@markdowse3572]

The CCP owns all land in perpetuity...

[@Nova2Yung]

definitely, at this point you either start a revolution or escape the country

[@stevenjohns1322]

Exactly by doing this the plebs never escape the prison they will only own something for a short period of time then the CCP take it back and they cycle continues

[@sleepinglaffey3886]

​@@Nova2YungYou get rich siphoning yuan from a rotten tail building project. abscend AND run away to Vancouver or Sydney!

[@oldowleye3161]

@@sleepinglaffey3886…😂… those eveil capitalist states are there heven!…😂… who could imagine that?…😀

[@cal9688]

Don't ya just love Winnie-O-nomics! What could go wrong? That guy is a legend.

[@davidholmes9643]

Worse to come. Like all the Tofu building that have been completed they will just crumble away and Insurance will declined and VOID most claims.

[@user-jy2ci5ox9v]

In less than 5 years it will be a s show…

[@ADHD55]

Exploding EVs Tanking economy Formaldehyde fake meat Fake poisoned food Belt and road to nowhere Looks like a horror movie to me

[@tazboy1934]

How dare u ...minus 999999 sc

[@abdiaman8992]

​@@tazboy1934😂😂

[@mightT1]

all these flats are like high-rise prisons... that's why anyone able to leave have left.

[@sleepinglaffey3886]

#sloprosperity #theskydontlie

[@JAM661]

They way overbuilt and lot of the chinese cities are sinking because of all the huge heavy concrete building they put so close together and did not plan well.

[@gavinlew8273]

Agreed. Flats are like prisons. Pigeon holed!

[@JJ-rp2df]

Speculative real estate is not sustainable to everyone's surprise

[@Numischannel]

Of course, but in China nobody knows it.... the CCP keeps them isolated they can't even watch a video like this one

[@danbreeden8738]

Temu is fraudulent

[@Aliphatic]

Anything from China are all fakes

[@JFEnterprize]

That’s weird your statement comes with a translate button “temu” is “im afraid it”🎉😂❤

[@scottgordon1781]

Seriously , how can there be any demand / sales of 'new buildings' ? Developers are broke . 'Sales down 40 % from last year ' ......how good was it then ? Actual figures would be nice . As for govt stimulus , the CCP has cut 'infrastructure spend ' by 50 % this year ! Banks are not making new deals , will have issues with bad debt . How many millions are paying for a house that will never be finished and cannot afford the bond on existing deals . Being denied HSR and air travel is the least of their worries with a bad credit score .

[@wheezysqueezebox7651]

She exchanged her old country homestead, for 5 apartments, and 2 shops! Only one shop occupied, no one wants to live in the apartment, even for free...

[@leaf4koala]

That's because nobody can afford it.

[@charlesting2818]

Who would wanna buy a tofu made material apartment??

[@scottgordon1781]

It was all a big Ponzi scheme . Who exactly is going to live in the complete units . Heard the population of France before , now Germany . Add in incomplete units , apparently India could move in :-)

[@Numischannel]

And China's population is expected to shrink by 500 million by the year 2100, thanks to the only child policy... that, not even counting emigration which is rising

[@xijinpig7978]

as a chinese i am very lucky to be bornas a chinese. my grandpa lived through Chaiman mao's leadership my dad belonged to Jiang Zeming's Era And now its my time. I choose to live with Taiwan! Auto -10,000,000 Credit Score

[@HKim0072]

Not the perfect indicator, but getting the CCP housing price-income ratio in line with the US would be a -75% drop in price from the peak. (And, that doesn't account for the CCP oversupply issue vs the US is undersupplied.)

[@user-jy2ci5ox9v]

I’m currently in Shanghai. Met some great young people and it honestly made me sad that their future isn’t so bright in China currently… Really sad actually.

[@Target-zo7fb]

They will find a way to leave China. Guess which country is their most favorite destination? 😂

[@user-ji4nc6pv4c]

I just do not see how this should work. Massive lay-offs or pay cuts. On the other hand millions who wait for completion of their appartment (for which they have made massive downpayments), millions who have bought a 2nd or 3rd home for "speculation" and that are now trying to sell on the secondary market to get rid of them with a loss, a shrinking population and the loss of confidence regarding real estate investments in general. A recipe for disaster.

[@Charvo75]

How can these folks sell an unfinished condo unit? This is like a total loss. At least with a real house and piece of land, there is always a buyer. This is the most screwed up housing bubble in history. Worse than the USA in 2008

[@irvingwashington3771]

It will work. All they need is too take Taiwan now to get another boost. After UK so dumbly gave away HK.

[@brianchu3317]

Add to it the huge sum of money that will be needed to fix the poor construction. Most of the houses will have short life-spans due to tofu dreg construction.

[@henryha9578]

Same Thing Happening In America Too. Don't Worry and Be Happy..

[@scottgordon1781]

Cickens coming home to roost . If the developers cannot pay interest on bonds , how can they pay workers ? The bubble burst some time ago . Even if incomplete units were finished , who would live in them ? Not many in the ghost cities either . Cannot imagine any sales of new buildings happening at all ! As for the unemployed , 500 k does not seem right , just the actual guys on site would have been more than that . Then all the downstream units , steel , cement , glass etc , as I type it :-)

[@jaceksuski4193]

Since labour and material costs are much lower than in the USA and the real estate priceeds are higher it looks to me like over the years they have made a lot of money. Those who bought and hold it will suffer.

[@rythmjc3]

Such is the fate of over leveraging for real estate, a repeat of Japan's lost decades

[@Numischannel]

It is even worse than Japan, because they don`t even have a REAL stock exchange, real state is the only investment they know.... a bubble

[@SS-es2us]

These buildings will collapse before your mortgage gets paid in full.

[@jadyynstarlight9851]

Corruption sucks…

[@dougsheldon5560]

And the CCP says first quarter GDP is up 5.3 %. Sure.

[@user-le2yl5wh6d]

Default on international debts and in the future you will be unable to borrow in that market again. This speaks to a very poor future for the RE business in China. The CCP will have to shoulder (guarantee) 90% of any loans going forward.

[@sumotony]

Just like in Russia, only BlackRock would invest in China

[@MK_ULTRA420]

@@sumotony Good. BlackRock deserves to be cheated out of their money.

[@unclezeppy]

In Shenzhen Luohu,Futian,and Nanshan property prices are doing okay, but all the other areas are more or less in deep trouble.

[@gareth449]

It`s crazy , even if they finished all those buildings , they don`t have enough people to live in them

[@stevidente]

Dropping population leads to less demand yet they keep building. Aging population and no retirement income yet they encourage consumption. What were they thinking?

[@ducmhng]

I love how the beauty filter is on by default when they film selfie videos

[@sammakorn254]

Good News , time for adjustment.

[@jansg405]

The mainland chinese love Emperor Xi and endorsed his rule. No sympathies

[@FellTheSky]

imagine having trust your hard earned money to a china construction company how mad can you be ?

[@marygem]

Chinese realtors are doomed!😢

[@Chris.Davies]

2 years ago, I estimated that the real estate market correction required was a 95% drop in prices. But this presumes the homes are not Tofu Dreg - which, mostly, they will be. So - who knows where the bottom of the market is, or which party officials will live through it?

[@lance8080]

Theirs always rice farming work available 🇨🇳

[@user-xp7nk9dw8d]

If me buying a chinese product makes my country face unemployment then so be it Keep your politics out of my wallet Free market . I can buy chinese products. If my economy is so screwed up that me buying chinese products create issues then tell your ceos to loose their belts I ll buy more chinese products. To hell with your politics

[@StevenLee-gw4cm]

Yeah 😂😂😂😂 Bankruptcy 😌😌😌😌 not following directions opened up closed consulate office San Francisco

[@iconofsin1043]

20mil buldings? Is your math straight?😅😅😅

[@jillw892]

In yuan. That's like 200k usd I didn't look up the exchange.

[@iconofsin1043]

@@jillw892 i mean the title make it seem like it's 20mil buildings as in count not value. This channel is consistantly posting misleading titles to get more views

[@jakefrost8017]

Yes. The real estate their is as big as the stock market in other countries. They dump all their savings into it for returns. 20 million are not always big scale tall buildings. Some are sparse in the middle of nowhere teeny developments 🤭 Not that huge a number for a country with 1.4 Billion 😅

[@Doom_Sayer]

​@@iconofsin1043this channel probably owned by a chinese too lol they wanna earn some subs because they know many anti china now

[@kungdu]

Best time to buy lol. But Chinese market is sketchy.

[@coraltown1]

20 Million Unfinished Tofu Boxes, 500,000 Jobless Tofu Box sales people 😵‍💫

[@oye4511]

😮😮

[@keesaidlu9474]

In China if peoples have no money how comes so many peoples buy gold? That doesn't make sense.

[@barbaralanders6049]

Maybe with their credit cards, which, of course, is stupid.

[@mah7961]

Most of it was fake gold.

[@realdeal8607]

Why are these people complaining now when they should have offloaded assets early last year. They knew this was coming.

[@chrislau7426]

China announced 1T RMB funds. Will it save real estate?

[@StevenLee-gw4cm]

Kept sinking getting bankruptcy 😌😌😌😌, In Kronika New Era 🤡🤡🤡🤡😌😌😌😌 not following directions

[@hologramhouse729]

And when the Bubble pops.... ? What then? Yes tell us, what then?

[@funkychicken2119]

That’s when I go in and buy my retirement home for .02 to the dollar. Win for me. 😊

[@seraph3761]

This decoupling is hurting the Chinese businesses the most… wonder if the Chinese government will bail them out when that time comes.

[@oscargrainger2962]

Oh dear how sad, never mind.

[@hermanrogers1325]

So where is the money? It is impossible for America to compete with cheap labor country and ship all the product back to America so where is the money you can’t hold about nothing with a stimulus check

[@hexadecimal5236]

11:25 CRYPTO IS 👑

[@hexadecimal5236]

10:30 AWWWW. No Skiing in china? Cmon China, at least lets get some cheap ski resorts for eveeyone in the world. That sounds great! People from around the world will fly there for skiing.

[@Golfing422]

What do you do? Return to slave labor at the Disney factory?

[@TheMasculienLegion]

The True collapse is here

[@MeiinUK]

You have to have a degree to get a house or a property in first tier cities ? No.... way.... Er....

[@danwithguitar]

The clown makeup filters make it really hard to take the speaker seriously.

[@John-cc9my]

Sounds like a ponzi scheme to me

[@ric6074]

Daily self fantasy channel 🤣

[@shundi4264]

Since 1990, Economist has been predicting the collapse of China. Since 1990, the size of Chinese economy has been multiplied by 30 times. That's 3000%.

[@mah7961]

Much like your fearless leader. I see you can’t take any real criticism. Since you deleted your comment in the previous video 🤣🤣🤣🤣🤣🤣🤣

[@mah7961]

Still not seeing your comment on the previous video. If anything you prove to everyone that you’re a coward. Cant even defend your position against anyone unless 1on 1. Also I you misspelled ethics

[@mah7961]

All you really proved is that you can’t hack it and defend your position and views meaningfully and everyone saw that loser.

[@mah7961]

My advice just take the L and come back with a better argument other than repeating the same thing over and over again like a parrot 🦜.

[@shundi4264]

@@mah7961 I did not delete any comment. Either YT or the content creator. Another example of an illusion of freedom of speech.

[@hendrikwidjaya1494]

Trust me, China is better than USA now 😂

[@oscargrainger2962]

So which Chinese city do you live in then.

[@hendrikwidjaya1494]

@@oscargrainger2962 beijing

[@thabiforJesus5]

REPENT SINNERS JESUS CHRIST SAVES ✝️✅

[@ChaosAngel667]

jesus cant even save us from bots or spammers.

[@adrianchetwynd1334]

Please tell me where Jesus saves his money? Presumably not in a Chinese bank.

[@leaf4koala]

The sticker price to purchase a home needs to repent.

[@tamara_diamonds422]

Although I am Christian this repent shit all over KZbin is annoying. You telling people to repent on youtube is not going to make them jump out the door and repent. Furthermore. If you really knew the bible you would know know that the bible clearly states that majority of humanity “WOULD NOT SEE THE GATES OF HEAVEN”. For he knows thy hearts and many prays to him but he does not listen for he does not “KNOW THEM”. Those who wants to repent. Will do so own there own. They don’t need you and others who loves to say repent all over KZbin.

[@benyomovod6904]

Take your pills as directed. the last time I had an invisible friend was in the age of 5

[@matgrays737]

Oh well

[@funkychicken2119]

Who would have thought that property investment was worse than investing in Pokémon cars. 🫨