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In China, thousands of construction sites have been at a standstill for several months. A real real estate crisis is beginning to hit the Chinese giant and the major companies in the real estate sector are now over-indebted. For example, the developer Evergrande alone has contracted a debt equivalent to the 2020 GDP of Finland, or nearly 280 billion dollars.
Added to this, the Covid crisis has slowed down economic activity considerably and Chinese buyers are becoming increasingly rare. As a result, the real estate sector's turnover is in free fall and entire building complexes are being demolished by order of the Chinese government to prevent prices from collapsing further.
The construction boom in China was so big before the crisis that there are still almost 40 million empty houses.
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#real estate #construction #china
Text co-written with Guillaume Fournier
00:00 Introduction
00:21 Chain of demolitions
01:01 The Chinese construction boom
02:21 The causes of the real estate crisis
04:02 Chinese buyers in disarray
05:01 The reasons for the massive building demolitions
06:33 An example of a speculative bubble: Ordos
07:25 A threat to the rest of the world economy
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