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China demolishing brand new condos with no tenants

Not much of a “controlled“ demolition, “Timber, run for your lives!”
 
They may be 'brand new' but they aren't livable without some extensive work which apparently nobody wants to pay for. It's cheaper for everyone to just tear them down.
 
iguanaman said:


Truly mind boggling waste. Makes you wonder about their Govt. and system...
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Another member posted a thread with a video that explained why those Chinese "ghost cities" exist.

Fascinating videos on the state of the Chinese Real Eastate market and economy

There are a lot of YouTube channels by various Western ex-pats who have lived for years in China. Until 2020 they have mostly been focused on the upbeat side of living in a the fastest growing economy, life for the increasingly affluent Chinese.. essentially upbeat. I have watched them for...
debatepolitics.com debatepolitics.com

Looks like the government is stepping in.
 
CCP has more than 60 "ghost cities" that date since the 2000 years to the present that few Party people or no ordinary people live in. This has produced the long standing and now deflating real estate bubble that in Beijing alone is $24 bn bucks.

Beijing always said with a wink the "ghost cities" would house Chinese from the countryside as they integrated into the middle class from poverty, which has always been a **** 'n bull story as they've always remained vacant. Nomura Research btw was the first analysts to call the bursting of the China real estate bubble as occurring.

All these ghost cities ever were are huge gargantuan bucks empty infrastructure projects to falsely fatten both GDP and the pockets of CCP officials in Beijing, the provinces, the localities. Indeed, while 500m Chinese moved into the previously small middle class in shining new urban centers the remaining 1bn Chinese stayed poor.

When Xi Jinping came to power in 2012-13 his first obligation, with his technocrat Prime Minister Li Kejiang was to shift the CCP-PRC economy away from huge and meaningless infrastructure projects to seriously increased household spending. Chinese household spending to power a domestic consumer economy and manufacturing and services base for Chinese was 43% back then while in prospering Western economies it was in the 60th percentile of GDP. Xi and Li strained to diminish infrastructure construction and get household spending in gear to create a domestic consumer base. They tried and tried but couldn't get the needle to even 50%.

With the CCP internal consensus that infrastructure construction was overextended if not spent, Xi hatched his "Belt & Road" scheme for CCP to build across Asia into Europe to dominate the world's most populous continent with Chinese autocracy, ie, dictatorship and CCP bogus economics and finance. Very few national elites across Asia and even fewer in Europe have bought into accepting Chinese into their lands to move in to build, settle, take over -- indeed China needs desperately to disperse its population mass to outside of China.

So, CCP having failed to make the needed fundamental shift of the CCP economy to domestic consumption and good wages based on radically increased household spending, and with the B&R stillborn, Xi turned to building the Party's military arms, ie, PLA, PLA Navy, PLA Air Force. Indeed, Xi's and the Party's only course is military aggression, first in the region then globally. Which is why countries across Asia to include East Asia, SE Asia and India in South Asia -- led by the West -- recognize that the only thing worse than a rising China is the falling China we're stuck with.
 
If the tenants were in there, they would all die...
 
Indeed even in the best of real estate bubble times in CCP-PRC not everything went according to plan.


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"Keynesianism?" It is unfortunate that so many have no idea what that means.
 
OrphanSlug said:
"Keynesianism?" It is unfortunate that so many have no idea what that means.
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CCP Boyz in Beijing have no clue what Keynesian economics is and is not. Neither do you.

Keynesian economics is for a capitalist economy not a state socialist command economy. Keynes tinkered with the fundamental market forces: recessions, depressions, debt and deficits, interest rates and borrowing, supply & demand and so on. He didn't go around pronouncing the poor to be rich presto by joining the single party state. Neither did Keynes command that people turn their liberties and freedoms over to the state to be torched -- not directly nor indirectly.

While Keynes sought to tame the invisible hand gone awry the CCP state command economy makes the hand into a fist. Keynes did nothing to promote a bloated political economy of inept Party hacks. Keynes spoke to market economists.
 
They don't seem to be very good at controlled demolition. I hope that no one was hurt.
 
All the countries could outsource asylum seekers and house them in these ghost cities. These are truly monuments to central planning.
 
Rexedgar said:
Not much of a “controlled“ demolition, “Timber, run for your lives!”
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Nonsense. Those demolition people were in complete control of the situation as they were running for their lives.
 
iguanaman said:
Truly mind boggling waste. Makes you wonder about their Govt. and system...
Click to expand...

Well, what is really wasted here?

Workers were paid for their work, suppliers were paid for their supplies; that's all good stuff for an economy. Was labor pulled away from better projects? Doubtful. Is there a shortage of building materials in China that would prevent a better project from being built? Also doubtful.

Would it have been somehow less wasteful, or more beneficial, to simply let idle labor stay idle (and unpaid)?

I don't really care if this government stimulus is labeled Keynesianism or not, but the original author obviously used the term as a pejorative. Keynesianism has been a tried-and-true tool for governments to goose their economies, often creating ultimately useless stuff (arms during wartime, etc.), but always employing labor and keeping dollars flowing through the economy. It doesn't matter where all of those Sherman tanks are now, and it didn't matter (to the economy) if they were destroyed in battle, sunk en route, or survived to ride in victory parades; what mattered to the economy was that people were employed and commerce was happening.

Anyway... I see no big problem with building ghost cities. It's no more wasteful than any other useless product, and we happily count useless products and services as part of GDP. Your spray tan counts. So does a $100 bottle of wine, a pedicure, undercoating on a new car, etc. Money moves, the economy is happy.
 
A complete waste of natural resources.

CCP has more than 60 "Ghost Cities" that have the capacity for 1m residents in each one yet either no one lives there or only a couple of thousand Party drones get virtually everything brought to them only as the only ones there. It's the perfect setting for English speaking CCP drones to post to discussion boards globally.
 
JohnfrmClevelan said:
Well, what is really wasted here?

Workers were paid for their work, suppliers were paid for their supplies; that's all good stuff for an economy. Was labor pulled away from better projects? Doubtful. Is there a shortage of building materials in China that would prevent a better project from being built? Also doubtful.

Would it have been somehow less wasteful, or more beneficial, to simply let idle labor stay idle (and unpaid)?

I don't really care if this government stimulus is labeled Keynesianism or not, but the original author obviously used the term as a pejorative. Keynesianism has been a tried-and-true tool for governments to goose their economies, often creating ultimately useless stuff (arms during wartime, etc.), but always employing labor and keeping dollars flowing through the economy. It doesn't matter where all of those Sherman tanks are now, and it didn't matter (to the economy) if they were destroyed in battle, sunk en route, or survived to ride in victory parades; what mattered to the economy was that people were employed and commerce was happening.

Anyway... I see no big problem with building ghost cities. It's no more wasteful than any other useless product, and we happily count useless products and services as part of GDP. Your spray tan counts. So does a $100 bottle of wine, a pedicure, undercoating on a new car, etc. Money moves, the economy is happy.
Click to expand...
The fossil carbon released by the production of that much concrete is mind boggling. It would have been far better (and cheaper) to pay those workers for not working. There is also a banking and mortgage crisis in China. 1000's have lost their life savings in defunct banks and 1000's more are not paying their mortgages

www.sixthtone.com

Code Red: The Human Cost of China’s Rural Banking Crisis

In April, thousands of bank depositors in central China’s Henan province lost access to their life savings. Four months later, their lives have descended into a Kafkaesque nightmare.
www.sixthtone.com www.sixthtone.com
www.lemonde.fr

Thousands join mortgage payment strike in China amid abandoned construction

Thousands of projects have been halted due to a simmering real estate crisis, leading more than 300 homeowners' groups in 91 cities to boycott repayments.
www.lemonde.fr www.lemonde.fr
 
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