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Amy R
Financial Issue. Attempted to Roll over 401K from Financial Firm and it’s stuck after market crash.
Brian
Connecting the dots between the Bio Tech companies and coronavirus
Coal Cracker
His notes from Article about ghost cities:
While other ghost cities might be largely empty, the apartments were mostly sold, Mr McMahon said.
Many people buy the property for investment with no intention of ever moving in, so supply significantly outweighed demand.
“And this speaks to the underlying problem of the Chinese economy … the importance of the property market and the extent to which it’s actually a bubble propping up prices,” he said.
Mr McMahon said he believed ghost cities were a “symptom of the problem” of how the Chinese economy worked, where growth was driven by debt.
“We’re now in a position in the Chinese economy where so much debt has been accumulated in the interest of building an incredible amount of waste, whether it be empty housing, empty factories, infrastructure in cities where the local authorities can never repay it … that sort of model of economic growth cannot continue,” he said.
“Everybody knows it. The officials in Beijing know it and have been trying very aggressively to both wean the economy off debt and try and come up with a new driver of growth.”
Officials in Beijing talk a lot about needing to move up the value chain into more technologically advanced industries, and that innovation is the way of the future for the Chinese economy.
“But at the moment, Beijing is really between a rock and a hard place because the economic growth is dependent on the accumulation of debt used to build stuff and it’s no longer sustainable without potentially something going very, very wrong.”
