Farmers plow fields between ruins: Chinas popped real estate bubble
The story of this is quite clear.
China's blind command economics can't project demand and bubbles pop.
The free market makes use of what got left behind.
Zelda-esque postapocalyptic imagery.
Sad but beautiful and poetic
There are more pictures on Architectural Digest:
These pictures tell a crazy story in general, witness some crazy personal stories and even history in the making..
All boxes ticked.
Cool pictures.
And it is all not over yet...
China's Housing Market Keeps On Tumbling
China’s property market continues to face severe challenges, with plummeting prices pressuring bank balances and borrowers. In response, the central bank has pledged nearly $42 billion in affordable loans to enable state-owned entities to acquire unsold properties and convert them into affordable housing. This nationwide initiative marks a critical moment for the sector.
Local governments in several cities have piloted similar programs, but this is the first time such measures are implemented on a national scale. The plan also includes reduced down payment requirements for first- and second-time homebuyers and eliminates the minimum mortgage interest rates amid already low average rates.
Despite past interventions since 2020, major developers like China Evergrande have defaulted, leaving countless unfinished homes and massive debts.
China’s real estate sector, which once made up 20% of the GDP, now burdens local governments with $15 trillion in debt. This year’s policy measures aim to spur economic growth by 5%.
It's almost like central planning doesn't work.
