China's Evergrande files for bankruptcy | CNN Business
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China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.

China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.

  • 0xb@lemmy.world
    29·
    1 year ago

    surprised it took this long, surprised the shock on the charts isn’t bigger around the world.

    • AlteredStateBlob@kbin.social
      21·
      1 year ago

      My best guess is that the almost two years of can kicking this conclusion was enough for most larger investors to reposition so the bag holders are now, once again, regular people.

      Only difference being that it is a large amount of Chinese citizens getting fudged, rather than US or EU citizens.

      • superphly@lemmy.world
        39·
        1 year ago

        So you’re complaining that “regular people” are too stupid to move out of their positions? What the hell kinda free market do you think this is?

        • PostingInPublic@feddit.de
          19·
          1 year ago

          They cannot move out of their position in China, because they paid in advance for an apartment they are not going to get. They are truly fucked over there. Evergrande is a pyramid scheme, using real estate.

          • Buelldozer@lemmy.today
            1·
            1 year ago

            Evergrande is a pyramid scheme, using real estate.

            Their whole property market is an investment pyramid scheme hidden underneath a shell game being played by their financial market. The whole mess being overseen by a group of referees so incompetent or corrupt that even after years of attempts the problem has only gotten worse.

    • IHeartBadCode@kbin.social
      16·
      1 year ago

      I mean… gestures towards the surroundings We’ve got a pretty large pile of “Oh shit, we’re fucked” stacked up here already. I guess add it to the pile?