Evergrande - china’s second-largest property developer by sales is faced with more than $300 billion in debt, hundreds of unfinished residential buildings, and angry suppliers who have shut down construction sites. experts wa ktalk what is happening to these property development companies
https://www.nytimes.com/2021/09/10/business/evergrande-debt-crisis.html
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their expenses are more than their income
The Chinese government wanted to stimulate the economy by providing employment. Construction was the go-to via both money and policies. Developers kept on building into oblivion. Now China has enough property inventory to last the next generation. Their population isn’t growing and the houses outstrip all available demand. There are more houses than the people need and the prices are prohibitive to most locals.
How is this possible with a population of more than a billion
Building cities for ghosts.
There are thousands of ghost cities in China currently. People and government went on a construction spree without knowing when or where to stop.