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.

  • AlteredStateBlob@kbin.social
    22·
    11 months 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·
      11 months 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·
        11 months 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·
          11 months 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.