One for the file on today’s journalists having no bottom, no wider knowledge:
Evergrande, founded in 1966 by billionaire Xu Jiayin,
Yes, OK, so it’s a typo. But who would see a date in the middle of the Cultural Revolution and decide that’s a likely time for a private sector property developer to be founded? Yes, I know, I know, typos and all that, but seriously, should be a glaring klaxon going off over that one.
That it’s all going tits up is obviously true, as said elsewhere.
I dunno, sounds like a shrewd plan. All these party leaders or academics being paraded around with signs around their necks, looking at a bullet or a long stretch in a gulag and wives and family forced into slavery. They’re not going to need their houses anymore, so buy up the land and sit on it, wait for the storm to pass. Sell it to aspiring party leaders and academics…
Time for a return to the era of Warring States? How will nukes affect that, I wonder?
Best outcome? Taiwan invades China.
That shrewd plan wouldn’t work because the land was collectivized. So the Party owns it and no one else is allowed to own any land.
The de-nationalization part is when the Party insiders (those that survive) get to buy up the collectivized land first.
A quick glance leads me to the conclusion that Evergrande are – surprise, surprise – trying to frighten the Chinese government into bailing them out.
If I were the Chinese, I’d just tell ’em to go to hell. But of course I don’t have any money in Evergrande.