Evergrande: the end of China's property boom | FT Film

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Financial Times

Financial Times

7 aylar önce

The rapid expansion of China's property sector was powered by a great migration from the farms to the cities - and built on cheap credit. The FT tells the story of Evergrande, the most indebted property developer in the world, which now stands on the brink of collapse. It's a story that changes the outlook for China's position as the locomotive of global economic growth. But is this China's Lehman Brothers moment? Read more at on.ft.com/3tNHO0j
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m 6 aylar önce
I feel like this video missed a couple key points which make the problem much easier to understand: first, property is the primary investment vehicle for most Chinese people, which is why property values got so high. They don't put their money into financial markets like most of the west does, they pump it into their homes. Second, real estate companies could use these sky high prices to leverage their property assets for debt. And some of them, like Evergrande, seem to have been overestimating the value of their assets in order to get larger loans. Now that demand is falling, they can't sell their assets at anywhere near the estimated value and thus can't pay back their debt.
V T 10 gün önce
Nice viewpoint! Thanks
Scott L
Scott L 17 gün önce
@Kenny wu Kenny your country sounds smart. Not like mine.
Tethloach1 25 gün önce
properties lose value quick, it can save money if managed well, that's the hard part, not everyone so lucky.
Moses Tekper
Moses Tekper 6 aylar önce
The person who did the graphics should get a raise. Very intuitive and nice.
DEWinitnow Aylar önce
Real Economic’s Truth.
He captivated the imagination with on spot graphics
Inspire Discipline
Inspire Discipline Aylar önce
He really brought the story to life … loved it
fluffyfour 6 aylar önce
It always amazes me when people seem surprised by extensive growth, which surely cannot last in the long term, tailing off and even resulting in bankruptcy due to over-reaching. I've seen it happen time and time again, even in companies I've worked for, and that level of growth always seems to be the forerunner of just as stunning a collapse. I am no financial or strategic expert, but I wonder why lessons from worldwide organisations aren't learnt?
Christian Knuchel
Christian Knuchel 13 gün önce
@Daniel H Like that mindset exists any less in other industrialized countries. Western societies and businesses are scalp deep in the quick money mindset, the entire finance culture lives on a quarterly basis, entire product strategies are shaped around that principle, and the results are disastrous. Product quality is bad, planned obsolescence is wreaking havoc on our resources and environment, and customers and workers are getting screwed as protections are eroded in a slowly emerging neoliberal dystopia. But, yeah, let's focus on China, so we can pretend like we don't have any homework to do.
Nhan Nguyen
Nhan Nguyen 14 gün önce
The same reason why people buy lottery or go to the casino =) it's quite obvious, almost anyone would want to have a shortcut to fame and fortune.
Abhishek 20 gün önce
One answer : greed
MrDanChandler 29 gün önce
It's because the human mind instinctively thinks linearly and struggles to grasp accelerating and decelerating patterns. You can learn about such things for years and still look at a stock graph and think "oh, it keeps going up; better invest since it's definitely going to keep doing that"
F632 6 aylar önce
The topic of ghost cities and real estate overdevelopment in China has been a topic of discussion and concern for at least 10 years now. Crazy that this problem was allowed to grow so large when seemingly everyone saw it coming from a mile away. Classic human greed.
Thor Velasco
Thor Velasco 23 gün önce
Alex Jones sent me here. I am from the year 2010.
Sean Liao
Sean Liao Aylar önce
i mean why would peoplpe or investors listen when all they wanted to see was big numbers flodoing their portfolio without actualyl being liquidated until the very last second this is why for investors or anyone who wants to dabble in stocks if money is not liquidated just yet you do not see it as money you have but money you can gain or lose at any moment until you pull out it's techncially just numbers not yet something of monetary value
FrostySnow1000 5 aylar önce
It’s not just construction workers! It also affects manufacturers like glass, steel, etc also gets affected. The real estate business really was an economic driving force because it affects so many more types of jobs.
Dave Johnston
Dave Johnston 4 aylar önce
Its truly amazing how the connection between actual householder demand and apartment values has never been seen as the real determinent of viability in China. Unquestioned credit has driven this process and unless occupier demand suddenly firms up the bonds will be defaulted as developers are wound up and new owners buy in at firesale prices.
anony mouse
anony mouse Aylar önce
loans and debt are based on buyer but also in many cases require another family in case you can't pay your debt. they then go after whomever they can find associated with you.in the last resort.! they post your ID /Photo/real world contact and ID on big posters usually at bus stops .
Brainfryde 2 aylar önce
One of the problems that seems to be missed in this documentary is strange to the capitalist mind. A lot of property market is actually a lease, because China does not practice capitalism for individuals. Local governments lease property long term to individuals, using that as an income in place of taxes that do not exist. If buildings are not getting built, many local governments do not get financed from property leases, and thus cannot provide services. Emergency services, health services, etc. The financial impact to the world is going to be heavy, but it will lead to restructuring. In China itself though, the level of chaos and misery is not even known yet.
Rachel Carre
Rachel Carre 6 aylar önce
Excellent content. As other commentators have already said many apartments were purchased as investments by average investors. Not only are those apartments empty and likely to remain empty but many were constructed to such poor standards (tofu dregs) that they are probably uninhabitable and in some cases in damage of physical collapse. So they are not just homes people don’t want, but literal piles of waste no one wants. How China manages the fallout on citizens who have lost their life savings and contractors who have lost their livelihoods will probably be more critical to China’s survival/direction than how the default is handled.
Andrew Vare
Andrew Vare Aylar önce
Kenneth Hymes
Kenneth Hymes 6 aylar önce
growth defined by finance rather than utility and sustainability always ends badly. period. take no fancy counter-logic seriously. In this case a genuine need for housing was leveraged into paper growth and the proceeds farmed like an mmo, and i think it is important to choose sides. Housing needs to be understood as a social good, not a luxury commodity or an object of speculation. The alternative is all around us.
Mirdens Rivelie Lambert
Mirdens Rivelie Lambert Aylar önce
Such a great statement! I like when finance and reality go hand and hand.
vincent anguoni
vincent anguoni 5 aylar önce
I was in the building business in a very small way.. went through 3 booms and busts. During a boom the mortgage brokers gave loans without income documentation. the appraiser would ask me how much the appraisal needed to be.. They all worked on commission....perfect recipe for disaster...after the first cycle I could see the next two busts coming from a mile away as the saying goes.... everyone in the business could see...
Steve Estebon
Steve Estebon 2 aylar önce
Tell me. Is it coming again?
Cloud9 3 aylar önce
Having worked in China, we have to know that the concept of Chinese middle class is very different than most of developed world. The income of the 400 million middle class are actually considered below average and or poor in comparison to developed countries but yet the Chinese economies depend on this population to purchase home in 2+ tier cities and provinces in order to sustain region GDP growth. Imagine, 3-6k rmb per month income class (approximately 300-900 usd) 20% of population are considered middle class in China, and with this income they need to keep borrow money to buy properties, and buying properties in China almost always involve 3 families. Imagine making 400 usd a month and buying a house in city? It makes no sense at all.
anony mouse
anony mouse Aylar önce
@Arch Angel Tianshan.shanghai 19k rmb rent 2 bedroom apartment Hongqiao. 90m2 .come to China 🤔
anony mouse
anony mouse Aylar önce
@Arch Angel you are a 5mao .
Arch Angel
Arch Angel Aylar önce
@anony mouse Lights on to make it seem it is full of residence?? So now you're a conspiracy theorist eh? I guess desperation leads one to make desperate arguments and your arguments have slowly moved on from trust me not the world bank to absolute ludicricy. All the sources of your core arguments are "trust me bro" smh...
david s
david s 6 aylar önce
Great video. Part of the story has been the financing provided by western companies, like the large mutual fund houses, investment banks etc. While ex-post, it may worst case become very clear why all of that has been built on very wrong assessment (the government will bail them out anyway), it may be very interesting to give some more insights on the 'psychology' of those portfolio managers, analysts etc. which made them believe for quite some time there is no issue at all... Thanks
Allan Gibson
Allan Gibson Aylar önce
Less than you might think - China will not permit Chinese currency be exported. Chinese companies cannot pay interest to offshore holders of debt or equity. Tesla for example, can only export profits in the form of vehicles. Building companies can’t export anything to pay offshore debt (which was was why Evergrand was looking at car manufacturing). Evergrand was also using its developments in Hong Kong (whose currency is convertible) to pay its overseas debt.
Ba++y 6 aylar önce
Looks like this is happening in Australia too, big companies like ProBuild folding every week. Even happening in the domestic sector, no monitoring of these projects, councils handing out approvals for townhouses in crowded streets with narrow roads and no places to park. Domestic builders developing new builds so cheap after the first few years things start to fall apart.. we must of adopted the Chinese methods
yh liu
yh liu Aylar önce
It seems to me that the construction companies can’t get enough profit so they’ve gone bankrupt, the residents got a very cheaply built house, they aren’t happy neither.
Tony Little
Tony Little Aylar önce
And NZ. An article at the weekend had a story of a guy complaining that he could not park his new Mini Cooper hybrid on the footpath outside the garage door of one of these high-density development, he literally had no driveway and could not get the Mini Cooper in his garage, and the development "was not designed for street parking". Had no sympathy from me, he new what he was getting when he bought the house, and new what he was getting when he bought the car. Should have bought a tape measure.
jimmy lee
jimmy lee 4 aylar önce
It's the same here in canada. in the biggest city toronto and the gta area, condos are cheaply built. My brand new unit I'm renting always have elevator problems, leaking water in the garage, just the over all poorly bulit but buyers are paying over 600 k for 2 bedroom unit . Even in downtown toronto where 2 bedroom units go for over 800 k, people will tell me each condo getting built now a days it's getting worse and worse. Not sure the logistic of building a condo but I'm sire they have a time frame they have to be finish by and any day later, they probbaly get penalized which is causing them to rush everything. Also these companies cutting corners by using cheapest raw materials they can buy or get away.
Tandia VonBonBon
Tandia VonBonBon 4 aylar önce
@Robert Bray Yes! My shoddily built 9-year old apartment has needed extensive repairs (poor electric, plumbing, cracks, leaks from floods) and has 2 ridiculous glass doors facing east. So I'm blasted in summer and freezing in winter. 5c minimum this week what on earth.
Fedilla Fancia
Fedilla Fancia 4 aylar önce
Thanks so much for this video, I'm nearly 32 trying to understand the market, I spent about 8 hours just on this video, taking notes and trying to get at least beginners knowledge, and I have to say that out of all the videos I watched, this one helped the most
Cloud 3 aylar önce
@Tommy j. Walker I worked with your trader and i lost $100,000 because of your advice, because you gave the advice you are partly to blame and I see you as responsible. How will you make up for this?
nifty1940 4 aylar önce
@Judge Hall troll
nifty1940 4 aylar önce
@Brian P. Allison troll
nifty1940 4 aylar önce
@Aaron Ferrell troll
providename 5 aylar önce
This is symptomatic of the end of the long term debt cycle which Ray Dalio talks about in his new book. Ray seems very bullish on China long term but seems to overlook this aspect of debt fuelled growth which will not be immune once the system starts to unravel.
Emily Jacobsen
Emily Jacobsen 27 gün önce
In a word scary. Because ultimately the global market is so interlinked and the world has been decoupling from China. This creates massive economic stress and a scenario no model or econometric analysis would have predicted.
S P I D E R 23 gün önce
The world is not decoupling from China. Foreign companies still rely on the Chinese market for making their products. Because some of their technological advancement.
Yong Deng
Yong Deng 23 gün önce
The world isnt decoupling from china, the world just CANT, just like europe just CANT break away from the Russian gas and energy supplies. If u cant see that then u shouldnt comment on this topic.
Nicole Buttner
Nicole Buttner 27 gün önce
@Jan Bechler There is only bad news out there but yet stock prices are up which shows that even though the market is meant to be forward looking it is clear the string results are the only things they are interested . Also, i searchon Katherine using her full name and found her official-onlinepage, read through her resume and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
Jan Bechler
Jan Bechler 27 gün önce
@Samantha Kamran Emotion is the biggest enemy of investors. It’s one of the toughest things to control. I’ve paid the price also plenty of times and However, overall invstment ought to significantly improve your net worth so I had to work with "Katherine Duffy Burke ," whom is a fiduciary. She clarified my mistakes and enabled me to make clear progress.
Samantha Kamran
Samantha Kamran 27 gün önce
@Sven Grot Great question, I think it's a really interesting area and so many factors in play right now. I wouldn't let any macro news affect the way I invest at all, otherwise you'd probably never invest a single penny - but that being said, it's a reminder to be well diversified!
Bert James
Bert James Aylar önce
With the way the markets are moving, we might have to hold longer than expected, I think a video on "How to profit from the present market admist the recession will be more appreciated. I mean I have heard of people still making more than 100K within few months, and I'd like to know if it still possible.
Pizza guy
Pizza guy Aylar önce
@Buryatia Ducky Nice one. I study the charts thoroughly. 2 -3 months back.
Sonya Black
Sonya Black Aylar önce
@Buryatia Ducky This is the second time I am coming across that name Sandra Yvonne Webster last Tuesday, I saw a telecast on the economic bubble there were lots of testimonies from her clientele on how her strategies turned them into miIlionaires overnight. The testimonies were so impressive and sounded too good to be true. I am a bit skeptical, though she's one of the oldest around. Do you work with her? Thanks if you reply.
Hebei Gucci
Hebei Gucci Aylar önce
@Buryatia Ducky Exactly! This whole thing is a zero-sum game.
Sakha Little
Sakha Little Aylar önce
@Buryatia Ducky Great tips. Generally, diversification is a key factor. Pragmatic... I have been into all of these for some time and though I won't say I have lost a fortune, I have squandered quite a lot... Do you mind recommending a specialist whose platform has diverse investing choices? I anticipate your response.
Buryatia Ducky
Buryatia Ducky Aylar önce
The market is a zero-sum game, there are good days, and there are bad days. However, always follow these tips: Study the charts thoroughly; Make sure to diverse your portfolἰo so when another is down, the other will be up. You can do so by getting an experἰenced specἰalἰst whose platform has dἰverse investment choἰces to choose from. Lastly don't put what you can't lose. By doing this, you gἰve lἰttle room for regrets and perhaps gain more.
Tony Little
Tony Little Aylar önce
The issue is the mindset of "investing" not to rent out and get income, but to sit on empty properties in the expectations of future capital gain, as a way to build family wealth. This has worked in the past in particular situations, however when everyone is trying to do it, and you have 90 million unoccupied units, it takes on the characteristics of a pyramid scheme. The Chines govt. should have foreseen this, and taken steps to protect the people at the bottom who are going to lose, the three red lines were too little too late. I think they wanted the kudos that came with "economic growth" too much.
Belly Lik
Belly Lik Aylar önce
Honestly, this dude ) is indeed a life saver, don't know what I would had done, he helped me retrieve my money back. My whole family thanks you and will recommend You...
Advance to Tabletop
Advance to Tabletop 6 aylar önce
A huge change that started over 15 years ago. That’s when I started seeing posts of the abandoned Chinese shopping malls on the internet. Thanks for the videos.
xia en Gao
xia en Gao 5 aylar önce
Shopping malls without shoppers. Cities without citizens.LOL!
NNT Flow
NNT Flow 6 aylar önce
Makes sense, housing bubble happens for decades, some people forget about these.
Ackwell 6 aylar önce
Also the fact that the buildings are shoddily built to siphon as much money from the project to private pockets. Even the finished projects are not of the quality expected by the investment.
J Kee
J Kee 4 aylar önce
@French onion the amount of Live Leak videos from their factories is insane
French onion
French onion 6 aylar önce
They have all kinds of industrial accident's too from poor regulation
Conor 6 aylar önce
That’s,, “made in China” for you!
avitarmageddon 6 aylar önce
It seems to me that the Chinese govt needs to figure out away of transferring at least some of the benefits of economic growth away from the cities back to the countryside. There remain around 400 million Chinese who do not live in cities and many never will - the demand for their manufactured goods is tailing off , though still very high. Without redress this problem of imbalance could be their undoing.
Deebil 2 aylar önce
@Nigel Cheriyan Yea but 60 million empty apartments say no. You can't just build an apartment for rural people and assume some guy with a 3rd grade education will learn to code.
Martha Ruiz
Martha Ruiz Aylar önce
One thing you should know is that a crash and bullish market provides equal high-yield potential, it's all about information and strategy application, I've seen folks make huge 7figure profit in a crashing market and pull it off much easily in a bull market the recession is getting somebody somewhere rich.
hamster Aylar önce
Most successful people actually seek the knowledge and experience of professionals who help them tackle issues relating to wealth management and growth but might claim to achieve the success themselves without any help.
Sabine Meier
Sabine Meier Aylar önce
TRshow has been of great help to many facing challenges of making best decisions on what to invest in, but it's not enough because most people dont understand what they watch. Many need professional aid that offers best plans to better create wealth.
Martha Ruiz
Martha Ruiz Aylar önce
@Tracy Nguyen Investwithamela✔
Martha Ruiz
Martha Ruiz Aylar önce
@Tracy Nguyen You can communicate with her on telegram, with the Username below
Tracy Nguyen
Tracy Nguyen Aylar önce
This is not the first time I am hearing of Mrs Amela Friedman and her exploits in the trading world but I have no idea how to reach her.
Jason isbored
Jason isbored 3 aylar önce
An underlooked aspect is that most Chinese people don't actually pay much in taxes, meaning that the local governments, (the party technically owns/is all of the land) makes much of their revenue from selling the 99-year land leases that developers need to build upon. While it's been brought up time and again in China, the incentives and culture were all just too strongly resisting the needed reform.
anony mouse
anony mouse Aylar önce
also, land lease is 70 years not 99 years. however, parents can opt on 'reselling' to their kids 'on paper' of course. then they take it for another 70 years. unless the government has plans on deconstruction which was too common in 2010
anony mouse
anony mouse Aylar önce
royalty tax is 100% liquor/tobacco is roughly 70% when you pay for products. the tax is already with in the price of said product even a pack of "Huangshan" cigarettes which is common among peasants/low labor workers are now upto 8/9 rmb a pack! where the true value is/should be 4-5 rmb .. this is a 2nd Tier city ,capital of Anhui,Province 1 bottle of maotai costs 5,000 Rmb.
Video Tular Malaysia
Video Tular Malaysia 6 aylar önce
Evergrande halts trading of its stock and subsidiaries, raising expectations of an overhaul in the world’s most indebted developer
anonUK 6 aylar önce
Since 2008, the pendulum between Greed and Fear seems to be swinging much more towards fear.
o'neil jerry
o'neil jerry Aylar önce
You don't know what the Chinese (stock)market will do, owning Chinese stock does not mean you own a part of the company, please be aware of that. BYD is making mini cars, hybrids and ice cars, not so much BEVs. Numbers are not looking that great too. Their batteries are great tho and will be used by Tesla as well.
joesph cu
joesph cu Aylar önce
@Bobby mainz Thanks, her website popped up on the first page immediately I searched her, I read through her resume and seems pretty tight, so I booked a call to discuss with her.
Bobby mainz
Bobby mainz Aylar önce
@joesph cu The coach that guides me is Eileen Ruth Sparks, it shouldn't be a hassle finding her, she's quite known among her peers, so just search her name.
joesph cu
joesph cu Aylar önce
@Bobby mainz my 401k lost everything it’s gained since early 2019. wouldn’t mind looking into the advisor that guides you, I believe the best way to beat this recession and inflation is to earn more.
Bobby mainz
Bobby mainz Aylar önce
@clara Clouse I agree with clara, I have been pretty much on the sideline observing for awhile, figuring out the best strategy to get in, until I came by a coach, commended by a pundit on Reddit, reluctant at first but I went ahead and reached the coach, long story short, it's over 3years and counting and I've made over 1.5million simply following the guidance of my coach.
clara Clouse
clara Clouse Aylar önce
Only if I had more time to play around in the market, retirement is around the corner and my primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, I'm having serious anxiety.
kuya sam
kuya sam Aylar önce
I was on holiday from Dubai to Guanzhou with my family in 2013 and stayed at the Ramada Plaza for a week! I was fascinated to see the buildings all over the city ! Truly amazing!
Carrick Richards
Carrick Richards 3 aylar önce
International Audit Standards have been a key issue for decades. An even bigger problem than unprincipled credit rating agencies.
Louis Giokas
Louis Giokas 6 aylar önce
There is a big miss in this video. The analysis does not take into account one of the key drivers, outside of raw urbanization. This is the use of property as investment. In the West, most people invest in stocks and bonds. In China the populace has little or no understanding of this. Thus, you see people buying multiple properties, mostly apartments, as investments. With rising prices, this made sense to them, and it was something they understood. One of the outcomes of this is the empty cities one sees only in China. Some of these are massive. The sector is massive for another reason. Much of the income for local government comes from selling land. Thus, they encouraged this massive amount of property development.
Roger Lee
Roger Lee 2 aylar önce
It is not there is no understanding. Would you put money in China stock market?
Louis Giokas
Louis Giokas 2 aylar önce
@Shane Tonkin Yes. The thing is that the local governments are in debt to the tune of several trillion dollars, and the central government is also running out of cash. I just read a book, the latest by Peter Ziehan, and have watched videos he has done very recently. He is of the opinion that China will not last out the decade.
Shane Tonkin
Shane Tonkin 2 aylar önce
What’s more, China now has a generation of investors who expect the value of their investments to rise significantly every year without fail, and so when this does not occur and (shock horror!) they actually loose money on their investment, as is now occasionally starting to occur, many believe they’ve been cheated in someway and expect the local government to step in and compensate them.
Louis Giokas
Louis Giokas 2 aylar önce
@Deebil Well, I have agree with you somewhat there. That may indeed be the main motivation. Good point.
Deebil 2 aylar önce
@Louis Giokas it's not about whether their government believe or don't believe in capitalism. They only care about 1 thing and that is staying in power. They can care less if their citizens lose all their money and starve to death, as long as they do it silently.
JaSon Wang
JaSon Wang 2 aylar önce
This is what will happen if u play with debt without enough knowledge and skill to manage it. Robert Kiyosaki once said “he use debt to make money 💴 💰” however, not all people have the ability to do that. And now we all can see the examples first hand in this video (:
Casino Dave
Casino Dave Aylar önce
"You can't just grow an economy by borrowing borrowing borrowing" That's exactly what the fed does every time it prints money.
Geoff K
Geoff K 7 aylar önce
Excellent piece. Accounting audits are a bit of a scam. They only certify that a few very specific types of financial fraud are not happening. That's it. They don't certify the overall financial health of companies, even though that's how they are usually interpreted.
Lam Par
Lam Par 2 aylar önce
Built monumental personal wealth by feeding off from average home buyers deposit, bond holders saving, and easy financial institution credit worked out really well for Chinese property developers in the past. Seem like the party is coming to an end sooner than expected.🥴🥴
Strykenine 6 aylar önce
A great video. One question - will the FT please use chapters on their YT content to allow us to re-watch certain portions more easily?
Zack Smith
Zack Smith 4 aylar önce
archer65 2 aylar önce
the problem started when the GOV'T started checking and controlling how Evergrande change the lifestyle of the people. From Alibaba, Evergrande, etc.
T Patel
T Patel 6 aylar önce
This was an amazing insight. Really puts the scale of this in perspective
up too late
up too late 6 aylar önce
Does it?
Nikko 6 aylar önce
Jaq 6 aylar önce
50 years to own a modest apartment? Compared to 10 years in New York?? When you consider the time you can really appreciate the Chinese people who invested everything they had into pre-buying homes that were never finished. Also the foreclosure rate has gone to about 197% within the last 5 years.
Deebil 2 aylar önce
@Peizxcv Lol, you mad they aren't representing the city correctly? You're sort of right, but there are plenty of 1 bedroom apartments for under $1 million. Maybe not places you or I would want to live, but they are out there. If they average in the 5 boroughs, it would work. I'm a bum, so I live in a $800k 2 bed/ 2 bath condo in Brooklyn.
Deebil 2 aylar önce
Yea but a couple get both their parents to chip in to help them buy the apartment, so their is actually 6 incomes to help pay for this tiny apartment. Also, most older people in China move into the home to take care of the children. Older people in China don't have a lot of money for retirement like in the U.S. They rely on their children to take care of them. You have to remember 20 years ago, people in China made no money and now all of the sudden they have real estate prices that are American prices. The whole system is fucked...
Frozen Canuck
Frozen Canuck 6 aylar önce
To Russell Birkett, the person who did the graphics for this FT segment - Bravo! Amazing visuals. Keep up the good work 👍👍
Imperatoris Servi Hominis
Imperatoris Servi Hominis 6 aylar önce
Why does anyone trust Big 4 auditors anymore is beyond my understanding. Every major financial disaster has shown that the Big 4 have certified everything as ok as long as they were well paid.
Elliott 5 aylar önce
Auditing is passed off to graduates and associates who have no real idea of what they should be looking for while the partners are off drinking wine and eating steaks with the client.
kreek22 6 aylar önce
@Nicola You are confounding two different issues: the laws on the books and the way those laws are enforced. The Big 4 have an incentive to do lax enforcement because their clients prefer laxity. In China, the provincial governments also prefer laxity.
Nicola 6 aylar önce
Funny that so many people always blaim the big 4 companies. Think about it this way: audit companies help investors to ensure that the financial information published is according to the standards (ifrs for audit is like the code in law). Its hillarious to Say we shouldnt trust the government anymore just because laws are sometimes broken even though checked from an autority. this analogy seems to apply also to the big 4 auditting matter. When fraud Happens the laws (ifrs) get improved, companies learn and get better.
Kenya Tanzania
Kenya Tanzania 6 aylar önce
Chi Na people are so funny
spacetoast7 6 aylar önce
Weird how they are only able to retroactively detect malfeasance in their audits, and that they're not able to predict unprecedented future events!!
Michael Callahan
Michael Callahan 6 aylar önce
I found the Jenga tower analogy to be both more confusing and less informative than a simple flow chart diagram of money. Some of the graphics were also so over-done that they were hard to read quantitatively. Lastly, an important point that is never addressed in the video -- if this crisis was proximately caused by the red lines the CCP drew up to curb borrowing, isn't this shock to the system precisely what they wanted? This is not a collapse at all. This is deflating a balloon to ensure it doesn't pop. Further, if you compare these red lines to the standard solvency frameworks in the west, are they more or less strict? Would have been great to know to lend some perspective on the severity of the problem.
Tuomas Holo
Tuomas Holo 6 aylar önce
Suppliers were not paid since the collapse. Developers who didn’t meet the three red lines find themselves in a situation where suppliers refuse to extend credit for building materials now must complete projects with no money or materials. Those projects that are being completed now are using poor and cheaply made materials.
Caro 6 aylar önce
Thats been going on for years (bad materials)
Venka Aknev
Venka Aknev 7 aylar önce
Fascinating (and well produced) 🥰
John Lee
John Lee 6 aylar önce
@Hotchi China is closer to being delisted from major economies. Also, the Russian invasion of Ukraine and Xi Jinping's mixed and contradictory statements bode very poorly for international investors. It you would like to still argue that its all just wishful thinking, i can't blame anyone that sees major problems with the stability of a regime that can erase a person's existence from history. It sends the message that one doesn't even own their own identity in China
Hotchi 6 aylar önce
Fascinating as always 1990. The Economist. China's economy has come to a halt. 1996. The Economist. China's economy will face a hard landing 1998. The Economist: China's economy entering a dangerous period of sluggish growth. 1999. Bank of Canada: Likelihood of a hard landing for the Chinese economy. 2000. Chicago Tribune: China currency move nails hard landing risk coffin. 2001. Wilbanks, Smith & Thomas: A hard landing in China. 2002. Westchester University: China Anxiously Seeks a Soft Economic Landing 2003. KWR International: How to find a soft landing if China.. 2004. The Economist: The great fall of China? 2005. Nouriel Roubini: The Risk of a Hard Landing in China 2006. International Economy: Can China Achieve a Soft Landing? 2007. TIME: Is China's Economy Overheating? Can China avoid a hard landing? 2008. Forbes: Hard Landing In China? 2009. Fortune: China's hard landing. China must find a way to recover. 2010. Nouriel Roubini: Hard landing coming in China. 2011. Business Insider: A Chinese Hard Landing May Be Closer Than You Think 2012. American Interest: Dismal Economic News from China: A Hard Landing 2013. Zero Hedge: A Hard Landing In China 2014. CNBC: A hard landing in China. 2015. Forbes: Congratulations, You Got Yourself A Chinese Hard Landing …. 2016. The Economist: Hard landing looms for China 2017. National Interest: Is China's Economy Going To Crash? 2020. Economics Explained: The Scary Solution to the Chinese Debt Crisis 2021. Global Economics: Has China's Downfall Started? 2022. Cathie Wood: China’s COLLAPSE Is FAR Worse Than You Think
Dan Farrand
Dan Farrand 6 aylar önce
Nobody in finance even thinks about the very poor quality of construction in many of these projects, the curious Chinese attitude about maintenance and the fact that all these buildings are built on land people don't actually own but are leasing from the government with no clear idea of what happens after 70 years when the leases expire.
xia en Gao
xia en Gao 5 aylar önce
@pinzazzzz LOL! Pennies on the dollar!
ThunderousGlare 6 aylar önce
it's literally manifestation of a bubble in physical form, buildings will start to crumble on their own.
spacetoast7 6 aylar önce
@hognoxious There is no private land ownership in China. There's no way to own it. You can only extend the lease.
YU XI 6 aylar önce
You can renew the 70 year lease for a registration fee ranging from 1% to 20% depending on local policy
pinzazzzz 6 aylar önce
@hognoxious You miss the part where the people are usually compensated.
Fingr'z B'Grubbin'
Fingr'z B'Grubbin' 6 aylar önce
its not just people moving into cities, cities are being built where it used to farm land
Kenz300 x
Kenz300 x 2 aylar önce
China's economy is in slow decline. The virus lock downs will speed it up. Lower GDP, higher unemployment, property developer bankruptcies, small and medium businesses going broke, local governments running out of cash, local banks running out of cash and individual personal despair of the population will lead to lower consumer spending.
S P I D E R 23 gün önce
The Chinese economy will never decline but their growth does. Still they have good in exports and lower consumer spending makes their inflation relatively low compared with the other countries. US government has given floodlike stimulus to every person which leads to inflation and fed tightening interest rates making strong dollars and weaker other currencies.
floxy20 6 aylar önce
I am choking on my tears of sympathy for those international investors who thought buying Chinese bonds was a good idea.
Mr. Man
Mr. Man Aylar önce
@StephenC The USA is more depressing, why do you want to talk about politics if you are not a government politician, freedom of speech what the USA has the freedom of speech nor human rights, living standard higher than Chinese? While in the USA there are millions of homeless across the country, Hungry children, and mental health and it's increasing
Proud Canadian
Proud Canadian 2 aylar önce
International business professionals we’re trying to teach these circus carnies how to properly wear a suit.
TheMrFishnDucks 2 aylar önce
Fantastic video. Very informative on the build up of how it got to this point. Keep up the good work.
Bumblebee 6 aylar önce
Very well explained 👏👏
Jerome Barry
Jerome Barry 6 aylar önce
China's property development debt collapse should not be compared to U.S. 2008. Rather, it should be compared to the property development debt collapse of Texas. Governing structures capable of untangling and resolving the problem were created in U.S. and can be created in China. However, investment opportunities available in Texas to make the world forget the Texas problem do not exist in China and cannot be created by government power.
hungson215 6 aylar önce
China has been off the spotlight lately, the war sure helped them to shift the focus out of their economic issues
j d
j d 6 aylar önce
It will come back to hurt us. Evergrande started to come back into the news and it isn't looking pretty.
dxelson 6 aylar önce
You always need a enemy on TV
michael loong
michael loong 5 aylar önce
This story of Evergrande borrowing no stop to finance a property bubble game is like the US borrowing non stop via selling Treasury bonds worldwide to fund the US luxurious life style must come to an end in due course. Why this scenario happens in both China and the US is that there is no control of the financial market. Same as the massive 1MDB default crisis that happens to Malaysia.but it involves massive corruption with government blessing.
Seni Anns
Seni Anns 3 aylar önce
Huge assets that cannot be 'realized'. The poor can never own these properties but they have fundamentally built them and bought into them! It's a mess for sure!
尉遲恭G 5 aylar önce
Here is just another lesson in Exponential Growth. Dr. Albert Bartlett often lectured about this to his undergrad students. Yet, as everybody knows, Human beings are not rational creatures.
Issac Newton
Issac Newton 6 aylar önce
That's incredible how China was able to spur significantly economic growth on the back of borrowing billions of dollars of money for high rise dwellings to the point the country's top developer is unable to satisfy those debts prompting calls for the Chinese government to intervene to prevent the collapse of not only Evergrande and the construction industry but the overall global economy
Eva Lee
Eva Lee 5 aylar önce
Not nearly a tenth of what the Fed has printed over last year.
True North Strong and Free
True North Strong and Free 6 aylar önce
The excesses and the waste of human energy and natural resources in the building scenario in China is mind-boggling. It appears to be the CCP‘s way of ensuring the 200 million migrant workers are employed and getting a paycheque so that they don’t revolt.
Andrew Lambert
Andrew Lambert 6 aylar önce
Real Estate debt plays a major role in Sweden as well.
DF 4 aylar önce
@French onion I hear most countries are pursuing expansionary policies nowaday.The US and EU are champions, but many other places are doing it. I wonder, though, how much of that money in chinese real estate comes from the US.
French onion
French onion 6 aylar önce
Most countries are addicted to debt because it allows more spending. It work's till velocity of money can no loger keep up now they can't convince the banks to keep lending because the growth has ended. Greed is what keep's people borrowing till it's too late.
Chetan Ghasava
Chetan Ghasava 12 gün önce
Great insight into the looming danger. Loved the video!
Jaime 2 aylar önce
I don't agree with statements such as "they built all this were there was nothing". There was definitely something there before they started building: whole ecosystems that were razed to the ground and entire species that ceased to exist so they could build these cathedrals to greed. Let's not forget that this genocide was also hidden behind the smiles and the champaigne.
praeceptor Aylar önce
Excellent point. The devastation is extensive. People who come up with such statements certainly comprehend the entire dimension but they prefer to fend off their concerns because they want to stay in the game / play, and they love it...
DavidJMa 6 aylar önce
Extraordinary that any Chinese would pay 100% up front for anything - let alone property!
Johnlord 4 aylar önce
Great video. But let me talk about something important, I see many young and old make mistakes that I think should not be. I believe that everyone, young or old, should have an investment plan that increases their financial returns from three figures to six figures. The investment can be your retirement plan or future plan, depending on what you want, but what matters most is that you have an investment that is profitable.
Idok Watcher
Idok Watcher 3 aylar önce
If you invest and win there is a loser on the other end. What if that loser is you with your "six figures" gone?
Debra James
Debra James 4 aylar önce
Good to know you also trade with Jack Peterson. I keep telling people that he is the best. Best of all, he teaches the strategy from him. If you really want to learn, what do you want? Also, I am a contract trader.
Edward Jason
Edward Jason 4 aylar önce
@Johnlord Wow, that's inspiring. I have seen people who collapsed financially in old age because they had no investment while they were still earning. Investing is something everyone should do for a better future.
Martha Jones
Martha Jones 4 aylar önce
With the guidance and assistance of Mr. JACK PETERSON, I have achieved my dream of being financially stable.
anna 4 aylar önce
@Johnlord When you fail to invest while you are still active at work, you will end up regretting it in the future
C.S. Potter
C.S. Potter 2 aylar önce
My main issue with Chinese housing market is this While on this vid they say that the land was "sold" to developers, in reality it was leased. In China (which is still a communist country like it or not) the government owns all the land. There is no private land ownership. Now the lease the developer acquired is for 70 years. And the land is never leased to the people who bought the apartments. The lease remains with the developer. Also the majority of the cost of apartments in China is tied to the cost of the land lease. What l wonder about is what happens at he end of the lease? Does the developer have to pay for another lease? Do the apartment owners? Wouldn't that mean that every 70 years these apartments essentially have to be rebought to pay the lease. One last tidbit. Many of these parcels of land leased do not get developed for decades. So the apartment "owners" never have the full term of the lease before the lease on their property runs out.
Rutilio Brito
Rutilio Brito 5 aylar önce
Bad information lead to poor choices. Looking in to the one child policy hard to see how this would not happen. No one in China should remember the time they killed all the birds and the government sold there food for heavy equipment.
Nike 6 aylar önce
The usual misleading statement, generalizes Beijing housing affordability to the entire country. Saying it takes 50 years to buy an apartment in China is like projecting New York onto the entire US, it takes 24 years to buy a house in US.
WikiTraveller 6 aylar önce
Evergrande's debt problem is tiny compared to China's High Speed Rails with over USD$2 trillion of debt. It borrows more money just to repay interests owing, excluding railway running cost. China built so many unprofitable high speed railways.
S P I D E R 23 gün önce
If that's the case, look at US debt to their private weapon companies by lobbying with them on Iraq, Afghanistan, Yemen wars.
Juan Zingarello
Juan Zingarello Aylar önce
@Hunter 898 you think those trains don’t have operating costs? You still have to maintain those trains, maintain the tracks, operate track maintenance equipment, maintain the equipment that generates the electricity to power those trains, the crew, the stations, etc. That money comes from ridership fares. And if that ridership isn’t there, then the transit agency loses money and the government has to once again step up spending just to keep the lines afloat or swallow the loss and abandon them entirely. Public services operate just like normal businesses do except they are publicly owned and operated.
Rap 4 aylar önce
@Paritosh Daurwal Over 3.66 billion chinese passengers used the train in 2019. 2.2 billion in 2020 during the pandemic.
Rap 4 aylar önce
China's debt is very small and almost all internal. The US has a debt of $31 trillion. Nuff said.
Eva Lee
Eva Lee 5 aylar önce
And China’s high speed rails project is nothing nothing compared to Fed’s balance sheet
Matthew W
Matthew W 2 aylar önce
Whoever did the graphics/animation for this video - great job!
Matthew Melange
Matthew Melange 6 aylar önce
This video feels very out of date. Didn't Evergrande start having trouble back in July 2021? This video didn't seem like it had much to say beyond Evergrande had trouble paying its bonds back in September 2021. Like one thing it easily could've gone into is how these are dollar denominated bonds, not Chinese RMB bonds.
Linas Vepstas
Linas Vepstas 4 aylar önce
@xia en Gao But it does matter. You can skip paying RMB to 500 cement companies for 30 or 60 or 90 days, and they might get mad at you, but mostly no one will notice. Or you can skip paying $-denominated bonds, and the whole world will find out within minutes, literally minutes.
xia en Gao
xia en Gao 5 aylar önce
When you're broke, the particlar currency does't matter Zero is zero in dollars or renmenbi.
CD 4 aylar önce
You got to remember the construction was counted towards there gdp. So the ccp kept the construction going to artificially inflate their gdp.
Pavel Golodoniuc
Pavel Golodoniuc 4 aylar önce
How come there are never any legal repercussions for auditing firms like pwc and EY? Shouldn't they lose their licences and be banned from business for decades?
Bruce Wayne
Bruce Wayne 6 aylar önce
Its crazy to fly over the area, as you see the extent of apartments
Ihateallkindofpotatosexepctfries 6 aylar önce
These FT films are excellent
Mach Daddy
Mach Daddy Aylar önce
It really surprises me that no one figures out these schemes, until it's too late.
EGull 6 aylar önce
PolyMatter did a series of videos on this subject, but a bit broader, about a year ago, for anyone who's interested: "China's Reckoning" Really good and interesting!
Peizxcv 6 aylar önce
PolyMatter really is just repeating nonsense. For complicated financial issues it’s still best to listen to economists. They don’t guess right often but still closer than people that don’t get it and just repeating nonsense
nna 6 aylar önce
Thanks man
robbes7rh 4 aylar önce
This is what can happen when a centralized authoritarian regime decides to create cities out of thin air. They are conceived on a modeling table without regard for geography, building codes, construction materials, weather, or even if anyone would want to live there. Consequently you get shoddy workmanship and cheap materials, and nobody living there. Apartments are purchased by investors who simply plan to sell it to a new investor...Even one of these unpopulated behemoths would be fascinating, but there are a dozen or 20 such places. The U.S. has certainly experienced debacles with home buying and too much debt, but what do you do with an entire city that is basically useless and falling apart?
robbes7rh Aylar önce
@Andrew Reynolds - exactly. People in China don’t consider a wide array of investments for their nest egg. This could become an existential crisis for the party regime. It would have to.
Andrew Reynolds
Andrew Reynolds Aylar önce
More like 10s of thousands if not hundreds of thousands of these empty apartment blocks across the country. Then there horrible building practices mixed with subpar materials make them basically worthless. They begin to fall apart in a matter of years rather than decades. Hell many of them have collapsed while they’re still being constructed. Plus people start paying their exorbitant mortgage prices before the building has even been built. They have huge sales events where people purchase these and you put a down payment (often people’s life’s savings) and begin paying a mortgage from that day forward with only seeing a scale model of what the apartments will look like. Plus the lease the builders have with the government is only 70-100 years which starts the day they sign the contract. So by the time someone can actually move in they have 60-85 years and it’s not yet clear what the ccp is going to do when the lease is up and that’s if the building even lasts that long which is unlikely. It truly is crazy how the whole system works
arm 6 aylar önce
If ever government tries to stop Property prices increase, it will decrease automatically bcoz people only buy one so that when get pricey they make money
Josh H
Josh H 7 aylar önce
Great analysis and very informative!
Zack Smith
Zack Smith 6 aylar önce
And faje
globaltrader 6 aylar önce
This video could have been a lot more in depth and informative. There last update on the situation was from sept/October. If “meet Kevin” did this video, we would know so much more
Masticina Akicta
Masticina Akicta 6 aylar önce
China, a communistic-kapatalistic market. With free trade, but also communistic controlled markets. Yeah, building housing was a great way to make money. And for a while it was how cities and businesses made a lot of money. Making houses quick and cheap at high prices, don't ask about the quality of the materials used to build them. Many of them are falling apart just under the new fresh outer layer. While not far away in a village old temples stand, thousands years old. It is sad really.
LeetCodeKing 4 aylar önce
Love this. Please share fellow Comrades.
Marco Polo
Marco Polo Aylar önce
China just came out with a better tone toward their tech industry and markets. Assuming that geo political events do not get worse between the USA vs China. I am making a Long term asset accumulation bet on BABA.
Wiebe Platt
Wiebe Platt Aylar önce
@Marian Parker The crazy part is that advisors are probably outperforming the market and raising good returns. I will give this a look up, lucky i stumbled on this thread.
Marian Parker
Marian Parker Aylar önce
in order for us to prepare for the future we need to look into safer investment with good prospect . If you have the mindset of investing 5 years ahead and just keep DCA every time you get paid. My portfolio have accrued gains of about $130k under the guidance of my investment -Advisor "Nicole Ann Sabin" whose skills in portfolio diversification are unmatched and client-centered
Margaritas 🍸
Margaritas 🍸 Aylar önce
I hope everyone have their cash ready to jump in at the right time. Secure your financial future with calculated moves. The stocks market still remain your best bet in becoming a millionaire.
Jeffrey Hulkman
Jeffrey Hulkman Aylar önce
Yep, good Talk. 2022 will be a rollercoaster for sure. Stocks valuations are at an all time high while at the same time we have the threat of inflation, rising interest rates and supply chain and productivity issues to deal with. Something is going to have to give. I think it will be the Markets that will have to correct. How much and when - who knows. Sanity hasn't prevailed in this bear market and I suspect it wont prevail in a correction/crash.
Pronewbie 6 aylar önce
While the CCP have skillfully manoeuvred around multiple potential economic crises in recent years, including the P2P lending bubble, I wouldn't completely disregard their debt crisis. This is what has led to a hard crash in many burgeoning Asian economies over the past few decades. It will most certainly have an adverse impact on growth rates. The transition to quality growth (hopefully) will be hard with no guarantee of success. Edit: indeed, I just read that they're targeting gdp growth of 5.5%. That's reasonable considering the firefighting and downward risks.
yebogogo Aylar önce
"It would take 50 years for an average income household in Beijing to buy an average apartment. The ration is 15 year in London, and 10 years in New York". This is categorically not true. Otherwise the average mortgage length in the UK would not be 30 years.
jjoonathan Aylar önce
@yebogogo Only if you replace it with an equally silly assumption "everyone spends the same fraction of income on a mortgage." You're really bad at inferring definitions.
yebogogo Aylar önce
@jjoonathan well, that applies to New York, Beijing or London. so, makes no difference to my point
jjoonathan Aylar önce
Lol, everyone does not spend every 100% of income on a mortgage.
Richard 7 aylar önce
Just the beginning. If you do not protect your assests now then good luck to you. This is a worldwide debt problem.
Liway 2 aylar önce
i've been seeing pictures of Chinese ghost cities on the internet for years,... now I understand why there are such structures
Persistent Dreams
Persistent Dreams Aylar önce
Shout out to Russell Birkett who did the graphics for this piece. Nicely done!
dmisso42 5 aylar önce
WOW! A whole country that has come to the reality that, if it sounds too good, then it probably is.
Jonathan Ballenger
Jonathan Ballenger 6 aylar önce
Really looking forward to watching this video, thx FT
Salty Wet Reefer
Salty Wet Reefer 6 aylar önce
What I like about China's policy is that they are willing to throw their billionaires under the bus eg. Jack Ma. Here, we would be taking our tax dollars from the poor to give to rich for the reason of too big to fail.
Advance to Tabletop
Advance to Tabletop 6 aylar önce
Billionaire without blood ties to the CCP, that is.
Salty Wet Reefer
Salty Wet Reefer 6 aylar önce
@lyq 232 You have a point, not all billionaires are bad or should be villianised as there are good ones too. But, I would say when their interests out weigh the interests of the majority of the countries citizens.
lyq 232
lyq 232 6 aylar önce
Yeah but then here comes the conundrum: When is it exactly good to throw a certain billionaire under the bus?
Vincent Blanchard
Vincent Blanchard 5 gün önce
When the US financial sector was on the verge of collapse the whole thing was 'rescued' by the state, which basically meant the State stepped in. So whatever people say, they should realize that China could nationalize the whole sector in exactly the same way. They'd just become the largest real estate owner on the planet, which for a Communist regime is actually not a problem at all.
Lliam Jurdom
Lliam Jurdom 7 aylar önce
Property greed and excess does this to people eventually .... it was going to happen and there is no sympathy for them ....
Zack Smith
Zack Smith 6 aylar önce
Funny . Who wanted ur sympathy
khein 6 aylar önce
@Lliam Jurdom it's ironic, do you know how your "capitalism" works? cuz capitalism also use consumer greed as a tool, when money does its cycle faster then the economy will also growing faster this law is not exclusive to capitalism alone tho, but it's exist in every economic system that use some kind of money for transaction
A W 6 aylar önce
The real problem is using debt for one project to fund other vanity expenditures.
spacetoast7 6 aylar önce
Using earnings to secure loans to keep selling your core product is a problem?
Ganesh ram
Ganesh ram 6 aylar önce
Every builder through the 🌎 does that. They will launch 1 project and collect around 30% ,then use part of it to launch another project...and it's vicious circle . People are stupid and builders not to blamed. Buyers should do due dalliance before putting their hard earned money. I invested in 2 apartments in India. I made sure it was ready to occupy. Once that was ensures I made payments and moved within 3 months as Interior took that long to complete. Now the property value has shrunk by 40% due to wrong investments by buyers and doing distress sales. For me no issue as I have to breath my last here.I will be happy to sell it at lower price as I have no children.
Dana Peck
Dana Peck 6 aylar önce
Exactly, although they seem to be managing it much better than the West did. Love to hear Walliston do a comparative analysis.
@WHATSAPP±①⑥①⑦④⑥⑧⑧⓪⑦③ 3 aylar önce
Most times it amazes me greatly the way I move from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
ItchyFungus 2 aylar önce
You would be a billionaire if you really had a strategy that worked due to compound interest
Cloud 3 aylar önce
@@WHATSAPP±①⑥①⑦④⑥⑧⑧⓪⑦③ If it's so sure and riskfree, will she and also you guarantee to repay any debt I and any other clients get? And can you pay that in advance? :) It should be no problem since you and your spambots make guarantees that you make thousands of dollars riskfree every day.
Donald Sachs
Donald Sachs 3 aylar önce
Wow, amazing to see others who trade with Mrs Grace o'donnell , I'm currently on my 7th trade with her and my portfolio has grown tremendously.
Julie Enoksen
Julie Enoksen 3 aylar önce
I'm contacting her right away.
Glimpsee 6 aylar önce
4:04 "Owning your own home after a period of no property rights is a massive aspiration of the 'middle' (read lower) class" Middle class means to have a home and a job. Lower class is just a job, Upper is just a home.
Taj Tahmeena
Taj Tahmeena 6 aylar önce
this documentary is sooooo good! kudos!
Vater Unser
Vater Unser Aylar önce
While its correct that owning real estate (i.e. an apartment, the bigger the better) is a status symbol, we should also understand that chinese until recently had no other way to invest money... so 2nd and 3rd apartment is a common way to hoard your wealth... In addition no one pays 100% upfront, everything is on mortgage thanks to low interest rates and if they deconstruct your apartment you are getting reimbursed quite well (Maybe not everyone but it works for most ppl).. Its a huge topic so squeezing it into a 20min vid is as wrong as explaining the western RE Market in 20Min
Ali Irvine
Ali Irvine 6 aylar önce
19:05 come on FT you're better than that. Everybody knows the big 4 accountancy firms are incredibly inept at audit. It's part of the service!
- 6 aylar önce
Flubadubdub The Great
Flubadubdub The Great 6 aylar önce
Hahahah yeah being "bad" at audit is actually one of the features dodgy companies pay for
Christian Aragon
Christian Aragon 6 aylar önce
No matter how hard you train, if your diet is poor you probably won't make any significant progress. You can't out-train a bad diet and I can't emphasize this enough. It is the same with investment.
Lil Lexus
Lil Lexus 6 aylar önce
To be honest, my diet is shite as a student yet the muscles still are growing at a reasonable pace.
philip cooper
philip cooper 6 aylar önce
@Richard Madison Thank you very much, for the heads up
Richard Madison
Richard Madison 6 aylar önce
@philip cooper *Mary brigid Mullin* she is amazing. you just need to look her up
Michael K
Michael K 7 aylar önce
Very good storyline. Excellent Video
Rob R.
Rob R. 5 aylar önce
With economic stress and social stress along with a more authoritarian government, China is moving towards finding a win through war. Logically speaking, they’ll be looking to take Taiwan. With the US and Europe tied up with war in Ukraine and suffering from their own economic, political, and social woes, there might be no better time to make such a move.
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