Xi (Foolishly) Plans Communist Answers For China’s Property Crisis.
www.forbes.com
Beijing's planned takeover of Chinese residential real estate might cloak the nation's property crisis, but it will surely kill China’s fundamental economic momentum.

If the leaks and rumors are true, Beijing stands ready to launch a new and radical solution to the economy’s property crisis – a government takeover. What the authorities refer to as “a new model” would replace the old emphasis on ownership with more rentals and use government funds to buy up bankrupt properties so that in time the government’s role in real estate would rise from 5% of the market at present to 30%. Such an act would surely take the nation back to its communist roots if not quite the days of Mao Zedong. If it would veil the property crisis for a time, it would in the long run do tremendous damage to China’s economic prospects.

xi-peel

  • emizeko [they/them]
    ·
    9 months ago

    getting some of this probably. wonder if a FOIA would be able to find out where it all goes

    (a) Countering Chinese influence fund. —There is authorized to be appropriated $300,000,000 for each of fiscal years 2021 through 2025 for the Countering Chinese Influence Fund to counter the malign influence of the Chinese Communist Party globally. Amounts appropriated pursuant to this authorization are authorized to remain available until expended and shall supplement, not supplant, amounts otherwise authorized to be appropriated to counter such influence.

    EDIT: apparently this money passed the senate but never actually became law. my apologies

    • RyanGosling [none/use name]
      ·
      9 months ago

      We need to create an organization and start requesting funds from this and pump out a bunch of “china is bad because it gives housing for low prices” articles

      • emizeko [they/them]
        ·
        9 months ago

        sorry it looks like I was misinformed. the money passed the senate, but didn't make it into the CHIPS and Science act which is the one that actually got signed by Genocide Joe

      • emizeko [they/them]
        ·
        9 months ago

        the law passed, yeah

        it looks like this house bill did not advance, but another bill, the Strategic Competition Act of 2021, contained the same $300 million annual funding

        • https://www.axios.com/2021/04/13/senate-china-bill
        • https://www.scmp.com/comment/opinion/article/3131467/us-offer-millions-new-funds-take-china

        despite the reporting here saying it passed, I can't find confirmation of that on the congress.gov page for it. I'm not familiar enough yet with the legislative databases to read these tea leaves.

        EDIT: okay this was quite a rabbit hole, it became the Innovation and Competition Act, which did contain the 300m language, which passed but did not become law. the one that did become law is called the CHIPS and Science act, and so far I do not see the 300m to counter Chinese influence money in it. well, shit. I really thought it was law but it just passed the Senate looks like. my apologies