China's struggling property developers won't be getting a major bailout, authorities indicated, warning that those who "harm the interests of the masses" will be punished.
  • Tankiedesantski [he/him]38•3 months ago

    The commies can't keep getting away with ... checks notes ... running a free market!

    • Des [she/her, they/them]10•3 months ago

      watch market socialism with a government aggressively enforcing a strict bounded free market actually do capitalism better then capitalism

  • Palacegalleryratio [he/him]25•3 months ago

    “We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing,” - but what about the profit motive?

  • @frippa@lemmy.ml22•3 months ago

    Normalize not bailing out failing big businesses, hope we can bring that custom over here.

  • wopazoo [he/him]16•3 months ago

    If you want privatized gains, you must accept privatized losses. No risk, no reward.

  • @HowMany@lemmy.ml10•3 months ago

    Unlike U.S. bailing out "too big to fail", China says "fuck you - we keep the tax dollars for us.".

    Near perfect capitalistic communism as is possible.

  • @FiniteBanjo@lemmy.today4•3 months ago

    I'm sure there is a lot more nuance and context here that I don't know about, but at face value that's a pretty cool solution and I like it. The question is: how much of these developments were greenlit by government officials who are now refusing to foot the bills?

    • Lemmygradwontallowme [he/him, comrade/them]7•3 months ago

      how much of these developments were greenlit by government officials who are now refusing to foot the bills?

      By that logic, most U.S real estate companies like Blackrock and Freddie Mae would be greenlit, could you be more specific...

      If we just mean which ones were state-owned (because "privatized gains, privatized losses" as one said), not much

      According to even "China collapser" Michael Pettis:

      Show
      https://twitter.com/michaelxpettis/status/1610265849528717318/photo/1

      Then again, it's Caixin, so you can double-check...

      • @FiniteBanjo@lemmy.today1•3 months ago

        That graph shows the development agreements purchased by government has increased yoy, which contradicts what you just said...?

        • Lemmygradwontallowme [he/him, comrade/them]6•3 months ago

          Well, I thought the nationalizations were more of a response, than the cause of what happened, then again...

          I mean, didn't the whole crisis start from 2020... so I don't understand the contradiction in my argument here...

          Elaborate it a bit more?