also Official report coming out on property prices, believe as much of that as you like ive heard rumors of impending price controls in various cities which strikes me as darkly funny. like usually price controls in real estate are ceilings rather than floors you know
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im trying to imagine a world in which this makes things better. like usually price floors just result in overproduction /if you have a guaranteed buyer/. but here you dont afaik so it seems like this just prevents many sales from happening at all but
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Replying to @SatyreContraire
yeah but that just screws the companies harder maybe? where do they get revenue now
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Replying to @SatyreContraire @eigenrobot
Yeah. The losses will be socialized. The developers are relatively screwed no matter what since theyre not allowed to do presales anymore and actually have to keep cash in escrow. The banks are all state owned so they can’t say no
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What’s new, I think, is that the govt asked certain nominally private companies to shoulder additional burdens that normally fall onto the state (rip Chinese equity).
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Replying to @SatyreContraire @eigenrobot
Imho opening the capital account, letting the ¥ float and developing a deep domestic bond market would probably be the most sensible way out of this for China. The ccp doesn’t seem to be willing to give up that much control however
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wonder what the various CCP factions are thinking rn wonder how tight xis control of internal security and pla is
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