to the extent chinese real estate is better viewed as an investment vehicle maybe this works in some way by making everything illiquid. dont have to mark down assets as depreciated or whatever even if you cant actually sell them and so you just kick the can down the road further
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this seems like a stretch to me and i dont think it works since as i understand it the model for most developers relies on high turnover of these properties, and freezing the market screws them harder maybe it makes households who own homes feel better. prevents fire sales? idk
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please read this thread as pure speculation and me trying to steelman their policy i dont understand how their markets work at a granular level my baseline hunch that theyre kind of fucked remains tho
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oh shit xi was (is?) trying to push through a property tax. note that previously this had not existed in china note this is functionally a bigass bite to the use of real estate as /the/ household store of value in chinahttps://www.wsj.com/articles/in-tackling-chinas-real-estate-bubble-xi-jinping-faces-resistance-to-property-tax-plan-11634650751 …
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price floor would make more sense in this context. lol. government sets asset price and also tax rate what could go wrong apparently theres an incipient party rebellion over this interesting times and all that
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Replying to @eigenrobot
how about just having properly regulated capital markets with decent disclosure and a government that doesn't randomly and capriciously take all your shit away oh wait no that wouldn't work
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Replying to @sgodofsk @eigenrobot
or get rid of capital controls so people can invest in overseas businesses without a bunch of stupid money laundering bullshit and make up the difference in domestic investment by deregulating foreign ownership of domestic businesses
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Replying to @sgodofsk @eigenrobot
what if we just tried not being a totalitarian communist police state???????
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Replying to @eigenrobot
not too far off from what happens to people who make that suggestion IRL
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eigenrobot Retweeted Rob Henderson
YUP it was partly a joke about how dangerous windows are to chinese billionaireshttps://twitter.com/robkhenderson/status/1398077087605473286?t=jUPNl_Svok8pWxtFbOXeYg&s=19 …
eigenrobot added,
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Replying to @eigenrobot
jesus christ I knew it was bad I didn't know it was that bad
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