China

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China popped its real estate bubble and now is promoting social housing (www.scmp.com)

submitted 4 months ago by [email protected] to c/[email protected]

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"China's Ministry of Housing asked local governments in hundreds of cities to “vigorously” buy unsold commercial homes and convert units into affordable housing for the working class." -Ben Norton

"Isn't it ironic that the Chinese housing bubble was cited across the West as a "failure" of the Chinese gov when it was in fact created by runaway private enterprise, only now being resolved by Beijing's intervention...?" -Brian Berletic

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[–] [email protected] 0 points 4 months ago

True, but atleast unlike the west, the commercial banks in China are all state owned. So, any default on debt by local Governments can be written down or written off.