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this post was submitted on 08 Nov 2024
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Didn't China just had a huge crisis in the property market?
It seems they overbuilt on purpose, which seems like a great idea if you care more about shelter for the population than the financial wellbeing of the speculators.
Not really, the government wound down the real estate market intentionally to refocus the economy on tech and industry.
Ah okey, so they acted on a non-issue than?
They acted to prevent an issue from developing. This is the whole purpose of having a government. It pays attention to what's happening in the country overall, and guides the economy towards positive outcomes.
Property speculation crashed. It wasn't a homelessness crisis, but an intentional popping of a speculative bubble because Capitalists got greedy and homes were too expensive.