after three years of pandemic spending and reduced revenue — plus decades of taking out huge loans to finance construction.
“They have got some problems. That’s not good, because when bad folks have problems, they do bad things,” Biden said at a political fundraiser.The crisis in China’s real estate sector has been brewing for years. Real estate giants like Evergrande and Country Garden specialized in selling the dream of homeownership to people in China’s smaller cities. The majority of the company’s sales, and its land reserved for upcoming development, was concentrated in third- and fourth-tier cities.
In Penglai, on the coast of China’s Shandong province, work on a block of luxury apartment towers in a Country Garden development ground to a halt last week. In a now-familiar scene, blue notices appeared on the walls: The property developer, Country Garden, was no longer paying its bills.The construction company refused to keep building. Hundreds of home buyers were outraged.
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