I saw a video on Reddit showing the demolition of dozens of vacant high rise buildings in China. In addition to what you might expect, the comments alleged a “Ponzi scheme” in the housing market, and that some were still paying mortgages on the destroyed buildings. Any idea what’s happening on that front?
The current US housing market is one fat Ponzi scheme underwritten by 3.5 trillion dollars of quantitative easing.
Absolutely, but I think you’re missing the point of my question. Is there any kind of large-scale demolition happening in China? Are these ghost cities real? If so, what happened that got us to this point?