China's struggling property developers won't be getting a major bailout, authorities indicated, warning that those who "harm the interests of the masses" will be punished.
Yes but can they please do this without leaving half finished skyscrapers in other countries? The situation in LA kind of sucks now that the city has to spend millions cleaning it up (supposedly sending the bill to a bankrupt Chinese developer, as if that’ll work).
No, and that’s the problem. Ever since Covid, people are leaving major cities and moving to more affordable locations. This is largely due to this new work from home culture. Thus, a lot of these grand skyscraper projects are falling apart globally, the news just likes to focus on China, which in fairness is the largest failure of all the nations.
It’s also important to note that while there is an abandoned skyscraper by a Chinese developer in LA, there are also abandoned skyscrapers in NYC and SF that has nothing to do with China. It’s just a bad market for new buildings since people are leaving cities.
Yes but can they please do this without leaving half finished skyscrapers in other countries? The situation in LA kind of sucks now that the city has to spend millions cleaning it up (supposedly sending the bill to a bankrupt Chinese developer, as if that’ll work).
They don’t “have to” clean up the totally innocuous graffiti
This is true. It’s become a bit of a tourist attraction.
The value of the property has to be greater than the bill though, right?
No, and that’s the problem. Ever since Covid, people are leaving major cities and moving to more affordable locations. This is largely due to this new work from home culture. Thus, a lot of these grand skyscraper projects are falling apart globally, the news just likes to focus on China, which in fairness is the largest failure of all the nations.
It’s also important to note that while there is an abandoned skyscraper by a Chinese developer in LA, there are also abandoned skyscrapers in NYC and SF that has nothing to do with China. It’s just a bad market for new buildings since people are leaving cities.
Of the finished property, probably. A property with a giant, abandoned project on it isn’t worth nearly as much.