Luxury homes and cars aren't selling, upscale restaurants are closing in large numbers
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- Опубліковано 27 вер 2024
- #chinainsights
A restaurant with an investment of 8 million yuan closed down. The owner sold his home and car to invest in it. Now, he broke down in tears at the tragic loss. Have you noticed that all of a sudden, luxury cars aren't selling in China? Some models that used to require an extra charge and wait time are no longer in demand, and even Porsches like this one have seen a lot of discounts
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What's the point in buying a house in China when you intend to get the hell out of there ASAP?
I agree.
You cannot take property with you when the SHTF.
Patriotism of Winnie PorkPooh
- With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing hyperstagdeflation.
-Youth unemployment hits over 21% (in reality 50%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
Mengze daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
WOW SO GOOD Organ Leeks #sloprosperity #theskydontlie
@@sleepinglaffey3886 That's a very good point by point breakdown of the extent of the problem (disaster?). Most people are not even aware that China's debt to GDP ratio is 300% - I found that out myself just 2 weeks ago. I was shocked. People assume because China is such a massive exporter that everything is hunky dory, but it's actually terrible.
@k9killer221 Lvl 1 peasant leek/Little pink crook
Lvl 10 Gaokao corrupt official
Lvl 99 senior naked official
Lvl 1000 Naked official runaway in a vancouver or sydney condo with 10 mistresses and boasting offspring
that's how party works
also there's vancouver little pinks in the top comments
@@k9killer221 In addition, household debt - mostly mortgages - is 61 per cent of GDP. Altogether, China's gross national debt is over 300 percent of GDP. A high debt burden constrains the government's fiscal firepower, preventing it from unleashing bolder stimulus and weakening its effectiveness when implementing support measures.Jan 25, 2024
Savvy rich chinese sold long ago and invested in real estate outside of China such as Singapore
Yeah, and they're going to have to move again if they haven't already, to dodge the CCP.
Richest man in HK started selling in mid-2010s and the mainland Chinese were throwing insults at him.
I agree. The motivations to leave China due to the stupid CCP policies and economic indicators have been around for at least 5 years. The smart-heads are already gone.
Patriotism of Winnie PorkPooh
- With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing hyperstagdeflation.
-Youth unemployment hits over 21% (in reality 50%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
Mengze daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
WOW SO GOOD Organ Leeks #sloprosperity #theskydontlie
Yeah, this has been a long time coming and the smart heads got out from about 7 years ago when it became obvious Xi Jing Ping is a tyrannical nutter.
TOFU dreg checked? Chinese people invest in their homes? CCP Fs their own people?
CCP just didnt care at all.
A penthouse that big in my country would cost you $2-3M usd.. $276k thats a steal! 😂
China is overcapacity of home builders With 36 million houses empty without buyers
The hidden cost is that you have to live in China to actually use it.
These garbage ass buildings collapse very easily.
the china version will last ten years at best
@@Arthur-jg4ji more like 4.
This relatively dim Ashley Wallace from the Bank of America was recently at an event posturing about how expat spending by the Chinese was doing well when questioned about how Luxury brands were downplaying the risk on China. I get the feeling the consultancies are trying to spin this story that all is well in China for the luxury market and that the spending by Chinese has simply shifted overseas for brands. It hasn't the majority of the market for Chinese consumption is weak!
Well judging by the sales volume of those Luxury cars she hasn't got a clue what she is talking about.
I love Bank Of America's dimwits! They gave me a free $30k because they didn't do their due diligence!
The thing is even if it's luxury house, it's made in China, tofu build, I wouldn't dare to live in it 🤣😂
Lvl 1 peasant leek/Little pink crook
Lvl 10 Gaokao corrupt official
Lvl 99 senior naked official
Lvl 1000 Naked official runaway in a vancouver or sydney condo with 10 mistresses and boasting offspring
that's how party works
At least it's getting cheaper in China. Where I live, nobody can afford houses and condominiums but the realtors keep increasing the prices.
It's important to remember that these for-sale luxury apartments require tremendous upkeep in cleaning and utility bills. Also, I hope the few filthy rich Chinese who might buy these properties have to good sense to have them inspected for "tofu dregs" construction, which is rampant in CCP China.
Need to be out farming rice not buying luxury goods 🇨🇳
Let us also not forget that the Chinese "mortgage" system is recourse form which means if the property does not bring enough to pay off the principal balance (plus among other things such as penalties and fees) the borrower remains responsible for paying off the balance. In uncertain times, who would take on debt like that? Those already ensnared in the borrowing can only try to get someone else to relieve them of the debt by taking it over or paying enough to pay it off. Otherwise, they just have to try and survive.
It's confusing to follow thosevalues, because I am never sure what currency is being used.
the bats have come home
Volvo is not a European brand and has not been for decades. It is quite Chinese
so they were an American car when ford owned them?
You catch on fast
@@kevinbarry71 ? No one out of 1000s of ppl would call it American.
@@Lavithz it's not. It's Chinese. I thought we covered that
@@kevinbarry71 are you a bot? Or just dropped on your head
U have to save money for food. CCP look what u did. Karma + Mandate of Heaven.
China spent so much on military with practically no economic return! Madness!
Little sympathy for these people. This what happens when people give away their rights to an authoritarian regime
They’ve never ever known freedom in china. Taiwan is as close as it’s gotten and not without trials and tribulations
Have sympathy mate. I guarantee you, you and your fellow countrymen are doing the same
Since 1913, the people of the west have been systematically giving away their rights to an international cartel of central bankers, who have thoroughly entrenched their grip on power through world wars, money printing and inflation, fake pandemics and national policies designed to asset strip the common man. The tyrants of the west have slicker marketing and PR than old Winnie the Pooh, but they're every bit as greedy and dangerous - as I fear we shall all soon see.
@@xixi560no.
I'm sorry, but even the "richest" housing in China all look cheap, tasteless and tacky. You couldn't PAY me to live in that trashy "luxury".
Strongly agree!
I think it’s too Exaggerate! Plenty rich people in China, they also transferred wealth to overseas.
Everything built in CCP China is TOFU. It doesn't matter how expensive it is.
Yep,bridges,roads,apartments,condos,etc all shoddy
Yeah that’s why they’re able to drop their prices so much.
The house prices are just wrong. you can’t get an apartment in Shanghai for anything like 200,000 rmb
this is just so sad :(
Chinese : people broke
USA : cities broke
😂😂🤣🤣🤣🤣
People who could buy all that are wither leaving China or have already left China.
Keith Lee might need to start a tour.
Rich chinese people are in california and nyc buying mansions, farms and dorms.
I got $500 on the offer. If not sold
Classic case of high levels of debts or loans, over speculative property market and an unregulated property developers who abused State gov supports.
Kalau nantinya harganya lebih murah, bukannya itu bagus 😅.
What do you expect? Most of those luxury goods are in the list of those things real rich never gonna to use too much. They in the list of poor dream to be rich want to use alot. We saw some less know billionaires still use the car they in love with for decades some even drive a lawn mower to move around than those new luxury car.
When money means more then life to some of these people how sad to devote your whole existence to $$$
You mean Volvo owned by Geely ?
Their make money with foreign company, their don't want foreigner anymore now their crying because business go down ! Where is their brains ???
Location location location 😂. Voting with their feet.
Aww poore lil pinks gunna half to eat and drive normal cars like the normies
GOOD 🇺🇲
I thought there were a lot of rich people in China. They dress really well and seem so rich.
ua-cam.com/video/gShuEn78S-8/v-deo.html oh no this is the USA?
watever
/
Nookdashiddole
If that's what you feel about loss, then, that's Philippines feel the hurt when you take their territory and harass them!
The foundation of the building is probably tofu dreg and the owner knows it. The building will probably cave in any minute.
They all still wear fake and counterfeit designer clothes 😂
At minute 9:46 is a totally wrong and untrue information. This restaurant OSTERIA is not in Shanghai. It is in Tianjin and it is not going to close.
The AI is generating fiction yet again.
I have no direct knowledge, but you do realize that osteria is a common Italian word?
Osteria Francescana is one of the most famous restaurants in the world (located in Italy).
Are you sure about that? Because there's quite a few restaurants of that name in various cities in China, including Shanghai.
@@michaelturner4457 well, the video that is shown is about the restaurant in Tianjin, I am pretty sure about it because is owned by a friend of mine. Whilst the voice description is about a restaurant that it is now closed in Shanghai
REPENT SINNERS JESUS CHRIST SAVES ✝️✅
Not in China. Everything is so expensive these days.
@@williamchow7533 There is no joke making on the day of judgement just Fear and trembling repent sinner
Wait ....
So you buy a Luxury House but the land belongs to the state ...
So what happens after 65 years?
Can the state just take the land back?
Or do they lease the land back to you?
Why would anyone buy if that is the case?
Good. Let's all further help the Chinese out by reducing any Made-in-China purchases whenever humanly possible.
I have an x through a Chinese flag on my car
@@ILOVEBACONBOY2018
I guess you could explain the context but people probably just think you're a racist.
Always check where your purchases are made and put in the effort to avoid "Made in China" whenever possible!
Volvo is solely owned and made in China by Geely China and is not a European brand and hasn’t been for years.
Arrogant young masters are now getting humbled.
Market correction is good. Porsches are overpriced anyway.
Patriotism of Winnie PorkPooh
- With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing hyperstagdeflation.
-Youth unemployment hits over 21% (in reality 50%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
Mengze daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
WOW SO GOOD Organ Leeks #sloprosperity #theskydontlie
Doesn't China also own a substantial amount of America's debt?
@@sleepinglaffey3886 US debt: 70 trillion. China debt: 47 trillion. Less per capita. Economy growth is pretty impressive.
chinese can't afford porches, hahaha 🤣
chinese can't afford porches hahaha
0:12 poor guy☹
Those are some very nice looking houses, but it all looks like facade, over priced value, & questionable material🤔
3:50 Chairman Xi wanted to clamp down on "wealth showing off".
4:33 & the Gov doesn't want the Ppl to own their homes.
5:40 what I don't get is, why is the CCP also trying to show off something when they should be focusing on "modesty + traditionalism" & some high tech appeal instead of full-on high tech & showing off wealth status when China is still a developing country?
7:55 so part of the issue is economy, then inflation, fair banking standards with doors to help ppl get out of debt more fairly, how taxes are done, & how reliable is your at home market for curving unpredictable financial storms🤔? Which is part of the answer & partially my opinion🤔...
12:52 is it also fair to say that China is in its very own form of a "Great Depression"🤔🤨🤔??
Edit; 13:41 what an interesting analysis & recording on spending behavior & choices behind them, too.
Aww Sad isnt it? Well? Would you take his shoe?
I bet he would be happy to know you are willing ... have you seen what happened to Tbet and Ughur or even HK? XDXDXDXDXD
They sought to it, oh yes ask PatrickWei your friend.
People might scoff at this and brush it off. But especially the restaurants, those are jobs attached to it. They run low margins and generally run a 30-30-30 rule. 30% overhead, 30% food, 30% labor (not exact). Someone is out of a job on each part of the equation when they close down.
People are spending less and less.
So there's less people buying Porsches, oh dear, how sad, nevermind.
@@michaelturner4457 such a pity . Oops . No need to pity.
Hahaha because chinese can't afford stuff so funny😂
Why pay millions to live 100m up when you can live beyond the views of your neighbours?
That’s why the NYC market is always attractive. You have a mix of foreign and domestic buyers.
lol, maybe they can get Russia and Middle East buyers.
Painfully gaudy
What's the point having so many houses in China if you own them for 75 years? If so, most of them looks to be for speculation.
OKay one thing is that you are confusing thousands with millions. that Shanghai apartment is 2.76 million not 276k .... prices would have to have gone down 95% from the peak for that to be the case and it just isn't . Prices have collapsed but ntot to that extent
Ccp era chinese are so pervormative and distrustfull it's hard to feel sorry for them.
Condemning their government for corruption when in reality, they would do the exact same thing if put in a position of power.
Maybe dont support Russia and would not be like this
If you got cash it's the best time to buy lol.
You have confused the square metre price with the apartment price. Prices are coming down but only by about 15%. They may fall a bit further but nothing like the silly numbers you cite.
Man, if China didn't have such a scary government and the construction so untrustworthy, I would buy a house to live there, so cheap. Too bad you can't really "own" land in China, its only at 99 year lease, so you can't even pass it onto your descendants.
This is the easiest market to get real data. All the western companies have to report financials on their earnings report.
$4 for a cup of coffee in China is insane 🤣
I work at a restaurant in France and it is half dead too. Since covid it had been dwindling, purchasing power has plummeted with the USA dumping the inflation of their 3T USD onto foreign markets. don't worry China, the CCCP and BRICS are decoupling from USD hegemony for a more stable future. Give it a couple years...
I was just looking at investing in a property in China in case I would want to go live there and start a permaculture. Apparently foreigners can't even buy a property until they have lived there 12 months, changing that law would certainly help the market recover for China... If I could find a nice countryside home near a populated city with some land and modern amenities for less than 50k USD I would most definitely consider moving to China! This is how bad the housing market is here in Europe, lol. Better to have a crashing market people can afford than a profitable market that keeps the poor homeless.
too bad they are hostile to foreigners, i would want to buy that 260K luxury home. where im from even finding the most basic b house is now going 220k to 240k adding another 30k to even 60k to that one looks like a steal. in few years there i no way someone in my generation or younger will be able to buy a house even with a two income family.
10:50 LOL nice pun
Export to India India there is demand
Blessed be the meek for they shall inherit the earth.
God bless our great leader
Who Winnie the Pooh?
So what has that got to do with you,?