Sounds crazy to us. Probably like a 6/10 on Chinese scale. Contracts there are much more in stone. Obviously one side isn’t holding up, but it may be implied so hands are tied.And its getting worse hundreds of thousands of chinese are refusing to pay mortgages .
I watched a story of a chinese guy / family who bought an appartment in a new project in china , he signed the contract in 2018
There was nothing built yet when he made the 30 % downpayment and took the mortgage.
The home was supposed to be ready in april / may 2021 so he could move in .
Apparently all the work on the construction site has stopped completely since over a year and a half and the appartment is only finished for 50 % with no end in sight of the construction continuing .
So the guy lost the 30 % downpayment and is now renting a property to live in while he is also still legally obliged to pay the mortgage on the unfinished appartment as well .
No wonder he stopped paying .
It looks like everywhere there is a financial mess these days.
Chinese real estate is 30 % of their GDP
The great Chinese mortgage strike: Thousands of homebuyers are refusing to pay their home loans as growing boycotts spread onlineAs of Monday, homebuyers in over Chinese 80 cities said they were refusing to pay their mortgages, affecting more than 200 projects, according to E-house.fortune.com
Normally you d think the contract would be terminated and the quilty side charged for a 10 % fine of the in the contract agreed amount or something in that order.Sounds crazy to us. Probably like a 6/10 on Chinese scale. Contracts there are much more in stone. Obviously one side isn’t holding up, but it may be implied so hands are tied.
Transaction completed.And gone , i sold my last rental property in NL.
I will be buying EGO EXK First majestic KGC and AUY .
Let the games/ crisis begin
Keyneisian said globalization will end world wars as the cost will be to high. Europe is experiencing this now. This war will cost more than it produces. They don't have a military machine. Not like we use to. I don't know they are manufacturering anything for Ukraine. Mostly I hear they are sending money and receiving refugees. Refugees will be a greater strain on their economy.A lot of countries are immersed in debt , the only way out for them seems to be WAR
I am only trying to talk economics and investing. You can't pluck your eyes from macro events that are driven by politics. The macro events are what drives the markets.I dont wanna go into politics on this forum , lets keep it nice
Plus US and Europe have pretty well stopped investing in ChinaChina can not do anything but collapse in the next 30 years. They have no replacement population. They have no support system for the people that age out. They have 0 immigration in. They will fall. Business are already realizing this and pulling out. They are at a minimum, not reinvesting as their plants age out. The world is in a Nationalistic state. Every country is bringing it home.
I saved about $500 on a phono cartridge because the exchange rate if favorable to me. Yes it is a good time to purchase abroad.I think now its a good time for people who have US $ to buy overseas gear.
If there is a credit issue in the markets due to fed tightening and the fed steps in and pivots the $ is gonna loose value
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