clutch

I guess both given the massive scale of the business and its massive impacts on the whole economy is reasonable

When banks loan against property and the collateral is the property itself, there should be an independent revaluation of the property to ensure the bank is not running into excessive risk by lending say, $300, on a property that is worth $200. In case the borrower default, then the banks sells the property for $200, but losses $100 because the property was only worth $200.

Trump claiming that banks never saw losses indicate that bank relationship managers were complicit in using distorted valuations to lend, potentially violating internal credit rules established by their own employers.

Another possibility is that Trump actually defaulted multiple times but banks do not publicly admit it.

The root cause that all comments here in Lemmy miss is the Chinese approach to tax funding, which is entirely built on cities and provinces being expected to generate tax income through land sales to property developers, and then public officials competency and rise inside the party being measured by the size of that tax income generated trough land sale.

China needs to adopt a western style of income and consumption taxation if they don't have one but I understand that internal enforcements is very lax (to prevent popular protests) and corruption (that ends up siphoning off any revenue raised through taxes).

In short, that housing stock will remain unused and, without maintenance and continued use, will only deteriorate over time, leaving cities with a terrible burdensome legacy

Not sure Xi cares about the state of his country after he goes into history books

Very high likelihood of invasion as Xi would like to cement his legacy before he dies

When one company in an industry has nearly endless cash, as Microsoft and Apple do, it is natural that everyone else would be seen as acquisition targets

Silicon valley has a massive indian community that also discriminates among their own (see the issue with dalit/caste), so not surprised that they would censor the murder of the Sikh leader

Fair... I should have said "social security number" instead

Yup. Just like the electoral college thing. America should get rid of these relics

America - where celebrities tell you how you should fulfill your civic rights, since Reagan times