So I mentioned in the Pelosi thread how Xi is using this for the Mortgage Crisis he has going on.
Well now I guess people are also protesting because they are unable to access their funds, because someone(s) stole around $6 Billion Dollars.
Here is the TL:DR: Basically in the Henan Province, banks that promising accounts with 4% interest, were not really Savings accounts; they were actually Investments. So when people caught wind of this, the people who organized this ran out of China with $6 Billion in cash; at least one of them did. China has it's own FDIC, but the CCP said that this money isn't Savings, it's investment, so you were running it with risk. They have offered some money, but not for the people who has lost everything and because of that people in China are not trusting the banks and want to do a bank run; except they are locked out now.
While this video is a bit clickbaity, it actually helps explains it more in detail
And for the Mortgage Crisis, basically Chinese Citizens are boycotting payments on Mortgages.
This is because in China, a lot of the Housing these people are paying mortgage on, isn't not just completed yet but in some cases never started. COVID-19 even made the trouble worse, as construction has halted in cases, yet people STILL have to pay mortgage. What is worse, is how expensive it is... lets take New York City, if you had to calculate how many years to own a home (Years = Median Apartment Rent / Median House Price), it was said that it would take 10 years. In the cities of Beijing, your talking about 40-50 years.
But then you add in Evergrande, who missed their loan repayments which sounded alarm bells. It turns out that the money that was suppose to be used for construction, was actually being used to buy more land. So now not only are buildings not being made, but the builders, ironworkers, painters, etc; they are not getting paid as well.
As always this is just a opinion, but right now this isn't a good time to be the leader.
Well now I guess people are also protesting because they are unable to access their funds, because someone(s) stole around $6 Billion Dollars.
Here is the TL:DR: Basically in the Henan Province, banks that promising accounts with 4% interest, were not really Savings accounts; they were actually Investments. So when people caught wind of this, the people who organized this ran out of China with $6 Billion in cash; at least one of them did. China has it's own FDIC, but the CCP said that this money isn't Savings, it's investment, so you were running it with risk. They have offered some money, but not for the people who has lost everything and because of that people in China are not trusting the banks and want to do a bank run; except they are locked out now.
While this video is a bit clickbaity, it actually helps explains it more in detail
And for the Mortgage Crisis, basically Chinese Citizens are boycotting payments on Mortgages.
This is because in China, a lot of the Housing these people are paying mortgage on, isn't not just completed yet but in some cases never started. COVID-19 even made the trouble worse, as construction has halted in cases, yet people STILL have to pay mortgage. What is worse, is how expensive it is... lets take New York City, if you had to calculate how many years to own a home (Years = Median Apartment Rent / Median House Price), it was said that it would take 10 years. In the cities of Beijing, your talking about 40-50 years.
But then you add in Evergrande, who missed their loan repayments which sounded alarm bells. It turns out that the money that was suppose to be used for construction, was actually being used to buy more land. So now not only are buildings not being made, but the builders, ironworkers, painters, etc; they are not getting paid as well.
As always this is just a opinion, but right now this isn't a good time to be the leader.
