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China Housing Market Crash + GDP Miss
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- Опубликовано: 18 авг 2024
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China also has a population crisis. Korean is experiencing it too.
Yeah I think that's the reason for the housing crash. But having cheap homes is good long term.
US also has a population crisis. That's why you need all the immigrants.
By next generation, US will be gone because your 70+ pronouns don't know who to mate with n where to find them. 😂
On the topic of EV
We used Didi (Chinese uber) a lot and each and everyone of them was driving an electric car, mainly BYD and Aeion
Good looking cars, decent quality, modern, nothing wrong with them at all
Nothing wrong at all? Are they not self igniting all over the place?
@@ovid4 Nope
Thanks, Chris!
Australia is sheer ridiculous. Theres a statistic I remember reading that house prices in Australia has gone up 76 times since 1982. Not 76%, 76 times! I'm an aussie millennial and its completely ridiculous. Cheers Minister Chris for even acknowledging it. Politicians dont even mention the housing affordability crisis. See you at the next Anonymous Musk meeting. Cheers.
Just went over the Aussie housing numbers in a prior video. It’s really expensive for sure!
@realchris Cheers a million! I look forward to your future low risk high return stocks and options trading course. Hopefully a partnership with Meet Kevin or Stephen Graham is in the works lol
A lot, but not times seventy six. I just did a quick Google search then and the average cost of a house in Australia in '82 was $64k. The average wage that year was $16k for a male. The average price of a dwelling now is about 12 times the 1982 price at $785k. The average income, however, is only about six times what it was in 1982 at $98k.
But that doesn't tell the whole story. Back in '82, a typical house block was a quarter acre. Now it's an eighth. Not only that, the "outer" suburbs were a lot closer to the CBD, and far better serviced than they are now. And then there are apartments. With the exception of commission housing, residential high rise was all but non existent in 1982. Now they're like warts on witch's nose.
So, on the face of it, housing looks like it has "only" doubled in cost relative to income. But the reality is, for double your money now, you get a lot, lot less house. Anecdotally, I would tender that a house in an established suburb, with good amenities has more than just doubled relative to income, but has more than likely quadrupled in value, or even more. The statistics in Australia just don't tell the whole pitiful story.
I was in Kunming a month ago
Kunming South is a brand new city with a brand new business district
It is also completely empty, on a Monday there was no traffic at all. No cars, no pedestrians, no delivery trucks, nothing
50% of the new high rises are empty and 80% of the youth is unemployed as all the construction (and adjacent) jobs have disappeared.
Prices have dropped from 10k per m² to 5k per m²
We saw similar stuff in Vietnam.
But... Real estate never goes down. 😮
In the US market, there is very little new construction, while in China, there is still quite a bit. The US market is dead because of high interest rates for mortgages so the only buyers are bargain hunters and those with enough wealth to pay cash. I mean why would you allow a bank to make 7% on a mortgage? In China, the default and failure of very large developers started this stampede to the bottom. There are speculators borrowing in the gray market trying to flip houses but they are now bankrupt. Homeowners that lost their job are in a bind as they can't make mortgage payments. However, there is a huge group of older people who have no mortgage that are sitting tight because their homes were either free or very cheap when Deng allowed private home ownership instead of the state owning the home. So, for the Chinese, they can see their situation is similar to the US in 2008 where mortgages were turned into stocks and leveraged to the moon with derivatives. When the job market got soft, those with zero down, just walked away and left the banks holding the bag, Lehman Bros, was the poster boy of this carnage. One can probably expect the same with smaller banks in China. The biggest victims in China are the younger Chinese who have lost their job and have a mortgage they cannot pay.
The government quit releasing youth unemployment numbers too, so likely things are pretty tough for young people now and you have the whole movement of lying flat as you know.
In the communist system, "According to the Constitution and the land laws, Chinese individuals cannot privately own land and natural resources. The Constitution provides that land in urban areas must be owned by the state, whereas land in rural and suburban areas must be owned by the state or by local collectives."
Sweden is still pretty good. Our equivalent to the FED and the government to control of the lending levels years ago and demand is still far greater then the supply. Rates are still high but coming down. We hade a crash in 1994 that changed how we do things.
I live in the suburb and they are building multi level housing. Who lives in these housing? I can see it in a heavy populated cities but these look like 15 minute cities where units are on top and businesses are on the first floor
Thats amazing!
Hi Chris! Did you do a video on Evergrande?
Search my channel for China or evergrande if you want to watch older videos
Here’s one Evergrande Bankruptcy Crisis Halts Trading
ruclips.net/video/w9x6tsDhwoM/видео.html
Yes it's global. Portugal here. The housing market is hiper expensive. Luckily i bought my home in 2004, people looking for their first home are in a hard place because salaries are low here... I don't think you are "so" stupid at all Chris... 😂
Numerology, feng shui, and superstitious beliefs are still very common in China. A lot of people make big life decisions on superstition, like a lot of gamblers, especially sports gamblers.
Asian Economic Crisis 2