China’s economic crisis is getting worse, and it’s got everything to do with housing. And if you saw our story from two weeks ago about China’s economic crisis, well this was only half of the story.
Right now in China, it seems like things couldn’t get much worse for its economy. But that’s when you realize there may be an estimated 50 million empty homes throughout the country, as a result of property developers biting off more than they could handle, as well as getting greedy. The result is that thousands of people are now refusing to pay mortgages, and many Chinese banks are on the verge of collapse. China is also filled with ghost cities, comprising millions of empty apartments.
This is one of the biggest economic news stories on the planet right now, however it’s not getting the kind of coverage it should in the media. And quite possibly, that’s because the CCP is possibly trying to suppress this real estate story from getting out.
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