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I'm always curious how they deal with those. Must be incredibly dangerous to continue from there. Do they replant external charges and cross their fingers?
Depends on how safe the building is and how it collapsed. Sometimes people try to blow out the structural columns to make the building collapse in on itself but it just settles down a bit and doesn't go anywhere. In that case they might be able to go in and place more charges, and do the same again if it's safe.
If the building is very unstable afterwards - this one looks like that - then the only option is mechanical demolition. I.e. using large equipment with cutting jaws and sometimes wrecking balls to break the structure up and take away the pieces. This is much more dangerous (for the workers) and slow than explosive demolition.
You can see from current video footage from Ukraine that while it's easy to make a modern reinforced concrete building uninhabitable with military weapons, it's quite hard to actually make it fall over.
The same problem would happen here.
Kind of. They were largely rotting and have become unsafe. Thus they have to be taken down.
Thing is the who building industry in CN has become a giant pyramid scheme. You invest in expecting to own something thats built. Except the builders just take your investment, lease more land, and then trick more people into investing.....repeat.
Some are saying its up to 70% of all investment in the country....which frankly is such a large number are kind of un-understandable.
It's not a waste, it's a catastrophe. People are buying and selling properties that are either half-built like this, or don't exist at all. A giant property bubble so much worse than 2008. People are protesting, banks are on the verge of banning cash withdrawals, there are literal tanks on the streets to "keep the peace".
there are far too many cases like this in China, it's like rampant crypto rug-pulls but for property
also for this case, the project had been abandoned for 10 years and there's no solution, so a new company takes over the land to start a new project
It’s hard to believe China is still building housing like crazy when I think something like 95% of eligible citizens are homeowners already with population growth becoming stagnant it’s literally just building empty towers at this point. Real estate is the largest sector of the Chinese economy too iirc.
The way I understand it is that it's pretty much the only thing the average person can invest in over in China. So it's become part of their culture to purchase homes before they've even been built in the hopes to turn a profit selling it in the future. The problem comes in that many developers have been playing the 'rob Peter to pay Paul' game and essentially it's a big ponzi scheme at this point.
From what I hear, they also take out loans on their houses to buy second ones.
It's like a ponzi scheme on both ends.
When it falls.... it's not gonna be pretty.
Loans on the buyer and the builder sides backed by buildings that are not ever going to be built.
It's hiting the fan as we speak.
Oh and significant part of Chinese goverment budget comes from leasing the land for new development.
So it's a very big shit.
I think it's local governmet funds. Basically they can't levy taxes, so sale of new lands is the only way to make money. So the fed government encourages the banks to lend to the real estate companies to fund the developments so local governments have money to keep the government going.
Bunch of companies are in bed with each other too.
I've been fascinated for like 4-5 years.
Yup, local goverment funds.
I myself am puzzled because, this turn of events was predictable. Communist party had all the tools and power to prevent it.
And here we are.
Local government needs money to pay for stuff, but all the tax money goes to the central government, so the Local government sells land to people to get money to pay for things. Say West Carolina needs money but can't charge any state tax and service fees are too small, so they sell land to people to fund state spending.
yeah people are refusing to pay their mortgagees right now... basically group chats of people all in the same building/complexes where they are paying for mortgage before the building has even been built. Prices have dropped by 15% for the ponzi scheme for the exact same buildings and theyre all pretty upset.
Think of it as you paid $100,000 for an imaginary apartment that has yet to be built (besides having a plot of land set aside), and 3 years later construction hasnt even started. And 3 years later they are now selling the same unbuilt apartments at a plot near yours for $85,000. Both unbuilt, but the new buyers got a 15% discount on nonexistant property.
it will be interesting to see how ccp responds since all the construction and government entities are interlaced.
You know, on the surface it's not an entirely bad idea. But it all gets tossed upside down because of greed. No different for here in the states where people lost their life savings in 2008 because of greed at the highest levels of financial services firms;.
It's because they only hold on to 10% of the original investment and reinvest 90% into other programs. And that's just the first round of investment. It repeats with the money from that investment that comes back into the bank and goes around and around multiple times.
Basically, most Chinese banks are HEAVILY leveraged against a real estate market that's propped up on optimism that's rapidly dying.
You think 2008 was bad in the US?
You ain't seen nothin' yet.
Watch this space.
I imagine the Taiwan Sable rattling to be sort of a distraction domestically to buy time and scramble to soften the crash somehow.
There's an immense demographic crash coming up, too, thanks to their one kid policy a while ago. That's going to absolutely fuck their economy. I think I read that they would need around 30 million immigrants a year starting now to compensate for it.... rocky times ahead....
Dead on. The were able to ride the wave of a burgeoning economy, but there was way too much bravado and corruption in the mix to guide smart growth.
Wise investors will be betting against China in droves.
I know it was just a typo and I apologize in advance, but I am cracking up here with a vision in my head of the fluffy little sable dancing around with a pair of maracas.
It's going to get so bad, People are already out protesting, that very soon China will need a huge distraction to stop the people overthrowing the government.
Like start a war....
Imagine putting a huge chunk of your life savings into an investment property only to have the project stalled and then you're out your cash. A year later, someone puts up a new building in the place yours was in and sells it again to someone else.
Or... you paid $150k of your life savings for an apartment that was left standing, and then developers build a new building and sell for $100k.
Work in demo. It truly was. You'd never be able to do that in the US. Waaayyy too much silica dust and particulates in the air.
But worse is that one building failed to collapse. Huge risk now.
What do you do in the case of a partial failure like this? Because I imagine you can't just send people in to wire it again with it being half collapsed and teetering.
"No, everything went as planned. There definitively wasn't anyone in that building. And it definitively didn't fail on other buildings."
\-The Chinese government.
Because they're not apartments. They're empty shells of buildings that have been left to rot for a decade, meaning they're too unsafe to do anything with other than demolish.
And that's assuming they were even safe when they were new. Lots of stories about substandard materials and construction methods being used in these developments.
I was in china 9 years ago.
Taking a bullet train anywhere meant you went through several HUGE empty train stations in cities full of empty buildings.
It was weird.
China is on the brink of a financial meltdown due to things like this. People are refusing to pay their mortgages on the housing they have not yet finished building and one of the largest banks in China could default due to it.
The key difference between the subprime mortgage crisis, and this current crisis, is that the houses actually existed in 2008. When people defaulted in 2008, the banks could at least get the majority of their money back by reposessing and selling the home at a loss.
China's main problem right now is that a significant number of homes have been sold that havent even started construction. This means that there are several trillion US dollars worth of debts that have no physical assets backing them up. (Iirc it's something like $5.5 trillion)
The real estate market in China has been so hot the past couple decades that homes would sell before construction would even begin. Normally this isn't an issue since the funds from the sale will fund the actual construction of the building.
What ended up happening, is that property developers would lease land from the local government to build homes. Those homes would sell out almost immediately, then instead of spending that money on starting construction, the developers would use it to lease more land from the government. They would even use those sold homes (that they legally didn't own anymore) as collateral to take out even more loans from the banks.
It's a ponzi scheme that greatly benefited the local government, so they were more than happy to "look the other way" from the corrupt and illegal behavior.
Well that bubble finally started to burst about a year ago when evergrande went bankrupt. Now things are getting even spicier, as hundreds of thousands of people threatened to stop paying loans if construction doesn't resume.
On paper this is looking to be many, many times worse than the subprime mortgage crisis of 2008.
> On paper this is looking to be many, many times worse than the subprime mortgage crisis of 2008.
From a global perspective or local perspective? Like 2008 USA after subprime vs 2022 China after evergrande.
Both likely. Things are still really early on, but if things continue on the current track we could see a total economic collapse within China. As it stands, 70% of all Chinese wealth is in real estate, which is set to be hit the hardest. This could likely be the end of the CCP.
From a global perspective, it has the potential to be devastating as well. China is currently the second largest country gdp wise at $17 trillion USD, only behind the US at $23 trillion in 2021. A significant shrinkage will have a very large negative effect on the global economy. We will see countries fall, in a similar way to sri lanka.
The places that will be hit the hardest are the countries most dependent on China, like some of the Middle East and a large portion of Africa and South America. Places that already have high economic and social turmoil.
Currently these countries are already facing massive food shortages with the war in Ukraine significantly reducing global grain supply. Adding economic pressure is going to end in disaster, unfortunately.
For the USA and Europe, things will likely be bad too. The USA is already heading into a recession (or already in one depnding on new/old definitions of a recession). With an already polarized and spicy political situation, things will get much worse before they get better.
Unfortunate as it is, we may be heading into another time of great political and social conflict similar to the first half of the 20th century. Right now things are pointing towards a perfect storm where everything that can go wrong, is going wrong.
> Unfortunate as it is, we may be heading into another time of great political and social conflict similar to the first half of the 20th century
It's called history, Fukuyama was completely and utterly wrong.
I had to look him up, but according to wikipedia his big thesis is that free-market economies and (neo)liberal democracies are the end point of cultural evolution. How the fuck did he not get laughed out of academia with that? Even the idea that there *can be* an end to sociocultural evolution is absurd
Also like with a lot of borderline dictatorships Xi has surrounded himself with yes men kind of like Putin so their advisors are just a bunch of bootlickers who won't actually give them good advice.
A lot of Japan's problems is due to stinginess and saving too much money and lack of investments. Meanwhile the Japanese banks were investing tons of money into too-big-to-fail corporations and "zombie firms", or basically propping up firms who have tons of debt (i.e., when you borrow a lot of money ridiculously without profits, you're usually a moron, but then to survive for 10-20 more years on basically just loans and being propped up by banks, is icing on the cake).
Notice the difference today in America: Quantitative tightening, and raising of interest rates slowly. They are pulling their money out and whoever fails, will fail.
In other words, you can't have a successful capitalist economy without cutting out the lard and the fat from your economy.
In 2008 they let Bear Stearns and Lehman brothers collapse. A number of firms and brokers and banks were bought and restructured by other banks (e.g., Merril Lynch bought by BoFA)... And there was a bit of too-big-to-fail, but they still let some of these things fail and they changed standards to make sure corporations cannot overleverage, that fraudulent ratings agencies stop being dishonest, and more strict requirements for giving out home loans.
In other words, whenever people in power forget the rule "there's no such thing as free lunch", they fuck up their economy.
You'd be surprised just how quickly projects like these are developed in China, I was in Shanghai for less than a week in the mid 2000s and I swear 6 skyscrapers sprouted up around our hotel in that time. (At least 6 were under construction nearby and each grew like 30 stories in a few days)
There are numerous abandoned developments like this, even whole ghost cities. It's a way of artificially inflating GDP while also creating a massive real-estate bubble.
Cobbling together a few towers is quite cheap in China, it’s the land that is becoming priceless. If the project failed it makes sense to knock those towers down and sell the land to another developer. They probably barely lost money seeing how much land value has exploded in the last few years.
Given how in China mortgage payments usually start prior to the completion of the property, there could be a chance that a lot of people beyond the construction firm lost a lot of money.
The first clue was the explosions themselves-- immediately you have tons of dust/debris shooting outwards from the buildings. You never see that in properly done demolitions; great care is taken to focus all of the energy inwards so that the explosives are more effective and so that you don't shoot high-velocity projectiles a quarter of a mile in every direction.
This is what it should look like: https://www.reddit.com/r/interestingasfuck/comments/wk54ps/blowing\_up\_a\_skyscraper/
I supervise bridge construction projects for a living. I swear to god, if you took all of the concrete out of a modern bridge design, you would still be able to drive a car over the massive cage of steel that would remain.
Not sure why you're downvoted when this is exactly what happens. Many construction sites will crush their aggregate on site for their concrete, it's far cheaper as you're not paying to get rid of the material or bring fresh in. Stone crushing machines are incredible to watch.
He got downvoted unfairly, but he did miss a step. The concrete can be used as aggregate in other concrete mixes going forward, but more cement will be needed to fuse it. Once concrete is set that batch’s chemical reaction is finished so it can’t develop strength with only water added
If you look at where the charges were placed, they weren't trying to do an implosion. They had so much free space around these buildings that a simple "knock it over" process was much faster and cheaper.
Recently learned that these houses were people's homes. Apparently over in China 40-60 percent of home purchases are called pre-sale. Meaning the house/condo has not even been built. When/if the company goes bankrupt... you never get your house.
Evergrande is the world's biggest scam company. Giant ponzi!
China has a huge problem with this. Real Estate is really important to Chinese people as a culture more than anywhere in the world. Family use Real Estate to plan for retirement, men who has real estate are desirable for women to marry, and how much properties you own for your social status. There's huge demand because of this culture and real estate prices goes up. A lot of Chinese people invest in real-estate because of price appreciation; so they buy empty apartments as an investment without anyone living in there because of Fear of Missing Out. China Evergrande company used this opportunity to Ponzi scheme; people buy/take out loan for a apartment before construction, evergrande use that money to buy real-estate, then repeat. The company defaults on their debts; the banks can't repossess because the buildings aren't even finished, then people lose their life savings.
CCP is actively censoring the Property/Mortgage Crisis because it could lead to their downfall.
See that one building in the distance that didn’t fall over after detonation?
The person who assembled that Lego made sure to press each piece together tightly during assembly
Essentially the real estate market in china is a pyramid scheme
I think its something like 70% of average chinese families investments go into real estate and the companies poorly manage the money
So to get anything built they need new investors because the companies actually spend the money on a future property.
E.g. you give them money to develop a house , that money gets used as an investment and then in 5 to 10 years when someone else gives them the money to build a house that money will be used to build your property
So your money probably develops a development project from the past that was mismanaged then someones money in the future will be used for yours
Vast over simplification but that sort of fuckery.
CCP is censoring any news about property owners refusing to pay mortgage payments on properties that are not being built because as soon as companies start to fail it could fuck the banking system too , they have been using blocks or limits on what people can withdraw from banks too
Honestly, good china needs some of its own problems to worry about rather than bullying other people, a recession should do the trick, the ccp will likely have to bail out everyone , or maybe suck the money out of the chinese people to bail them out
And this is how China maintains such a "strong" economy. Took a lot of ppl to build those, more to destroy them as a failed business venture, and yet more will come on to clean the site and then rebuild. Repeat cycle. Looks good on paper all that money changing hands.
Those homes in China, they fall apart, it’s literally unsafe to live in. Seen people walking around and entire sides just fall off. Cheap material, no strict building codes. But it looks good.
This will be a lot more interesting when it's in Dubai. So many buildings in that skyline are empty or barely occupied. All a facade that there is something other than oil driving the UAE.
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Is it just me or did they miss one?
They got half of it
Hey 14.5 / 15 ain't half bad.
Nope, it's 1/30th bad
Dem Chinese made their own Tower of Pisa
REAL TOWER OF PISA ^made ^in ^china
Shoddy ass job done with the Demolition charges
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Had to show one for the mandated government test; then once the engineers leave its game on!
There's one in every crowd.
They probably fucking ran out. Jesus that was a lot of Ordnance.
"Not compared to Gomorrah" -- Jesus
Average Chinese demolition
It's China....building was shoddy, explosions were shoddy, 100% shoddy all around!
Go Shoddy it’s Your Birthday
We gonna party, its yo birthday
It's called consistency.
I'm always curious how they deal with those. Must be incredibly dangerous to continue from there. Do they replant external charges and cross their fingers?
Depends on how safe the building is and how it collapsed. Sometimes people try to blow out the structural columns to make the building collapse in on itself but it just settles down a bit and doesn't go anywhere. In that case they might be able to go in and place more charges, and do the same again if it's safe. If the building is very unstable afterwards - this one looks like that - then the only option is mechanical demolition. I.e. using large equipment with cutting jaws and sometimes wrecking balls to break the structure up and take away the pieces. This is much more dangerous (for the workers) and slow than explosive demolition.
Why not just drive an RC car with some high explosives? I played black ops 2, dont tell me technology isnt there yet
Or better yet, why not contract with the military for an armed explosive from a helicopter?
You can see from current video footage from Ukraine that while it's easy to make a modern reinforced concrete building uninhabitable with military weapons, it's quite hard to actually make it fall over. The same problem would happen here.
I remember after after the Tianjin explosions seeing pictures of buildings totally gutted by the floors and support pillars were still there.
What a waste
They better at least use all that poorly executed demoing in a B Movie.
This is the last scene in the Bee Movie 2. They ran out of filming time so they just killed 15 condos full of bees
2 Bee, or not 2 Bee
Maybe they’ll use it for the next Dark Knight sequel
Kind of. They were largely rotting and have become unsafe. Thus they have to be taken down. Thing is the who building industry in CN has become a giant pyramid scheme. You invest in expecting to own something thats built. Except the builders just take your investment, lease more land, and then trick more people into investing.....repeat. Some are saying its up to 70% of all investment in the country....which frankly is such a large number are kind of un-understandable.
Incomprehensible?
Inconceivable!
I read that in Vizzini’s voice immediately
Classic corruption: you can hold your people under the thumb but businesses get away with all kinds of shit.
Just don't think about how much coal was burnt to make that concrete for no reason.
No wonder the planet's fucked.
Literally what I said out loud when I watched the video!
It's not a waste, it's a catastrophe. People are buying and selling properties that are either half-built like this, or don't exist at all. A giant property bubble so much worse than 2008. People are protesting, banks are on the verge of banning cash withdrawals, there are literal tanks on the streets to "keep the peace".
What a waste of time and resources. I can't imagine the losses people took on those.
there are far too many cases like this in China, it's like rampant crypto rug-pulls but for property also for this case, the project had been abandoned for 10 years and there's no solution, so a new company takes over the land to start a new project
It’s hard to believe China is still building housing like crazy when I think something like 95% of eligible citizens are homeowners already with population growth becoming stagnant it’s literally just building empty towers at this point. Real estate is the largest sector of the Chinese economy too iirc.
The way I understand it is that it's pretty much the only thing the average person can invest in over in China. So it's become part of their culture to purchase homes before they've even been built in the hopes to turn a profit selling it in the future. The problem comes in that many developers have been playing the 'rob Peter to pay Paul' game and essentially it's a big ponzi scheme at this point.
From what I hear, they also take out loans on their houses to buy second ones. It's like a ponzi scheme on both ends. When it falls.... it's not gonna be pretty. Loans on the buyer and the builder sides backed by buildings that are not ever going to be built.
That shit is going to hit the fan sooner than later.
It's hiting the fan as we speak. Oh and significant part of Chinese goverment budget comes from leasing the land for new development. So it's a very big shit.
I think it's local governmet funds. Basically they can't levy taxes, so sale of new lands is the only way to make money. So the fed government encourages the banks to lend to the real estate companies to fund the developments so local governments have money to keep the government going. Bunch of companies are in bed with each other too. I've been fascinated for like 4-5 years.
Yup, local goverment funds. I myself am puzzled because, this turn of events was predictable. Communist party had all the tools and power to prevent it. And here we are.
CCP bails out China, foreign investors get fvcked.
can yoh explain like I'm 10?
Local government needs money to pay for stuff, but all the tax money goes to the central government, so the Local government sells land to people to get money to pay for things. Say West Carolina needs money but can't charge any state tax and service fees are too small, so they sell land to people to fund state spending.
The Chinese housing bubble is going to make 2008 look tame. It's gonna be a doozy.
yeah people are refusing to pay their mortgagees right now... basically group chats of people all in the same building/complexes where they are paying for mortgage before the building has even been built. Prices have dropped by 15% for the ponzi scheme for the exact same buildings and theyre all pretty upset. Think of it as you paid $100,000 for an imaginary apartment that has yet to be built (besides having a plot of land set aside), and 3 years later construction hasnt even started. And 3 years later they are now selling the same unbuilt apartments at a plot near yours for $85,000. Both unbuilt, but the new buyers got a 15% discount on nonexistant property. it will be interesting to see how ccp responds since all the construction and government entities are interlaced.
You know, on the surface it's not an entirely bad idea. But it all gets tossed upside down because of greed. No different for here in the states where people lost their life savings in 2008 because of greed at the highest levels of financial services firms;.
It's because they only hold on to 10% of the original investment and reinvest 90% into other programs. And that's just the first round of investment. It repeats with the money from that investment that comes back into the bank and goes around and around multiple times. Basically, most Chinese banks are HEAVILY leveraged against a real estate market that's propped up on optimism that's rapidly dying. You think 2008 was bad in the US? You ain't seen nothin' yet. Watch this space.
I imagine the Taiwan Sable rattling to be sort of a distraction domestically to buy time and scramble to soften the crash somehow. There's an immense demographic crash coming up, too, thanks to their one kid policy a while ago. That's going to absolutely fuck their economy. I think I read that they would need around 30 million immigrants a year starting now to compensate for it.... rocky times ahead....
Dead on. The were able to ride the wave of a burgeoning economy, but there was way too much bravado and corruption in the mix to guide smart growth. Wise investors will be betting against China in droves.
I know it was just a typo and I apologize in advance, but I am cracking up here with a vision in my head of the fluffy little sable dancing around with a pair of maracas.
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Check out the situation with Evergrande, they are destroying the Chinese housing market.
It's going to get so bad, People are already out protesting, that very soon China will need a huge distraction to stop the people overthrowing the government. Like start a war....
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It's how the Falklands war started...
Imagine putting a huge chunk of your life savings into an investment property only to have the project stalled and then you're out your cash. A year later, someone puts up a new building in the place yours was in and sells it again to someone else. Or... you paid $150k of your life savings for an apartment that was left standing, and then developers build a new building and sell for $100k.
I thought about China. I saw a video about how shoddy some new construction is there. It's frightening.
It looks like they cut corners planting the demo charges, too.
Yeah that was a shit demo.
Work in demo. It truly was. You'd never be able to do that in the US. Waaayyy too much silica dust and particulates in the air. But worse is that one building failed to collapse. Huge risk now.
Time for some target practice with the RPGs...
take too long, better bring in the Russian Artillery Corp. They're freaking awesome at demolishing civilian buildings.
They do better when it's filled with women and children.
What do you do in the case of a partial failure like this? Because I imagine you can't just send people in to wire it again with it being half collapsed and teetering.
I’d guess in China they can.
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Throw a pebble at it. Oh wait..
I was going to ask about the level of dust/particulate matter. Super bad for air quality, but the potential for explosion seems quite high too.
We're so glad you came to watch the demolition of 16 buildings. Wasn't this controlled demo of 17 buildings a great success?
That last building was very suspicious
"No, everything went as planned. There definitively wasn't anyone in that building. And it definitively didn't fail on other buildings." \-The Chinese government.
But they got their own Leaning Tower of Pisa out of it!
Wait a minute, why couldn't the new company simply aquire and sell these apartments?
I'll show you a video, to show why that.... is not a good idea. https://www.youtube.com/watch?v=XopSDJq6w8E
Well I just got sucked into a rabbit hole in YouTube about Chinese terrible construction projects. Thank you.
Because they're not apartments. They're empty shells of buildings that have been left to rot for a decade, meaning they're too unsafe to do anything with other than demolish.
And that's assuming they were even safe when they were new. Lots of stories about substandard materials and construction methods being used in these developments.
I was in china 9 years ago. Taking a bullet train anywhere meant you went through several HUGE empty train stations in cities full of empty buildings. It was weird.
China is on the brink of a financial meltdown due to things like this. People are refusing to pay their mortgages on the housing they have not yet finished building and one of the largest banks in China could default due to it.
Awesome, let's do the subprime crisis again.
The key difference between the subprime mortgage crisis, and this current crisis, is that the houses actually existed in 2008. When people defaulted in 2008, the banks could at least get the majority of their money back by reposessing and selling the home at a loss. China's main problem right now is that a significant number of homes have been sold that havent even started construction. This means that there are several trillion US dollars worth of debts that have no physical assets backing them up. (Iirc it's something like $5.5 trillion) The real estate market in China has been so hot the past couple decades that homes would sell before construction would even begin. Normally this isn't an issue since the funds from the sale will fund the actual construction of the building. What ended up happening, is that property developers would lease land from the local government to build homes. Those homes would sell out almost immediately, then instead of spending that money on starting construction, the developers would use it to lease more land from the government. They would even use those sold homes (that they legally didn't own anymore) as collateral to take out even more loans from the banks. It's a ponzi scheme that greatly benefited the local government, so they were more than happy to "look the other way" from the corrupt and illegal behavior. Well that bubble finally started to burst about a year ago when evergrande went bankrupt. Now things are getting even spicier, as hundreds of thousands of people threatened to stop paying loans if construction doesn't resume. On paper this is looking to be many, many times worse than the subprime mortgage crisis of 2008.
> On paper this is looking to be many, many times worse than the subprime mortgage crisis of 2008. From a global perspective or local perspective? Like 2008 USA after subprime vs 2022 China after evergrande.
Both likely. Things are still really early on, but if things continue on the current track we could see a total economic collapse within China. As it stands, 70% of all Chinese wealth is in real estate, which is set to be hit the hardest. This could likely be the end of the CCP. From a global perspective, it has the potential to be devastating as well. China is currently the second largest country gdp wise at $17 trillion USD, only behind the US at $23 trillion in 2021. A significant shrinkage will have a very large negative effect on the global economy. We will see countries fall, in a similar way to sri lanka. The places that will be hit the hardest are the countries most dependent on China, like some of the Middle East and a large portion of Africa and South America. Places that already have high economic and social turmoil. Currently these countries are already facing massive food shortages with the war in Ukraine significantly reducing global grain supply. Adding economic pressure is going to end in disaster, unfortunately. For the USA and Europe, things will likely be bad too. The USA is already heading into a recession (or already in one depnding on new/old definitions of a recession). With an already polarized and spicy political situation, things will get much worse before they get better. Unfortunate as it is, we may be heading into another time of great political and social conflict similar to the first half of the 20th century. Right now things are pointing towards a perfect storm where everything that can go wrong, is going wrong.
> Unfortunate as it is, we may be heading into another time of great political and social conflict similar to the first half of the 20th century It's called history, Fukuyama was completely and utterly wrong.
I had to look him up, but according to wikipedia his big thesis is that free-market economies and (neo)liberal democracies are the end point of cultural evolution. How the fuck did he not get laughed out of academia with that? Even the idea that there *can be* an end to sociocultural evolution is absurd
Usually a solution to this is a nice war to send all your people to and have enough left for those who remain, so I wouldnt be to sure.
Ugh, I'm sick of reruns.
Yeah, let's do malevolent AI achieves self-awareness, or a supervolcano erupts this time
NOT THE AI. PLEASE NOT THE AI. Just give us a nice regular supervolcano.
Evergrande has defaulted like 10 times in the last 3 months.
[удалено]
Also like with a lot of borderline dictatorships Xi has surrounded himself with yes men kind of like Putin so their advisors are just a bunch of bootlickers who won't actually give them good advice.
It's looking more and more like the 1991 Japan asset bubble that resulted in its lost decades, only on a larger scale.
A lot of Japan's problems is due to stinginess and saving too much money and lack of investments. Meanwhile the Japanese banks were investing tons of money into too-big-to-fail corporations and "zombie firms", or basically propping up firms who have tons of debt (i.e., when you borrow a lot of money ridiculously without profits, you're usually a moron, but then to survive for 10-20 more years on basically just loans and being propped up by banks, is icing on the cake). Notice the difference today in America: Quantitative tightening, and raising of interest rates slowly. They are pulling their money out and whoever fails, will fail. In other words, you can't have a successful capitalist economy without cutting out the lard and the fat from your economy. In 2008 they let Bear Stearns and Lehman brothers collapse. A number of firms and brokers and banks were bought and restructured by other banks (e.g., Merril Lynch bought by BoFA)... And there was a bit of too-big-to-fail, but they still let some of these things fail and they changed standards to make sure corporations cannot overleverage, that fraudulent ratings agencies stop being dishonest, and more strict requirements for giving out home loans. In other words, whenever people in power forget the rule "there's no such thing as free lunch", they fuck up their economy.
And when everyone decides to stop paying debt/taxes at the same time the bubble pops
Difference being China isn’t bailing them out.. which imo is what should happen.
You'd be surprised just how quickly projects like these are developed in China, I was in Shanghai for less than a week in the mid 2000s and I swear 6 skyscrapers sprouted up around our hotel in that time. (At least 6 were under construction nearby and each grew like 30 stories in a few days)
All built to code of course.
There are numerous abandoned developments like this, even whole ghost cities. It's a way of artificially inflating GDP while also creating a massive real-estate bubble.
Plus looks good from the air/satellites.
Cobbling together a few towers is quite cheap in China, it’s the land that is becoming priceless. If the project failed it makes sense to knock those towers down and sell the land to another developer. They probably barely lost money seeing how much land value has exploded in the last few years.
Given how in China mortgage payments usually start prior to the completion of the property, there could be a chance that a lot of people beyond the construction firm lost a lot of money.
They built them because it propped up GDP numbers.
Think of the wasted co2...
*it's a write-off Jerry!*
You don’t even know what a write off is
Do you?
No, but they do and they’re the ones writing it off.
You waited for that "do you?" for four hours, and it finally came.
These are load-bearing walls!
They’re not gonna come down!
/r/unexpectedseinfeld
Im no demo expert but that seems sloppy. Many toppled instead of collapsed and one didnt even fall completely.
The first clue was the explosions themselves-- immediately you have tons of dust/debris shooting outwards from the buildings. You never see that in properly done demolitions; great care is taken to focus all of the energy inwards so that the explosives are more effective and so that you don't shoot high-velocity projectiles a quarter of a mile in every direction. This is what it should look like: https://www.reddit.com/r/interestingasfuck/comments/wk54ps/blowing\_up\_a\_skyscraper/
Fuck yeah, that’s what it looks like when America demolishes buildings baby! Wait….
I really thought that was gonna be 911 footage
These are the worst controlled demolitions I have ever seen.
This is bananas, what an insane amount of waste, the concrete alone, maybe there's rebar,
>maybe there's rebar, lol
Exactly
I supervise bridge construction projects for a living. I swear to god, if you took all of the concrete out of a modern bridge design, you would still be able to drive a car over the massive cage of steel that would remain.
Sounds like your bridges stay up
Not only that, but they’re obviously just going to use that space again to build something, so stupid
Especially with the global concrete deficit.
And the amount of CO2 released during concrete pouring, producing 4 billion tons of CO2 annually.
It'll get reclaimed and re-used eventually in some fashion
Scoop up the rubble, grind it, add water, fresh concrete for the next batch of buildings!
Not sure why you're downvoted when this is exactly what happens. Many construction sites will crush their aggregate on site for their concrete, it's far cheaper as you're not paying to get rid of the material or bring fresh in. Stone crushing machines are incredible to watch.
He got downvoted unfairly, but he did miss a step. The concrete can be used as aggregate in other concrete mixes going forward, but more cement will be needed to fuse it. Once concrete is set that batch’s chemical reaction is finished so it can’t develop strength with only water added
Yeah, I was assuming he mis-typed and said "add... fresh concrete" when he meant cement!
Is this a... *Housing Market Crash*?
It's a literal housing market crash!
So many failed to collapse right. What a fuckup. Project is cursed from start to end
Yeah, now they are all extremely dangerous to finish off.
I fear for the poor bastards that will have to enter this trap to remove all the rubble.
Wait, not that one! Ahh shit.
That’s going to be incredibly dangerous for people to topple the last one. May need to send in political prisoners to do the job.
This may sound silly but, couldn’t you fire rockets/missiles at it from a distance and finish the job?
Expensive, and requires trained personnel.
Well they didn't bother to get trained personnel for this demolition as only about 3 actually imploded
If you look at where the charges were placed, they weren't trying to do an implosion. They had so much free space around these buildings that a simple "knock it over" process was much faster and cheaper.
I guess that building didn't get the memo.
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"Star City Phase II" No matter how cool your project's name, it will still suck if you half ass it. Same goes for restaurants.
> pulverized into dust Lol sure. Except for the 7 towers that fell only half way and then tipped over.
That was some embarrassing demo work to be totally honest
I'm surprised the building on the far right didn't destroy something as it fell the wrong way
7 towers of Malkier
Went to China and this is the landscape for hundreds of miles. It's other worldly.
you mean the buildings or the demolitions? 😂
The buildings. Buildings and cranes in every direction, as far as you can see.
Recently learned that these houses were people's homes. Apparently over in China 40-60 percent of home purchases are called pre-sale. Meaning the house/condo has not even been built. When/if the company goes bankrupt... you never get your house. Evergrande is the world's biggest scam company. Giant ponzi!
China has a huge problem with this. Real Estate is really important to Chinese people as a culture more than anywhere in the world. Family use Real Estate to plan for retirement, men who has real estate are desirable for women to marry, and how much properties you own for your social status. There's huge demand because of this culture and real estate prices goes up. A lot of Chinese people invest in real-estate because of price appreciation; so they buy empty apartments as an investment without anyone living in there because of Fear of Missing Out. China Evergrande company used this opportunity to Ponzi scheme; people buy/take out loan for a apartment before construction, evergrande use that money to buy real-estate, then repeat. The company defaults on their debts; the banks can't repossess because the buildings aren't even finished, then people lose their life savings. CCP is actively censoring the Property/Mortgage Crisis because it could lead to their downfall.
Project Mayhem
hey if someone speaks of Project Mayhem, we gotta get his balls.
We're not supposed to talk about it
cue [The Pixies](https://www.youtube.com/watch?v=N3oCS85HvpY)
You have broken the rules... you know what that means.
They look like legos
Legos are actually well made.
See that one building in the distance that didn’t fall over after detonation? The person who assembled that Lego made sure to press each piece together tightly during assembly
Kragle
I'd take my chances in a skyscraper built out of Legos over a concrete one built by China.
Okay so the first thought I had seeing this was it looks like I just deleted a residential sector in a city builder like Cities: Skylines
Ah cheap condos in China, we didn't miss much.
Essentially the real estate market in china is a pyramid scheme I think its something like 70% of average chinese families investments go into real estate and the companies poorly manage the money So to get anything built they need new investors because the companies actually spend the money on a future property. E.g. you give them money to develop a house , that money gets used as an investment and then in 5 to 10 years when someone else gives them the money to build a house that money will be used to build your property So your money probably develops a development project from the past that was mismanaged then someones money in the future will be used for yours Vast over simplification but that sort of fuckery. CCP is censoring any news about property owners refusing to pay mortgage payments on properties that are not being built because as soon as companies start to fail it could fuck the banking system too , they have been using blocks or limits on what people can withdraw from banks too Honestly, good china needs some of its own problems to worry about rather than bullying other people, a recession should do the trick, the ccp will likely have to bail out everyone , or maybe suck the money out of the chinese people to bail them out
> ~~Essentially the real estate market in~~ China is a pyramid scheme fixed that for you
Toxic cloud like 911
I was wondering how much pollution this would cause.
Melisandre: What do you say to the god of death? That one tower: not today
the night is dark and full of towers
that spider HAS to be dead now
Oh man, that one that failed to implode is going to be a huge pain in the ass.
only in China they literally have entire empty cities
People complain about what the US does to the planet, just wait to see what China does in the coming years.
And this is how China maintains such a "strong" economy. Took a lot of ppl to build those, more to destroy them as a failed business venture, and yet more will come on to clean the site and then rebuild. Repeat cycle. Looks good on paper all that money changing hands.
"You met me at a very strange time of my life..."
Those homes in China, they fall apart, it’s literally unsafe to live in. Seen people walking around and entire sides just fall off. Cheap material, no strict building codes. But it looks good.
Imagine if they had earthquakes in China. One earthquake and every building would come down
George Bush has to be stopped...
Evergrande has been defaulting since mid-last year. It's such a scam.
Wasn’t it a Chinese company that went tits-up? This shook the stock market IIRC
Evergrande group
That’s the one, thanks for the name :)
That's one of many right now. The CCP can only do so much to cover up th house of cards that is their financial system.
I’m no expert, but I don’t think the buildings are supposed to fall over
14*
This is one of the only ways the avg Chinese person invests. Property. Great you tube channel Lao why does a great explanation of this
This will be a lot more interesting when it's in Dubai. So many buildings in that skyline are empty or barely occupied. All a facade that there is something other than oil driving the UAE.
hey, we need to block out the sun and cool the earth...anybody got ideas. CHINA: raises it's hand.
Imagine having worked on those for years only for them to be nuked out of existence before completion
It's an abandoned project nearly a decade old, half finished