Pour your life savings into buying a home, everyone involved in the building project steals your money and runs, leaving the building unfinished, and when you go to your local government for help, they arrest YOU. This is a dystopian hellscape.
They’re putting their money into a scam and they know it. No one ever lives in these places. They buy them as investments to flip in a giant pyramid scheme. China has enough housing to house their population 3 times over. This is a casino and we all know the house always wins.
That's the problem with a society full of corruption, it can never maximize its potential because it is built on defective foundations. These developers were likely engaged in a ponzi scheme, they were using new deposits to complete previous developments due to taking the funds out of the business.
@@John-c4r1oWorst part is that this Ponzi scheme is one of if not the biggest driving force of economy in China. Now that it's collapsing everyone except for the higher ups of these companies and bribed government officials are fucked.
Actually the housing developers have been in a financial Ponzi scheme with new developments paying off older ones. Chickens have now come back to roost.
@@LEV1ATHYN Don't worry - we all get there sooner or later - "You will own nothing and be happy". Corporationism is not much different, only works slower over time.
Paying hefty down payment before even the construction starts of a condo is a norm in the Philippines. Sometimes, you already paid a few months, years, still not finished, or can't move in. And some of the developers are of chinese companies.
I used to work in real estate. It is not logical to buy into a home which is still in building phase. What they sell you is a dream. not reality. In hindsight, you can sue them into oblivion for no-faith building transaction but in china, that does not exist.
Let’s get real… China is not even close to being compared with US in terms of economy and humanity. How dare you even put yourself as future leader of the world?
This has been happening there for decades. People should know better than to invest in unfinished projects, buy existing completed real estate or rent and invest their money elsewhere.
@@LocherYT that's a whole different level. I mean am I going to get upset that I lose 70 bucks if the game gets cancelled? Sure but you're talking about real estate man. Even these people that pre-ordered the Tesla trucks weren't already paying on them before they received them.
@@Odayian420 Both westerners and chinese are accustomed to the idea of paying for unfinished things. The only difference is that, in the west, a company that drops development on something they've already taken money for would be litigated against and (generally) be forced to make good on it, whereas in china the developers are SHIELDED BY THE GOVERNMENT. I'm sure the government looks at these people moving into their concrete skeleton buildings and cant decide between "well, they moved in! job's done." and looking for some insane reason to evict and/or prosecute them as squatters.
Preselling condos is actually something that's done in countries all over the world. The difference is the developers are held into account in countries outside of China. In China, it's just another opportunity to steal.
Looks like a post apocolyptic horror or action movie. Maybe those unfinished buildings can be used in movie productions.The cities can also be used as decoys in wartime.
Polluted acid rain water, tainted dirty water from the rivers...I wouldn't be surprised if the vegetables were tainted as well since those are grown in toxic environments. You're screwed every which way you look in China.
Do you realize how big China is? Covering news across China is like covering almost all of Europes news. You wouldn't complain if a channel covered 6 videos on all of Europe daily. Look up one of those "how big is" videos and watch them place china over Europe. It covers like everything so yeah you can put out 50 videos a day about china out and still not scratch the surface.
The high-end project was utter idiocracy - the ultrarich don't buy crowded mansions with limited privacy only to be cooped together with other high-net-worth individuals for no good reason. Anyone of them can buy a secluded completely private house or they can construct it themselves with no risk of having to rely on a developer who may or may not finish it, may or may not construct it with the proper materials - also there is no reason to surrender so much privacy - everyone knowing what you do, with you come, when you go. A high-rise lux-appartment building offers even more privacy than this. No surprised that they could only find 2 suckers - likely very old people who were enticed by having a kind of retirement estate.
The European system is way better, your money is in a deposit with the bank and only when a developer finished a stage they receive a small portion from your deposit Only untill it's complete they'll receive the entire sum No scams no unlawful detention for buyers
@FadingVitals that is literally the norm in most countries. Suburbs are pre sold, apartments and condos are pre-sold. The problem is in China it is a regular problem for developers to abandon projects, and the system leaves buyers responsible for mortgage if that happens. That second part is probably why developers risk starting projects they can't finish. In other countries developers are on the hook if they can't finish, so they don't take risks that could wipe them out.
It’s like they’re playing real life Fallout - the video game series. Looks like Mexico near California in the early 90s. Building after building unfinished.
Although they have asia one of best infrastructure 12 Times in a day they clean there roads, but yet people are left to leave this miserable . Everywhere checking are so high it's almost like they leaving in military control city's.
This reminds me of 70's and early 80's New York City when squatters started to claim abandoned buildings and lots. = Reason why much of NYC has city gardens now. = Maybe these "abandoned" mansions (apartments) can be put into service by Chinese people and saved/sold etc.
That's how naive and been brainwashed they are, plus there is no justice for them because of the whole society is running on relationships with someone who has power
I wouldn’t do it either. The US is having a crisis with the unfinished tiny home market. One developed after another is taking money, abandoning the project and forcing families into living in their cars or cheap motel rooms. It’s awful.
The CCP wanted the citizens savings and this was a quick way to get their money via taxes and create more wealth boom but they didn't want the bust. Its happening again with the stock market the problem is most people don't understand these markets. The are easily lead .
The biggest problem is the model of pay now, move in when we're ready needs a full overhaul. But the CCP will never do it. It doesn't affect them what happens to the common folk.
Absolutely heartbreaking and outrageous. Hard lesson learned: Never buy an uncompleted home; only buy a home that's already been completed or a used home that you can immediately move into. In the meantime, I can't help but wonder what the government is doing to help these people get their money back. 🤔
At least all the homeless will have somewhere to live. Solar systems are really cheap. Look round the construction sites for materials you need to finish your home. This is an absolute joke of a situation that will effect generation's. Good luck everyone
Exactly, this is a 21st-century cave, and we are going to see more and more people living like this. The paradigm is coming to an end. Very sad indeed 😢
@@ramseydoon8277 No, he always comes here despite knowing it's "propaganda". Says a lot more about him instead of disproving the video with common sense and logic.
American democrats have become socialists too. The DNC is not recognizable anymore: open borders, not helping with inflation, not protecting American jobs, LGBTQ+ gender surgeries for minors and men in women's sports, sex books in schools and libraries for our kids, protecting pedos, etc etc. They should change the name from DNC to SNC
@@macklyn you act like i care if they do. everyone is in charge of their own life. people like you cant function without some "daddy" figure so you dont have to try hard or think hard or work hard. hating people who have more than you wont make you rich. it just makes you pathetic..
2024 -:;,. A.D -/.,;: yet man can’t solve a human need :,.shame in the works of thy hands __•it brings no glory to those that are in need -:/ those that have an ear to listen to the cries of babes -
why do people keep investing and buying these kind of properties???!!!! even after every failure!!!! these companies take the money and run yet ppl still invest!!!
