65 million flats in China are vacant

[asiaprop]

please do not talk about banks and other issues in China which you clearly have no clue about, your salary figures are SO WAY OFF that you already disqualify from the first paragraph.

Quote from joe4422:

20 years average salary? I love Chinese statistics. How much do you really think the true average person in China earns? Let's take a convenience store worker for instance. Let's take the really high end and say around 2,500 dollars a year, and a flat will cost you a lot more than 50K, so 20 years is a pipe dream.


Not only that, but you also have to consider that the quality of the construction in China is not any where near what you get in the US, so most homes and condos tend to deteriorate very quickly. And you want to talk about low down payments and low income requirements to buy a home or condo in China? They make the US look strict a few years ago.


The banks there are in much deeper trouble, however, they just cover it all up. Also, bankruptcy is not an option there. You pay, or you go to jail. If we still had debtors prison, the crisis here would have been far smaller, but we're a free country.

 

[zdreg]

Quote from joe4422:

20 years average salary? I love Chinese statistics. How much do you really think the true average person in China earns? Let's take a convenience store worker for instance. Let's take the really high end and say around 2,500 dollars a year, and a flat will cost you a lot more than 50K, so 20 years is a pipe dream.


Not only that, but you also have to consider that the quality of the construction in China is not any where near what you get in the US, so most homes and condos tend to deteriorate very quickly. And you want to talk about low down payments and low income requirements to buy a home or condo in China? They make the US look strict a few years ago.


The banks there are in much deeper trouble, however, they just cover it all up. Also, bankruptcy is not an option there. You pay, or you go to jail. If we still had debtors prison, the crisis here would have been far smaller, but we're a free country.

what does a free country have to do with debtor's prison? it has to do with contract law. is the US a free country because it has so many deadbeats?

 

[newguy05]

Quote from failed_trad3r:

The trigger is unemployment

right..unemployment...

In recent months, as the country’s export-driven juggernaut has been revived and many migrants have found jobs closer to home, the balance of power in places like Zhongshan has shifted, forcing employers to compete for new workers — and to prevent seasoned ones from defecting to sweeter prospects.
..........
In Zhongshan, many factories are operating with vacancies of 15 to 20 percent, compelling some bosses to cruise the streets in their BMWs and Mercedeses in a desperate hiring quest during crunch time.

http://www.nytimes.com/2010/07/13/world/asia/13factory.html

Quote from joe4422:

Not only that, but you also have to consider that the quality of the construction in China is not any where near what you get in the US, so most homes and condos tend to deteriorate very quickly. And you want to talk about low down payments and low income requirements to buy a home or condo in China? They make the US look strict a few years ago.

I dont mind a discussion, but you are just spewing pure bullshit. Do you just dream up this stuff based on your feelings? Obviously there are problem buildings from small local developer just like in the US, but in big cities like shanghai, construction quality for highrise is no different than US. Here's a representative sample, at around 30k rmb/m2, it's not even highend just mid-tier luxury unit. And the construction quality is much better than most so called "luxury" units in the US.

http://www.shimaousa.com/english/index.htm

China mortgage requirement makes US during the bubble look strict? what the fuck are you smoking once again.

And you are thinking abu dubai where they throw you in jail if default on mortgage, in china they take your house and kick you out to some public housing projects, but unlike the US process that takes years, the whole ordeal is done in less than 1 week once you default, ironic it's more capitalist in china than US. Default rate in china on mortgage is very low. Most troubled loans banks have there are from loans to companies/commercial from the loose credit bailout last few years, the hammer are coming down as we speak, many people went to jail and lot got the death penalty for misusing the bailout money. But in the end the banks are owned by the govt, they just replace the head and write a check to the bank....DONE, what shareholders...what crisis of confidence..heh.

As to chinese parents committing genocide by killing baby girls, it's in the same category as saying the US populations still goes around lynching blacks.


So much resentment, jealousy and false notion towards china, because they are now successful, and we are not. Instead as a nation picking ourselves up and trying to compete with china using innovation/good policy and beat them, all we do is bicker and denial while do nothing.

 

[asiaprop]

Another good post, I agree with most points. We all agree that there are practices in China some of us may disagree with. However, what is important is to separate emotions from facts. Some argue in the precise same way as if I claimed that every American has a gun and kills people just because there are people who own guns and there are people who own guns and shot people, either out of defense or because they assaulted someone.

Because it happens that someone kills their unborn or born babies in the Chinese country side does not mean that this is still a widespread practice. Nor is it that there are geisha running around in geta in Japan, nor that every German eats sauerkraut every day.

I found you to be one of the very few who actually know a thing about China and I almost want to claim you live or lived there before, am I correct?

Quote from newguy05:

right..unemployment...





I dont mind a discussion, but you are just spewing pure bullshit. Do you just dream up this stuff based on your feelings? Obviously there are problem buildings from small local developer just like in the US, but in big cities like shanghai, construction quality for highrise is no different than US. Here's a representative sample, at around 30k rmb/m2, it's not even highend just mid-tier luxury unit. And the construction quality is much better than most so called "luxury" units in the US.

http://www.shimaousa.com/english/index.htm

China mortgage requirement makes US during the bubble look strict? what the fuck are you smoking once again.

And you are thinking abu dubai where they throw you in jail if default on mortgage, in china they take your house and kick you out to some public housing projects, but unlike the US process that takes years, the whole ordeal is done in less than 1 week once you default, ironic it's more capitalist in china than US. Default rate in china on mortgage is very low. Most troubled loans banks have there are from loans to companies/commercial from the loose credit bailout last few years, the hammer are coming down as we speak, many people went to jail and lot got the death penalty for misusing the bailout money. But in the end the banks are owned by the govt, they just replace the head and write a check to the bank....DONE, what shareholders...what crisis of confidence..heh.

As to chinese parents committing genocide by killing baby girls, it's in the same category as saying the US populations still goes around lynching blacks.


So much resentment, jealousy and false notion towards china, because they are now successful, and we are not. Instead as a nation picking ourselves up and trying to compete with china using innovation/good policy and beat them, all we do is bicker and denial while do nothing.

 

[~~~]

Quote from newguy05:

So much resentment, jealousy and false notion towards china, because they are now successful, and we are not. Instead as a nation picking ourselves up and trying to compete with china using innovation/good policy and beat them, all we do is bicker and denial while do nothing. [/B]

Good Post.

 

[Debaser82]

Asiaprop, in your view, why have Chinese stocks been the worst place to put your money these last few months?

Cheers.

 

[failed_trad3r]

Quote from newguy05:

right..unemployment...





I dont mind a discussion, but you are just spewing pure bullshit. Do you just dream up this stuff based on your feelings? Obviously there are problem buildings from small local developer just like in the US, but in big cities like shanghai, construction quality for highrise is no different than US. Here's a representative sample, at around 30k rmb/m2, it's not even highend just mid-tier luxury unit. And the construction quality is much better than most so called "luxury" units in the US.

http://www.shimaousa.com/english/index.htm

China mortgage requirement makes US during the bubble look strict? what the fuck are you smoking once again.

And you are thinking abu dubai where they throw you in jail if default on mortgage, in china they take your house and kick you out to some public housing projects, but unlike the US process that takes years, the whole ordeal is done in less than 1 week once you default, ironic it's more capitalist in china than US. Default rate in china on mortgage is very low. Most troubled loans banks have there are from loans to companies/commercial from the loose credit bailout last few years, the hammer are coming down as we speak, many people went to jail and lot got the death penalty for misusing the bailout money. But in the end the banks are owned by the govt, they just replace the head and write a check to the bank....DONE, what shareholders...what crisis of confidence..heh.

As to chinese parents committing genocide by killing baby girls, it's in the same category as saying the US populations still goes around lynching blacks.


So much resentment, jealousy and false notion towards china, because they are now successful, and we are not. Instead as a nation picking ourselves up and trying to compete with china using innovation/good policy and beat them, all we do is bicker and denial while do nothing.

What are you talking about? I said the trigger is unemployment. The only one talking bullshit is you.

 

[trade2live]

Here's the thing, it doesn't matter whether you know China or not. It's like for any bubble. People who are on the ground get sucked in and buy into the mania, outsiders despite their lack of intimate knowledge of the situation are capable of more discernment.

 

[newguy05]

Quote from failed_trad3r:

What are you talking about? I said the trigger is unemployment. The only one talking bullshit is you.

Apologies, forgot i need to speak to the *_trad3r in the same fashion as a mentally incapacitated 5 yearold.

The stuff you quoted wasnt directed at you, hence the quote of someone else above it. you left out the actual response to you. On the inter web, usually people indicate their response to your post by quoting your text first, not someone else's quote. I hope you appreciate the tremendous effort i just went through to repaste the response to you below, which indicates why unemployment is not an issue in china right now.

The nytimes text with lines below it is what is known as a link on the inter web, you can click on it and it will show you the entire article, yes it's magic.

Dont forget to take your happy pills tonight!

In recent months, as the country’s export-driven juggernaut has been revived and many migrants have found jobs closer to home, the balance of power in places like Zhongshan has shifted, forcing employers to compete for new workers — and to prevent seasoned ones from defecting to sweeter prospects.
..........
In Zhongshan, many factories are operating with vacancies of 15 to 20 percent, compelling some bosses to cruise the streets in their BMWs and Mercedeses in a desperate hiring quest during crunch time.

http://www.nytimes.com/2010/07/13/world/asia/13factory.html?_r=1

 

[failed_trad3r]

Quote from newguy05:

Apologies, forgot i need to speak to the *_trad3r in the same fashion as a mentally incapacitated 5 yearold.

The stuff you quoted wasnt directed at you, hence the quote of someone else above it. you left out the actual response to you. On the inter web, usually people indicate their response to your post by quoting your text first, not someone else's quote. I hope you appreciate the tremendous effort i just went through to repaste the response to you below, which indicates why unemployment is not an issue in china right now.

The nytimes text with lines below it is what is known as a link on the inter web, you can click on it and it will show you the entire article, yes it's magic.

Dont forget to take your happy pills tonight!

how is this indicative of a healthy economy? second of all, please search your brain as I said, how does employment matter TODAY if unemployment will be the trigger in the FUTURE.