(12-14-2021, 09:27 AM)ken-do-nim Wrote: My investment thesis is:
...... The picture of Beijing from 1990 vs. 2020 is astounding.
I recently caught a 60 minutes (I think it was 60 minutes) How China was propping up their Government, Economy, employment. developers etc.. and The impact - IE: Ghost Cities of China. The corruption was on a massive scale, touched all areas of Government, all the way down to the local level. Developers would borrow huge sums of monies, build huge cities (facade) then sell to buyers, then abandon the development projects mid construction, leaving the buyers with no electricity or running water or any other amenities (no operational elevators etc..) and sticking them with 30 year mortgages and zero recourse.
It was amazing how prevalent the pattern of payoffs, corruption and kickbacks were from the highest levels down to lowly administrators that issued building permits etc...