China Just Built 1 Billion Empty Houses for Nobody

China just built 1 billion empty houses for nobody [Music] thank you [Music] for real I was there they started before I got to China in 2008 and they didn't stop they can't stop they won't stop in fact so that the Chinese government can't try and cover this up and say that I'm just making things up I want to quote the Chinese government themselves how many vacant homes are there now each expert gives a very different number with the most extreme believing that the current number of vacant homes are enough for three billion people said 81 years old a former deputy head of the statistics Bureau in the Chinese government that would mean two homes for every person in China but wait that's on the high end fair enough let's hear his conservative estimate that estimate might be a bit much but 1.4 billion people probably can't fill them he said that's the entire population of China this video is brought to you by exter the people who brought you that next Generation smart wallet now have a new 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shop.exter.com or use the code laway you're going to get a 20 discount not only that you're going to be supporting the channel so I appreciate it don't forget go to shop.exer.com or use the code laway now you got to be wondering how in the actual hell did this happen well let me rewind for a second when I was rolling around ordos up in northern China in the surrounding areas around there in a province called inner Mongolia a province of China sheer blocks of empty buildings were everywhere I saw cities fit for urbanized ghosts because these weren't haunted houses in ghost towns these were straight up ghost cities then the media picked up on it sought in some of the western Media stuff people forgot about they're like yeah there's some ghost cities up in northern China but I saw them everywhere I saw them in Hunan in the south of China I saw them in central China I saw expansive Behemoth cities with nothing boulevards six Lane roads going nowhere I saw Metropolis is so large that they were damning proof of the ticking time bomb at hand and guess what it was something that China wanted to cover so badly that I actually got chased out by the people's Liberation Army and interrogated by China's secret police I saw the most insane structures and monuments to nothing outside of Shenyang in China so why why won't they stop building this massive waste they could house every single person in the country twice over 1.4 billion people with homes you might not know this but China does have a massive homeless problem but no they are built and built and built some more and then they're demolished they build them and they get left to either rot or get knocked down I saw this first hand in a city in Guangdong Province in the South I walk through a decrepit Wasteland of luxury homes that were sold but never occupied they were simply left to crumble they were simply too bad to live in the building materials were shoddy concrete full of well not concrete dilapidated patios leaking roofs and worse sometimes these buildings even fall over from poor building quality you've probably heard of it it's called tofu drag construction the corruption from the real estate companies to the bank lenders to the local governments then leads people to build buildings that simply fall over they collapse they vaporize all while the economy chugs along and the government bails out real estate companies now again I'm gonna ask you you're probably wondering right why why are they still building these again I'd like to explain that if this property bubble finally pops you don't even know what's gonna happen do you remember the housing collapse in 2008 in the USA it rocked the world and it didn't even fully collapse real estate accounts for 17 of the US economy a large share and it was shocking how much damage the real estate crisis caused now imagine you have 1.4 billion people instead of 300 million in the US and imagine that your real estate crisis is many many many magnitudes worse than the USA I'm talking you have a billion empty homes that's kind of bad isn't it and imagine that it doesn't just drive 17 of your economy no no no no no no drives over 30 percent do you see what I'm getting at here in China as we know it if this real estate market collapsed already two of the biggest real estate companies in China are in massive trouble one of China's biggest real estate developers ever Grant lost 81 billion dollars in two years Country Gardens another company they're next but seriously why keep building when nobody moves in I'll ask it again well first it's speculation many investors buy properties with no intention of people living in them they hope to profit from the rising real estate prices that just keep going up go cities as well China's constructed entire cities that remain largely uninhabited due to poor planning and lack of economic opportunities I've seen them they're massive and there's currently one being built outside of Beijing there's also restrictive policies government Regulators such as restrictions on Second Home purchases meaning you can't just buy another home willy-nilly and property taxes have deterred people from occupying their vacant homes to get around the laws it's a disaster that has been a long time coming and it's palpable too Chinese people have relied on buying homes as a major form of investment because of how volatile and unpredictable China's been under the Communist Party leadership when you lose tens of millions of people I mean they died of famine in the 50s and 60s due to bad government policies and the country is thrown into abject poverty people tend to not want to invest in anything that's too risky they consider property being the most solid investment in every single Chinese person I know invests in property and recently it's been getting pretty dire millions of people have seen their life savings go down the toilet and for some it's worse people are outside of banks protesting across the country they get disappeared they get arrested but some people I know personally have head of the worst I mean I'm talking serious serious losses somebody I know bought a luxury apartment for about 820 000 US Dollars and because of their financial troubles the economy is going down in China they struggled to sell it for 68 000 dollars that's a rich person though let's think about the rest of China if you're in the west you might be shocked to find out how poor China actually is Lee Ka Chiang the former premier of China he revealed that over 600 million people nearly half of China's population lives on a hundred and forty dollars a month not 1400 a hundred and forty dollars a month I want you to picture how little that actually is I've traveled the entire country of China and I've met these people and let me tell you it is dire in China's Countryside China's per person GDP is only 12 556 a year and that is massively skewed by the rich people in the city centers compare that with the USA's eighty thousand and thirty five dollars and you might start to see through China's propaganda what do the people making 140 a month do in economic downturn China isn't as cheap as it used to be stuff is getting expensive a friend of mine just came back from China and told me that food is about double the price as it was in recent years in a country like China that doesn't really have any social safety nets or social programs to speak of that's rough in fact compared to the People's Republic of China the self-proclaimed champion of socialism you know the communist country the USA is actually a full-on luxurious socialist Utopia the housing crisis creates more problems than just for the people in China though it creates problems for the people of the world China used more Concrete in three years than the US did in the entire 20th century China produces and consumes about 60 percent of the world's cement the three gorgeous Dam alone required 16 million tons of it and people like to make this argument that it's not fair to judge China for wanting to develop because the developed World already had the chance to develop but the Earth doesn't care whether or not it's fair you could either be a full-on climate change denier or a full-on green tree hugger but both of you would be angry at China do you know why well first let's take the climate denier if you think that this climate thing has just gone too far then you can thank China for leading a ton of these groups these Global groups on carbon reduction at all costs when in fact they are the guilty party in fact China's carbon dioxide emissions grew 10 year on year in the second quarter of 2023. while the rest of the world reduces carbon emissions China emits more greenhouse gas than the entire developed world combined all the while the rest of the world makes laws mandates CO2 reduction X the whole lot an environmentalists on the other side of things should be angry too China isn't following the very things that it keeps telling the world it's beating them at you simply cannot tell the rest of the world to reduce carbon emissions when you are the biggest polluter and emitter of carbon emissions in the world people like Eric solheim a Norwegian former executive director of the United Nations environment program and also president of the green Belton Road Institute loves to post Chinese propaganda promoting how Green China is China leads the green shift cool story bro guess what across China an estimated 80 to 90 percent of groundwater is unfit for drinking while half of its aquifers are too polluted to tap for industry or farming and that's according to the lowie Institute do you think that China's leading the world in its green shift when there's no clean water left what do you think also and I quote Eric the leadership of the Communist Party of China the CPC is a historical necessity and the choice of the people sweet dude China ranks 9 out of 100 on the Freedom House ranking almost lasts in the world and it's literally an authoritarian dictatorship no one chose anything he also says China now has enough wind and solar to power every home in the country and bro Do It show ing it please show me where is the solar power for every home in China please show me this please I would love to see it bro a lot of China doesn't even have Plumbing the families I met in guaijo suffering from malnutrition would love some solar panels I hear they taste great it's absolute nonsense dude this is what much of China actually looks like I lived in it Eric also asked how can China help the green transition in Africa can an easy answer Eric they can get out way to promote neo-imperialism and colonization strip mining and slave labor for Rare Earth and Africa is really helping them out that's such a hip and fresh Take On The World I really appreciate it Eric when I lived in northern China I was riding in a taxi and I rode past a wind turbine it was a windy day I asked why isn't it spinning and the driver jokingly said well they only turn it on when government officials are in town you do whatever you want with that information you have people in leadership positions driving billions of dollars into China who goes on to pollute the world increase their coal production and CO2 output more and more and more you have moonsworth of concrete building billions of empty houses that fall down polluting the world and the Chinese government just keeps pretending that everything is okay but we're now facing reality time is in Decline the economy is in trouble they have exploded their military influence and threatened other countries around the world they've taken the South China Sea they imperialize Africa and other developing nations they imprison and re-educate non-han Chinese minorities to fall in line with government propaganda principles with what's being called a modern day genocide they've aligned themselves with nefarious governments and Powers around the world they pump billions of dollars into co-opting think tanks politicians investors and influencers into trying to divide and destroy the USA and its allies through disinformation campaigns and propaganda but yeah according to the Chinese government and their stupid little Lackey minions you're supposed to think that they're the good guys [Music] if you like this video I highly recommend you guys go over to my other channel it's called the China show it's a live show every single Friday where we talk about what is happening in China the good the bad the funny the entertaining the crazy everything make sure you're subscribed over there make sure you're following us on the China show you're gonna love it thanks [Music] thank you [Music]

Channel: laowhy86

Views: 673,235

Keywords: homes, housing crisis, collapse, china, economy, economics, laowhy86, serpentza, the china show, china fact chasers, evergrande, evergrand, country gardens, bubble, crisis

Id: cEtvrHLc174

Length: 16min 54sec (1014 seconds)

Published: Thu Sep 28 2023