Written/Translated by: Sister Karamazov
On September 15, in response to “Evergrande incident”, the spokesperson of the CCP Bureau of Statistics Fu Linghui said that large real estate companies have “encountered some difficulties”, and the impact on the whole industry “needs to be observed”. In general, the real estate market “is expected to remain stable”.
Speaking of the current status of the real estate market within Communist China, Fu Linghui said that since the beginning of this year, they have insisted on “making sure that real estates were more for housing instead of investing”, and “continued to stabilize housing prices, land prices, and expectations”. Fu concluded that “the overall real estate market has remained stable”.
This is obviously CCP’s act of maintaining stability and appeasement, and could not be further away from the truth. Evergrande, China’s property giant, aka “China’s Lehman Brothers” is going bankrupt and angry protesters stood near the entrance at Evergrande headquarters in Shenzhen, demanding their repayment of loans and financial products. It is reported that Evergrande’s unpaid financial products is up to 40 billion RMB (around $6.2 bn USD)! What the CCP fears most is massive protesting and CCP will do everything they can to appease and eliminate it.
(The views and opinions expressed in this article are those of the author’s own)