Debt-laden local government financing vehicles face soaring bond yields
Probably for the best. Search on youtube for tofu dreg construction.
You can see people digging out load bearing columns with their fingers, pulling door frames off the wall with minimal effort, bending and cracking rebar steel with one hand.
oof, i still remember the one where a guy pulled out balcony railing posts with seemingly no effort.
it was high up too, at least 20th floor.
That shit is fucking scary. Have you seen the videos where shit just falls off buildings and narrowly misses a person? Apparently they aren’t so lucky so often.
These projects, which had questionable profitability to begin with, were hit hard by the country’s real estate slump and its zero-COVID pandemic restrictions. The company’s cash flows deteriorated, and it has faced numerous lawsuits, including over unpaid bills.
Hasn’t this been a problem for years? I seem to remember stories like this from 10 years ago, but for different reasons.
