Chinese Construction Workers Haven't Been Paid for Months

[Kamaji]

Chinese Construction Workers Haven't Been Paid for Months

By Ward Clark
August 23, 2023

It's hard for us to understand China, partly because of the very real cultural differences, and partly because China is wholly owned and operated by the Chinese Communist Party (CCP). The CCP has never been forthcoming about the actual state of China's economy, especially where real estate is concerned.

Those chickens are now coming home to roost. The CCP China's real estate bubble is popping, and the workers who build China's housing are already paying the price.

Workers for a major Chinese developer are going without pay, and job sites are going unfinished as the Chinese real estate market struggles, according to Reuters.

Country Garden, formerly China’s largest real estate developer by sales volume, is in the midst of a debt crisis indicative of the Chinese real estate industry as a whole, according to Reuters. Workers at the Country Garden Yunhe Shangyuan project site on the outskirts of the 14 million-person city of Tianjin are saying that they have not been paid for months and that construction has stopped, leaving sites unfinished.

“They haven’t paid us since Chinese New Year (January). We are all worried,” a worker who stopped working at the Yunhe Shanyuan site last week told Reuters. Workers living in dorms on site said they have gone months without pay.

Country Garden has $191.7 billion in liabilities with 3,121 projects across all of China, according to Reuters. Since the debt crisis began in 2021, companies responsible for 40% of Chinese home sales have defaulted on their debt.

China faces major economic problems that they just can't keep hiding. Youth unemployment is spiking. Not only are the developers not paying their employees, they are also missing payments to their investors. Meanwhile, China - and by China, I mean the Chinese Communist Party (CCP) - has been ordering aircraft and warships to make provocative flights, accompanied by Russian craft, along the Alaskan coast.

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Source:  https://redstate.com/wardclark/2023/08/23/chinese-construction-workers-havent-been-paid-for-months-n2162959

[sneakypete]

China is a communist slave nation,so they don't have to hide anything from their serfs.

"You will eat your gruel,and you will like it!"

This is why the 'murikan capitalistic left loves them so much. They see China as an ideal role model to follow. People like Bill Gates are green with envy.

[kevindavis007]

Chinese Construction Workers Haven't Been Paid for Months

By Ward Clark
August 23, 2023

It's hard for us to understand China, partly because of the very real cultural differences, and partly because China is wholly owned and operated by the Chinese Communist Party (CCP). The CCP has never been forthcoming about the actual state of China's economy, especially where real estate is concerned.

Those chickens are now coming home to roost. The CCP China's real estate bubble is popping, and the workers who build China's housing are already paying the price.

China faces major economic problems that they just can't keep hiding. Youth unemployment is spiking. Not only are the developers not paying their employees, they are also missing payments to their investors. Meanwhile, China - and by China, I mean the Chinese Communist Party (CCP) - has been ordering aircraft and warships to make provocative flights, accompanied by Russian craft, along the Alaskan coast.

*  *  *

Source:  https://redstate.com/wardclark/2023/08/23/chinese-construction-workers-havent-been-paid-for-months-n2162959

I'm surprised this is happening in a Communist country. NOT! Also, they are facing a population drop (worse than the countries in the west). I fear that they will do something. I'm not sure what though, but it will not be a good thing.