Chinese Construction Workers Haven't Been Paid for MonthsBy 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