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Joined 9 months ago
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Cake day: January 29th, 2025

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  • It’s unfortunately not so easy. Many Chinese people poured a lot of money - some even their life savings - into property that is now worth much less than they paid or have never been built as the developer went bankrupt.

    As one report on Evergrande said already in 2023:

    In 2021, just months before the Chinese property giant Evergrande showed the first signs of crisis, Guo Tianran (whose name has been changed on request) and her husband bought an apartment off-plan for their only child from the top-selling developer.

    The couple, nearing their 60s, had scrimped to afford the $30,000 (£24,500) down payment on the yet-to-be-built flat. They bit the bullet in pledging to use 75% of their income to pay for the mortgage.

    “We wanted to help our son, to give him a place to start out on once he graduates from college,” Mrs Guo told the BBC earlier this month. But just months after their purchase, Evergrande’s facade began to crack.

    In Henan, the central Chinese province where they had bought the home, building work ground to a halt.

    “We saw the main frame being built, and suddenly we heard that Evergrande was falling. Then construction stopped last year,” she says […] “When I think about it, I cry,” says Mrs Guo about the home she had bought. “It’s hard, and I feel sorry for my son and myself.”

    You’ll find more reports than this one, and they are devastating not only for institutional investors but also for retail customers like Mrs. Guo in this report.










  • What a cute question, as if anything would convince someone like you.

    Xi Jinping’s talk about living to 150 echoes a specialized research project conducted by the Chinese Communist Party (CCP) to extend the lives of its top leaders. The conversation between Xi and Putin in September has resurfaced a 2019 digital advertisement on Chinese social media by the 301 Hospital’s “981 (CCP) Leaders’ Healthcare Project."

    The 301 Hospital is the official PLA General Hospital, the main military medical institution in China, providing health care exclusively for senior party members, government, and military officials. The “981 Project” was established in 2005, the 981 Healthcare Technology Group was registered as a company in 2014. The project offers elite medical services to extend the lifespans of senior CCP leaders to 150 years, so the project says.

    The 2019 ad also claims the CCP started researching enhanced elite health care as soon as it seized power in 1949, developing a “unique system” that significantly extends leaders’ lifespans with “remarkable results.”

    Among others, the project touted already in 2008 that the average lifespan of Chinese leaders reached 88 years, as opposed to state statistics showing the average Chinese life span in 2008 was only 73. The project drew widespread criticism on Chinese social media, it has been censored since.