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Dow Jones closes down more than 600 points
as Chinese real estate giant
Evergrande teeters on the brink
of collapse with debts of more than
$300 BILLION and firm threatens
top execs with 'severe punishment'

Original Article

Posted By: Imright, 9/20/2021 11:53:12 PM

Wall Street plunged on Monday, with the Dow Jones closing down more than 600 points as as Chinese real estate giant Evergrande teetered on the brink of collapse with debts of more than $300 billion, prompting a broad sell-off and sending investors fleeing equities for safety.The Dow Jones Industrial average lost 614.41 points, or 1.8%, for its biggest one day drop since July 19. The 30-stock average was down 971 points at its low for the day.The Nasdaq fell to its lowest level in about a month, and Microsoft Corp, Alphabet Inc, Inc , Apple Inc, Facebook Inc and Tesla Inc were among the biggest drags on the index

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Reply 1 - Posted by: smokincol 9/21/2021 12:01:19 AM (No. 921250)
and the Chicoms have no mercy so, these "top execs" had better leave China while they're still breathing
3 people like this.

Reply 2 - Posted by: DVC 9/21/2021 12:27:23 AM (No. 921266)
There have been warnings that ChiCom real estate was a house of cards for years. Why aren't these intellectual giants of the finance industry as well informed as lots of us out here who read and pay attention? Chinese companies collapsing should be good for US stocks.
7 people like this.

Reply 3 - Posted by: LadyHen 9/21/2021 12:28:43 AM (No. 921268)
The Chinese housing bubble is like nothing we have ever seen. Whole cities of half completed houses no one will ever live in. High rises being constructed one after another in empty cities. Grass growing on roof tops of huge apartment buildings with no windows. Chinese families buy 2nd and 3rd "houses" because there is nothing else remotely stable for the working and middle class to invest in. 64 million empty properties are estimated. Just to give a comparison, there are approx 90 million homeowners in the US. Just YouTube empty Chinese cities. It is a haunting scene.
12 people like this.

Reply 4 - Posted by: hope27 9/21/2021 1:40:28 AM (No. 921309)
Interesting rabbit hole Poster #3 China's Empty Cities House 64 Million Empty Apartments 2011 Ghost Cities-China: China continues to build vast cities, but they remain almost completely uninhabited ghost towns. “ His shop is a rare sight in the Great Mall. The majority of this vast shopping centre remains as empty as it did when it opened six years ago. Back then, developers boasted that it would become the worlds biggest shopping mall, with plans for 1500 shops that would attract 70,000 shoppers a day-the mall was heralded by the New York Times as proof of China’s astonishing new, consumer culture. But today, the not so great Mall of China, as it is known, is a glaring indication that this consumer culture has been greatly overestimated. Despite repeated requests, the malls management refused to speak to Dateline, but Tian Yu Gao wonders if the mall may become another victim of the governments obsession with big infrastructure projects” How Hong Kong is home to the crazy rich and the mega poor. 2019 Hong Kong has more ultra-rich people than any other country, yet 1 in 5 people still live in poverty. Why Lying Flat gains popularity among China youngsters? Official Media: Lying Flat is not allowed! Recently, one phrase has suddenly become popular among young people in China: "lying flat" and this is what it looks like... What is lying flat? It means not working, not buying a house, not spending, not getting married, not having children, not pursuing any career, reducing personal desires, and spending the minimum to survive. Lying flat does not mean not working at all, but more like working one or two months a year. When one earns enough, one stops working for the rest of the year. It’s a new attitude and way of life among young people who refuse to be a money-making machine or a slave to money. They actively lower their desires for life.
1 person likes this.

Reply 5 - Posted by: ussjimmycarter 9/21/2021 2:02:14 AM (No. 921319)
We should have used some Chicom upper management elimination procedures for some bankers during the sub prime mortgage crisis! Might have slowed the shenanigans going on right now with free fed dollars!
1 person likes this.

Reply 6 - Posted by: DVC 9/21/2021 2:52:41 AM (No. 921343)
0 people like this.

Reply 7 - Posted by: FL_Absentee_Voter 9/21/2021 3:05:05 AM (No. 921347)
The best analysis I heard today about the sell-off: "Finally!"
0 people like this.

Reply 8 - Posted by: stablemoney 9/21/2021 5:20:21 AM (No. 921371)
The whole Chinese economy is a house of cards, and so is the U.S. economy. We have an economy built on printing money and not working. It appears lying flat is happening in America. Even before Evergrande, the direction of U.S. markets was down, and realties indicate that the speed may well increase, as nonsense doesn't have much asset value.
1 person likes this.

Reply 9 - Posted by: Bur Oak 9/21/2021 7:43:17 AM (No. 921480)
China recently blew up 15 never completed skyscrapers in one big blast. There are many more to go. Invest in explosives?
0 people like this.

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