Comments by "Patrick T" (@patrickt49) on "China’s Top Cities’ Real Estate Crashes; Millions of Homeowners Go into Debt, Public Stops Buying!" video.

  1. It makes me kind of laugh when some Chinese people respond to what's going on in their country by living within their means almost with a defiant attitude - That's what you're supposed to do instead of being beholden to the banks and real estate companies! Are they seriously only learning this now? No, you don't need to live in a fancy house. You don't need to drive expensive cars. And no, you don't need to eat in fancy restaurants and buy fancy clothes.
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  2. China loves quotas. They build for the sake of building to keep their fake GDP numbers up with little to no real demand. Real estate companies took everything to the next level though. They build the basic infrastructure, use that as collateral to get loans from banks, build another basic infrastructure then use THAT as collateral to build another infrastructure, lather, rinse, repeat, which is why you have the mess you have now.
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