Comments by "Bob Roberts" (@YourHineyness) on "Richest Man LI Ka-Shing Urgently Sells Properties at 30% Discount, Hong Kong Property Market Doomed?" video.

One thing that could be done in the Chinese real estate market that would reinstill consumer confidence is do away with the idea of having to make payments on a property that isn't even built yet. Change the system to be like the American system: you sign the sales contract with a cash deposit and the down payment is due when the house is finished and the payments begin the first month after that. That way the builders would make sure the house got finished because they want to get paid. The Chinese system as it is now is just a Ponzi scheme that invites corruption.
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Keep in mind when they give statistics "year on year" that means that these are the numbers this year as compared to this time last year. Remember, last year at this time China was still on COVID lockdown which I'm sure made that year dismal, perhaps the worst in decades. So if they say it's down 58.9% year on year it's actually much worse than that.
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I didn't say it was great. I said it was better because here you don't hear of people making payments for years on a house that was never built. Once in a while it may happen but you can sue the builder. @MrMarinus18
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