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- เผยแพร่เมื่อ 2 มี.ค. 2013
- China's economy has become the second largest in the world, but its rapid growth may have created the largest housing bubble in history. Lesley Stahl reports. Watch more HERE: www.cbsnews.com/video/ Don't forget to SUBSCRIBE! bit.ly/WKcQhX
Now look at what's happening with Evergrande 8 years later.
Eerily prescient.
"ru ro" scooby doo
So far nothing happened
see Zengzhou the so called ghost city now -
th-cam.com/video/CGQRtDQTt6o/w-d-xo.html
th-cam.com/video/zeFi9ggedYo/w-d-xo.html
@@texassecession6422 ka boom
It took 8 years, but its finally bursting. Amazing
not really amazing idiot :dd many people will loose thier jobs
@@Anonymous-ld7je I wouldn't have bothered to answer someone who starts showing his ignorance insulting. It can't really get more pathetic
Exactly what I've thought, hearing about the Evergrande thing: "Wait a minute, wasn't that a thing years ago ... "
Yeah I thought it was just some another propaganda against China or something. But I was surprised how Evergrande's debt to equity ratio blew upto 200%.
Video is aging like a fine milk
Who else is here in Sept. 2021? The time has come. 8 years later the Chinese real estate scam is finally bursting!
Yes,it is bursting for people like you ,who like only western propaganda and don't like to check with other channel or to update themselves.see Zengzhou the so called ghost city now -
th-cam.com/video/CGQRtDQTt6o/w-d-xo.html
th-cam.com/video/zeFi9ggedYo/w-d-xo.html
If I was a Chinese person living in China I would just move in to an empty build and live there until they kick me out
living one apt each month and moving on....you get free water/electricity bills too
Forget kicking you out they will just shoot you just Ni hao boom
Oscar Gutierrez some people do that
@oscar Gutierrez
In Holland you are allowed to claim empty buildings. The owner can't kick you out, once you placed your bed and a table in it. It's to force owners to do something with their property, instead of leaving them vacant.
So In Holland, these cities would've been super awesome. All the inhabitants would have dreadlocks and listen to techno.
@@axxymax Yeah, talking to a country that bans the gun
60 minutes was 8 years ahead of the game!
see
Zengzhou the so called ghost city now -
th-cam.com/video/CGQRtDQTt6o/w-d-xo.html
th-cam.com/video/zeFi9ggedYo/w-d-xo.html
and here we are.
I remember Japan in 1980s Building were going up everywhere and it seemed that it was a no-lose investment. I wondered at that time where all the occupants of that space would come from in a country with negative population growth. The Japanese government fueled the real-estate boom with low-rate loans. Of course, we know what happened to Japan in 1992 and their economic crash from which Japan never recovered. I cannot find anything different with China's looming bubble-pop except that China's will be much bigger.
Ppp
Yea
Yea
I've been talking about this for years and people just looked at me funny.
It's happening right now! EVERGRANDE! The first domino!
see Zengzhou the so called ghost city now -
th-cam.com/video/CGQRtDQTt6o/w-d-xo.html
th-cam.com/video/zeFi9ggedYo/w-d-xo.html
Don't worry about Evergrand, chinese are smart enough to fix every issue instead of gossiping about other countries issue.
I remember seeing this in probably 2015 and I was freaked out then... I never forgot this story. Here we are. It just might happen this time!
This is China's version of the roaring 20's about to hit the great depression
Happening right now. Sept. 2021.
they put down 70%.. in our bubble home owners put down 0% lol
Sounds like there are a lot of great places to film movies in China!
That last minute viagram commercial completed the video masterfully.
Same scenario in Canada.
Even though we live right next to the US and saw it's real estate bubble burst, the media, pundits, and local folk (especially in Vancouver) thought the good times of rising real estate values would never end.
Until sales started tanking last year that is.
Still many in denial.
"oh it will never happen" famous last words of every empire that has ever existed and now doesnt.
Has CBS 60 minutes produced any follow-up report on this or will it consider doing one to what happened to those cities mentioned in this report over 6 years ago?
Same thing in América number of homes owned by Zillow and offer up is crazy
umm...why is the sign showing Fujian construction when they are talking about Tianjin? 10:06
well, 13 years to the day lehmann brothers filed for bankruptcy evergrande defaulted on its debt payments. it's a new lehmann moment. combine the chinese real estate market with the US and it's very ikely this will be worse.
Now in 2019, the Chinese government continues to try to inflate the housing bubble. Meanwhile, troubled developers are slashing prices on unsold inventory. People who bought & expected prices to always go up are irate watching their investments deflate.
I remember watching this when it was first posted and now here I am in September 2021 and look whats happening 😬
Ghost cities will eventually be filled. But buildings only last for so long, so all the time uninhabited is actually a waste of resources. Central planning is a bad idea even when much of the economy is capitalist. They should have just let investors invest overseas to get real returns.
"Owning" one of these homes in China actually means owning a 70 year lease. Renting from these "owners" is actually a lot cheaper than "buying" one of these properties. No wonder they want to buy in Australia or the US.
Imagine if they had put all of those same resources into protecting the environment and improving food safety.
Do you heard it correctly? He himself said they build in quantity not quality
Really very interesting to know China bubble.
If it bursts???
I was under the impression that activities usually increases for the weeks before Chinese new year, in order to make up for the days off.
the show is called 60 minutes. It has 3 different segments of different new stories. This is one of them, for that episode.
They stop for spring festival yes, but abandon construction projects are a frequent scene here in China. You can certainly find abandon construction site even in mid of summer. Though for sure the more problematic issue is the lack of actual usage in real estate housing. A staggering portion of apartments are bought purely for investment purposes. As there are no property tax in China, they remain empty and are waiting for resale.
just like the "city" created by di carpio in the movie "inception".
水能载舟，亦能覆舟！(Water can support a ship, water can overturn it)
wow, so it's finally happening. I was always blown away at the prices of homes when watching HGTV house hunting and renovation shows based in Canada.
NOW it's happening
8 years too early lol
@@tlingiter Y'all are killing me replying to people's comments from 8 years ago, I don't even remember watching this video. So, what's going on?
@@bielaggs early but not wrong lol
@@tlingiter no Now it ends
Well if their value drops to a fraction of what they're worth now, that's going to be a huge loss of wealth.
very informative.
Thanks
looking forward to...
investing signals from the government seems to change often. Central planning doesn't match with the free market where prices are determined by price/demand. Even with all the gold stores only 0.1% own any silver ot gold except for jewelry.
This is INSANE!!!
Interesting.
Its 2018. No real estate bubble in China till now. Many of previously empty buildings are now filled. Anybody can confirm this.
Filled?? Are you joking? Right in 2019 there is a stat that 50M houses are empty
Why they don’t show up, I didn’t think they would but the show must go on with or without people
It would of been so nice to make buildings and skyscrapers like that in America.
Gross. I’d rather we tear down all the skyscrapers
But…but…but this time its different!
China is not what the westerners said
the day this bubble bursts, it could tear the world apart..... it is such a sick human made desaster
Comment from the future here. Nothing has happened yet, 5 years later we still ok.
But 8 years later u are not okay 😂
Too too bad. I'm so happy.
My thoughts would be that there are an awful lot of Chinese people living in the rural areas - and so I presume the hope is that they will eventually move in - but, when that migration ends, housebuilding can no longer remain the "engine of the economy", since the population will likely by falling by that time. Interesting times remain...
It takes chinese people 3 weeks to build just one city so no problem they can build many more and people don’t really have to live in them all they have to do is buy them and make payment for 30 years and then they just tear them down and start over again so no problem they can build a city every week
He said "most Chinese people live on less than $2 a day". Yet EVERYTHING in the US is made in China. So I assume these are low wage laborers. The US needs to become self sufficient, make what we need in the United States, and pay workers ethically.
Journalistically, the scene in around 10 mins should indicate the exact date and months of shooting and interviewing, since, as far as I know, the construction works cease from the mid-December till the late February of the next year for the Chinese New Year when emigrate-workers come home.
us had a real state bubble just a year ago
you must not have heard when they said the average apartment cost 50 thousand dollars. in 15 years half the chinese will be making more than that every year. the prices of these apartments will skyrocket to half a million dollars each.
all bubbles burst...right?
,short addition: which would explain the pollution stories in early 2013 ;)
funny to see the news headlines even after 10 years. it has just got worse
They created the housing bubble in Vancouver Canada and even Toronto now.
Nice
Just because they may pay cash doesn't mean it cant burst. A bubble can burst once people lose confidence in the market and prices plummet and it will happen once enough of the chinese realise that nobody can afford to live in these cities.
Interesting to find this old report from CBS about zhengdong which is a new distr. of east zhengzhou, capital of henan province in China. It literally was known as one of the greatest, if not the most famous ghost cities in mainland China back in 2013 when this report was made. It would be fun for you guys to pay a visit again probably in this year of 2019, witnessing by yourselves this currently most prosperous and heavily inhabited new executive district, with even a lot higher house prices than all the rest old executive districts of zhengzhou city. Maybe you would throw another "unbiased" report as continuation of this one declaring how "foresightful" you were back in 2013, wouldn't you? LOL.
The so called "truth teller" media intentionally tells misleading information. I am somehow happy to see them to do this because i found they are so bad and so disappointing, and I don't have to respect the Uncle Sam as a naive idiot who I was.
How are things now after Evergrande?
@@shengyuyang409Thr value of property price collapse...😂😂😂 The property value will revert to 1989.
Please do not live in overseas. They are bad for you. You are not welcome to live in the democratic nation. Maybe you should live in Africa or Afghanistan.
This bubble ain't much different than US Stock bubble . Imagine rich guy with lots of money in the U.S bought stock in Apple 8 months ago .So, what do they have now ? same thing in China , Those Apartments are sold to those got the money and if their money stuck onto real estate , they dont have much left to spent where else but they are still ok , right ?
it's very profitable to put the money in the house market compared with precious metal investment, everyone is believing or expecting the price keeps going up even if the gov try to control the irrational rise, however,in the other hand, gov is always fueling the market by providing the liquidity, the local gov is so financially dependent on the booming marketing that they won't take the serious action against it and everybody knows that and exploits it and speculates, it's like drug addiction.
what thee heck?!
This happens when the country can afford money for anything apart from the well-being of the people of the country.
Power & Money in the hand of an Cruel & Greedy Ruler will cause great Damage and Economic Crashes even in the well-built cities, States and Countries.
It’s popping as we speak
LOL,,,,they have been building hundreds towns in the past. Only few of those like this....
You do need check facts and statistics....
I didn't deny their argument. Instead, I said they can do better in providing viewers more details, and that's why I mentioned "journalistically".
Amazing how looking at history can literally allow you to predict the future l
This videos hasn't predicted anything see
Zengzhou the so called ghost city now -
th-cam.com/video/CGQRtDQTt6o/w-d-xo.html
th-cam.com/video/zeFi9ggedYo/w-d-xo.html
We, on the other hand, build missile silos. Is this more or less insane?
Sounds like i found another austrian brethren on the internet. Check out: Masters Of Money (Part 2 of 3) - Friedrich Hayek (on youtube)
🤯
In south america argentina will go first. You just can't borrow your way out of debt and can't spend your way out of recession.
Those buildings are futures.
可舟 furure of ghosts
ryuke kane i owned one of them.
and in 3 years, the city is full of ppl.
i sold it for some profit
this video was published in 2013
situation has just worsen in 2016.
debt to gdp is 250 ℅
ryuke kane Overcapacity
Zhengzhou is actually pronounced "Jung-Joe".
Boom!!
Who wants to buy a house and not live in it or rent it or sale it for a profit then the property is not safe to live in junk put up for a show like a circus and after so many years tear them down
Charlie had a last laugh here. The thriving city 8 years later proves that they think longer term and have much better planning than capitalism can work out on its own. Ironic also that they’re criticising the poverty when their system moved then from enormous poverty five decades ago to close to 0 poverty in 2020. These documentaries never site the initial conditions and you’re better off comparing to Indonesia or India (both trying to be democracies) which had similar initial conditions 70 years ago.
"Just like they believed in the U.S." In other words, IT'S DOOMED.
Hahaha how still life today
Well well look at what is on my recommendation videos
insanity.....solidified
Sponsored by Viagra at the end was a HILARIOUS end to the report.
europe has surived, africa has survived, the americas have sence they have been settled.
Proverbs 23:1 When you sit to dine with a ruler, note well what is before you, 2 and put a knife to your throat if you are given to gluttony. 3 Do not crave his delicacies, for that food is deceptive. 4 Do not wear yourself out to get rich; have the wisdom to show restraint. 5 Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle. 6 Do not eat the food of a stingy man, do not crave his delicacies;--the Bible
like the movie Field of Dreams. If you build it, the will come.
big bubble be bursting
But the scale of secondary sector is also huge in human industry history. Very strong and stable. Not escape. Have you ever spoken to factories girls in China? They are not Barbie yet.
how's it going? Came here from tiktok 10years later
Their biggest and 2nd biggest property developer bankrupted.
three years later ..........nothing happened.
Good
what city is this?
8 years later evergrande
@@pisyaphets3327 So what, let time talk.
the problem is they all paid 2-3 x's more for the apartments than what they are actually worth. So when reality hits, and the prices bounce back to reality. The people will lose their savings. In America, the people just walked away from their properties, and the banks got hit. The problem is when these people lose their life savings, they might get mad and cause a revolution.
Trying to prevent a crash, caused a crash.
Evergrande's implosion brought me here!
That's known as "Zhengdong New Area". Now the population is 1.15 million. China had different plan. Finish infrastructure first and then move people in.
China's GDP number over the years have been made up. Just use the tax money (which large part of the money is as "stability fee") to create the targetd GDP.
this show is just telling u americans what u wanna hear.. but in truth we just have that much extra money to build cities now..
Evergrande?
There have been several specials on this, and they all show the same city. I've never seen one that went through even a half dozen different cities or sites. And is the 20-30% of GDP estimate for housing construction, or all construction, including railways and highways, etc? Beijing and Shanghai have new apartments, and the people to move in them too. They've been taking measures to cool off housing for years.. they may end up in the middle-income trap, but it's hard to say
Ordos is in Inner Mongolia. Not Mongolia. You should know better CBS.
"Almost all disappeared. and new ones emerged" how is that? you meen allf of europe has had a population of complete 0% at times? european STATES have dissappeared, come and gone, but the people have always stayed. just like chinas history.
and the pollution it causes to nothing, crazy
5 years on China might have slowed down but it's still going strong.
Spectacular waste. God help us.