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Bitcoin shines a very different light when you understand what happened in China
I saw news recently that major builders in China (forgot the province) slashed the prices of new construction that brought everyone else’s property value by up to 30% When the new construction propped and demand fell sharply - builders started selling newer condos for less price and with more amenities. Sad part was people did not even enter into their still in construction homes when this slashing happened, so now they are on the hook for mortgage higher than the value of the property. This happened coz real estate can be (and it does) built and increased. Throws a new light on the RE as store of value narrative! submitted by /u/bullfy [link] [comments]
I saw news recently that major builders in China (forgot the province) slashed the prices of new construction that brought everyone else’s property value by up to 30%
When the new construction propped and demand fell sharply - builders started selling newer condos for less price and with more amenities.
Sad part was people did not even enter into their still in construction homes when this slashing happened, so now they are on the hook for mortgage higher than the value of the property.
This happened coz real estate can be (and it does) built and increased.
Throws a new light on the RE as store of value narrative!
[link] [comments]
