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Sellers Realize The Window For Cashing-In Appears To Be Closing

A report from WKRN in Tennessee. “‘The Hermitage market inventory has doubled in the past 12 months,’ Bobby Hill with Crye-Leike Realtors said. ‘What we’re seeing right now is push back in our marketplace from the buyer base toward sellers who are getting overzealous with their asking price,’ said realtor Jeff Checko.”

From Market Watch. “Since the low reached in the winter, inventory has risen roughly 16%, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. At the same time, price appreciation has slowed. ‘These trends are likely to continue, as sellers realize that the window for cashing-in at the best prices appears to be closing,’ Shepherdson wrote.”

The Havasu News in Arizona. “With local home values skyrocketing, the big question is how long the rapid rise will last. Will it end with a bubble burst? That’s unlikely locally or in many other places in the country owing to a need for an estimated two to five million new homes. The Lake Havasu City market might lose some air from its balloon, though, as investor interest in short-term vacation rentals ebbs from its almost hysterical growth.”

“The investor presence is large, estimated at up to a third of the buyers in the past 20 months. With interest money cheap, they’ve been able to bid up home prices. Lake Havasu City home prices jumped by about 27 percent to right at $450,000 in the year ending in July, according to the Lake Havasu Association of Realtors. A lot was driven by demand from Californian seeking escape form that state’s pandemic restrictions while they enjoyed generous unemployment benefits.”

The La Jolla Light in California. “San Diego County’s median home price dropped for the second month in a row in August, to $725,000, as competition slowed — but experts said not to expect a crash, or a big slowdown, anytime soon. The median is down from a peak of $749,750 in June. The San Diego area isn’t alone, with price gains slowing across Southern California.”

“Competition for homes might have been affected by slightly more homes for sale in August. There were around 3,500 homes on the market to start 2021, which led to strong competition and offers over asking price. Home inventory has been climbing recently, with 4,429 homes listed for sale from Aug. 2 to Aug. 29. Samantha O’Brien, a real estate agent with PorchLight, said she has noticed more homes on the market and reduced competition. She competed with only one other offer for an $890,000 townhouse in August, which she said would have had 10 to 12 offers in May and June.”

“‘It doesn’t feel as intense as it was a few months ago when there were multiple offers and insanity,’ she said.”

The Bay Area Newsgroup on California. “Two big residential projects launched by a fraud-linked and bankrupt Bay Area developer face major construction roadblocks before they can be completed, court papers show. The residential complexes that are hobbled by the problems created by Silicon Sage Builders and the company’s chief executive Sanjeev Acharya are The Almaden, a 91-unit residential complex in San Jose; and Savant at Irvington, a 93-unit residential project on Osgood Road in Fremont.”

“The San Jose and Fremont residential complexes are among the numerous Bay Area properties that were originally proposed or developed by Acharya and Silicon Sage Builders. The Securities and Exchange Commission has accused Acharya and Silicon Sage of fraud. Silicon Sage has been shoved into court-ordered receivership. The uncertainties and delays that loom over the San Jose and Fremont housing developments also create a forbidding prospect for Silicon Sage’s investors and creditors who hope the proceeds from selling the projects will create funds to repay them after Acharya’s real estate empire crumbled beneath a mountain of debts.”

“Adding to the financial woes for both projects, which were originally developed as for-sale condominium complexes: Acharya and Silicon Sage purported to sell some of the condominiums to buyers, but those transactions were not, in reality, unit sales at Osgood Fremont and Almaden San Jose, according to court documents. ‘Both Osgood and Almaden entered into arrangements that were labeled as purchase agreements but that the receiver believes are better characterized as disguised loans,’ the court papers stated.”

The Chicago Tribune in Illinois. “Former race car driver and race team owner Bobby Rahal on Monday sold his seven-bedroom, 7,000-square-foot mansion in Lincoln Park for $3.9 million. Rahal took a loss on the Lincoln Park mansion, which he purchased for $3.99 million in 2014.”

“Rahal first listed the mansion for $5 million in 2018 and then cut his asking price to $4.95 million in 2019. He then took it off the market before relisting it in April for $4.6 million. He made one final price cut to $4.48 million in May. The mansion had a $53,798 property tax bill in the 2020 tax year.”

From Newsweek. “‘The Chinese government’s done a good job managing their economy over a long period of time, and people’s incomes are going up,’ Brooking Institution’s David Dollar Newsweek. ‘If they can manage this well then people will be happy, as a lot of household wealth is tied up in housing. So, if the government can prevent a bubble that collapses, then that just leaves people in a good position. On the other hand, if they mismanage it, then it starts undermining this story of their competence.'”

“‘People see buying an apartment as a sign of their progress,’ Dollar said. ‘Since most people have their wealth in their household, you’re going to have a lot of unhappy people if there’s a significant downturn in prices.'”

From The Street. “Evergrande’s main mainland operating business, Hengda Real Estate, said in a statement that it would make the US$35.6 million coupon payment on its Shenzhen-traded September 2025 bond when it comes due on Thursday. Nevertheless, Fitch estimates it owes US$129 million in coupon payments on its offshore high-yield bonds due this month, and there has been no word on whether it will make those payments.”

“Trading in Evergrande’s onshore bonds is halted, first at Hengda’s request, and now takes place only through negotiated transactions. The company reportedly missed payments to two banks on Monday, and it owes an enormous US$300 billion in total, which would amount to 1.8% of China’s entire economy. I was discussing the situation with a hedge fund manager friend of mine. He says equity investors are likely to be wiped out and holders of the company’s high-yield offshore bonds also likely need to have their heads examined.”

From Forbes. “Everyone seems to be talking about the Lehman Moment again this week. While there is a debate around whether Evergrande is a Lehman Moment or not, that misses the crux of the problem (Lehman never was a ‘moment’ at least by any standard definition of ‘moment’). The Lehman bankruptcy was an important event (maybe even a seminal event) during the Great Financial Crisis, but it was not a ‘moment.'”

“I cannot understand why the nation has embraced this concept of the Lehman Moment taking into account all the important events that occurred during the Financial Crisis (and leading up to it). Maybe because it has the beauty of pinning the blame on a now non-existent Wall Street firm?”

“It is always nice to have a scapegoat, a single moment in time, or a person that you can blame, especially when that person or entity isn’t well regarded. Lehman seems to fit the bill well, much better than blaming it on individuals taking out NINJA loans (No Income No Job Application). Maybe we don’t want to blame any other number of actors that failed before or after Lehman for their mistakes because they hit too close to home (i.e., maybe we as a nation would have to shoulder more blame).”

“Maybe too many of the surviving actors don’t want to be associated with their part in the crisis, so they too like to pin it on Lehman. It is probably too difficult to go back in time and argue that some policies from D.C. may have contributed to the problem (worth thinking about in an era where D.C. seems to ‘know’ what we need better than we do). There are a lot of reasons why the Lehman Moment has caught on, but I just don’t think they are accurate. I never saw one single report explaining why Lehman going bankrupt or not would have affected the price of homes in Las Vegas.”

“I believe that had Lehman been ‘saved,’ the problems we faced would still have come to fruition, but we just would have taken a more circuitous route. In other words, an inexorable chain of events had been started before Lehman and would have continued regardless of saving Lehman or not. Fighting the Lehman Moment is a re-occurring theme for me and is a cause I want to focus on again, because I think relying on the Lehman Moment as a crutch leads to bad decision making.”

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This Post Has 113 Comments

  1. ‘sold his seven-bedroom, 7,000-square-foot mansion in Lincoln Park for $3.9 million…purchased for $3.99 million in 2014…the mansion had a $53,798 property tax bill in the 2020 tax year’

    Well it was cheaper than renting Bobby. Or maybe not!

  2. ‘The Lake Havasu City market might lose some air from its balloon, though, as investor interest in short-term vacation rentals ebbs from its almost hysterical growth’

    ‘The investor presence is large, estimated at up to a third of the buyers in the past 20 months. With interest money cheap, they’ve been able to bid up home prices. Lake Havasu City home prices jumped by about 27 percent to right at $450,000 in the year ending in July, according to the Lake Havasu Association of Realtors. A lot was driven by demand from Californian seeking escape form that state’s pandemic restrictions while they enjoyed generous unemployment benefits’

    Demand from Californian. I might adopt this typo. Who paid so much fer that shack? Californian.

    Unemployed getting second shack loans? That’s some sound lending.

    But seriously LHC, $450k pesos? Did you not get yer a$$es kicked enough last time? In the constellation of sh$tholes, LHC is the hottest.

    1. “according to the Lake Havasu Association of Realtors.”

      They’re proud of the fraud. Can you imagine being so stupid as to wear it like a badge of honor?

  3. ‘I was discussing the situation with a hedge fund manager friend of mine. He says equity investors are likely to be wiped out and holders of the company’s high-yield offshore bonds also likely need to have their heads examined’

    Oh, did they make a payment today? Don’t look at the stamping feet! Bond holders are fooked. Those airboxes aren’t going to get built and it’s a good thing. Are they bankrupt? Uh, they were strong arming money from their employees who they are no longer paying. I’m pretty sure their status as a going concern is over.

    1. Evergrande is likely going to (at least try to) pay back the chinese bonds while letting western bondholders twist in the wind. It’s not like they’re going to get more money from the west, so why go through the charade and waste money by paying those suckers who believed in the high-yield from the booming chinese economy hype?

      How long until we hear stories of some US pension funds going broke because some genius portfolio manager bet the farm on chinese stocks and bonds?

    1. Realtors are liars.

      And on the subject of lies, did you know that the 2020 election was, in fact, stolen?

      6-10-2

          1. 😁
            I hate him like poison but I’m almost over it. He’s been a jerk his whole life, willing to prostitute himself to anyone in power as long as he’s included in the party (they have ice cream.)

            Great debate about who are the evil factions running the show. IMHO, the struggle for dominance among all of them slowed the global takeover, until now. Since Joe was installed, the audaciousness and speed of their actions is really unnerving, even though I’ve been reading conspiracy stuff since I was a yout.

    4. 18-5-1-12-20-15-18-19

      1-18-5

      12-9-1-18-19

      the combination from your high school locker.

      (what’d I win? what’d I win ?!? door #2? sans-a-belt slacks? a trip to exotic fresno? what? what!?)

      2. “(what’d I win? what’d I win ?!?”

        You are going to need Dominion Voting Systems to win this game, Deplorable had the answer above.

        Answering questions by figuring out the corresponding number in the alphabet was a category on Jeopardy the other night. The show was hosted by Blossom and had the Dude who is a Yale University PhD student, looks and sounds like he rode the short bus but has won a shi#load of games in a row not to mention over $900k.

  5. Re-post from the last thread:

    “A Melbourne man who was flung headfirst to the ground by a police officer who approached him from behind amid a high-intensity anti-protest operation was “calling for his mum” when he woke up from being unconscious, according to a “distressed” witness.

    Shocking footage has emerged of an officer walking up behind the man standing in Flinders Street Station yesterday, before violently slamming him headfirst into the ground.

    The video — which police say they are investigating — is being spread widely on social media and was filmed during widespread unrest in the city.

    The victim appears to be standing in the station, calmly talking to several other police officers, when the officer approaches from behind.

    Chief Commissioner of Victoria Police Shane Patton today confirmed police are reviewing the footage

    “We’ll investigate that,” Mr Patton told 3AW. “I don’t know what the full circumstances are. There’s always context to everything.”

    Mr Patton said police by and large were responding proportionately in an environment that was dynamic, threatening and frightening.

    “I couldn’t be prouder of them. What they’ve done and the way they’ve conducted themselves,” he said.

    https://www.news.com.au/national/victoria/video-emerges-of-cop-throwing-man-headfirst-into-the-ground-in-melbourne/news-story/a9b73be96d8ab5615f186db867de2262

    Dynamic, threatening and frightening?

    This isn’t over until all you globalist pigs are hanging from ropes…

    2. “I couldn’t be prouder of them. What they’ve done and the way they’ve conducted themselves,” he said.

      Says it all, doesn’t it? These globalist Quislings knew what they were doing when they disarmed the populace before bringing the jackboots down on their necks.

    3. Melbourne tradie protests: Former riot squad boss calls for police to get tougher

      https://www.news.com.au/national/victoria/melbourne-tradie-protests-lord-mayor-sally-capp-disgusted-by-forced-closure-of-health-clinics/news-story/65ae8ad4d8242ca2c1c1eb6d513df8ab

      A former head of the Victoria Police riot squad has suggested law enforcement procure a water cannon to deal with future protests, or failing that, “get real serious with the tear gas”.

      “Sometimes you’ve got to think outside the square. The weather’s going to improve, so the quicker the better,” former inspector Jeff Mawkes told The Herald Sun, adding that the protests were “not going to go away for quite a long time”.

  6. ‘I cannot understand why the nation has embraced this concept of the Lehman Moment taking into account all the important events that occurred during the Financial Crisis (and leading up to it)’

    This is one of my favorite topics. Much like the subprime boogie man, the REIC focuses on crap like this cuz they want to hide the fact that prices are the bubble. 95%+ of defaults last decade were prime loans. (Now probably 95% of loans are subprime.)

    What was the single common feature in those defaults? They bought at the peak. They walked away cuz they were speculators.

    Which brings us to:

    ‘inventory has risen roughly 16%…At the same time, price appreciation has slowed. ‘These trends are likely to continue, as sellers realize that the window for cashing-in at the best prices appears to be closing’

  7. I heard from a friend who lives in the EU that he recently found a buyer willing to pay almost twice as many euros for his home as he bought it for less than a decade ago. It isn’t just the U.S. where home prices have run amok.

    2. I am seeing prices on 40-50 year old houses with no updates in the middle of nowhere in Connemara in Ireland on the market for 250-300k euro. For decades people were just walking away from these houses and leaving them to rot because there are very few job opportunities there. And the land is almost impossible eke out a living from. People imagine Ireland as full of green fields and little villages all over the countryside but parts of the country are very desolate and isolated.

      1. 2BR 1BA outdated cottage in Connemara for 250k€.
        https://www.daft.ie/for-sale/detached-house-carna-co-galway/3505984

        The main problem in these areas is the planning permission process. Getting a planning permission to build even a modest house can be a nightmare. One fairly well known locally trad musician took over a decade to get a planning permission and even then he had to file a lawsuit over it to get it through. So people will pay a premium for any land with a house on it no matter the condition to get around the planning permission for a new build. If you aren’t from these areas generationally, it can be literally impossible to buy land and get a planning permission to build.

      3. For decades people were just walking away from these houses and leaving them to rot because there are very few job opportunities there.

        I remember a guy from Concorde, New Hampshire telling me the same thing about his town. This was in the late 90s on a plane flight. He said there were houses all over town that had been for sale for years, with no buyers. People just left.

  8. The globalists and their Democrat-Bolshevik Quislings drop the mask more each day of this shambolic administration.

    Biden Pushing For Dishonourable Discharges, Court Martials For Troops Who Refuse Vaccines

    https://summit.news/2021/09/23/biden-pushing-for-dishonourable-discharges-court-martials-for-troops-who-refuse-vaccines/

    The Biden administration is pushing for dishonourable discharges and even court martialing for troops who disobey orders to get COVID vaccines.

      1. This demented Puppet Traitor Biden is doing everything he can to weaken the US from borders to threatening the Military to take a experimental injection.
        How much more can the US take of this enemy from within that was put in power by a criminally rigged election.

        Biden is a traitor to the US and is simply a Puppet for One World Order Global Monopolies and their China alliance.
        From forcing expiermental injections down the arms of Citizens , compromise of borders, ridicules withdraw in Afghanistan, and threat to court marshal half the military who doesn’t want a experimental jab .

        Like Ben Jones points out, this is not a vaccine. Its expiermental gene altering injections that they don’t know what the result will be.They are covering up the adverse effects .

        How much more can the US take of this demented traitor Biden who acts on behalf of a criminal Innsurrection of US.
        This Innsurrection of US is extreme in the damage its doing on every level.
        If there was ever a time that justified not complying with a Government that treats Citizens like a enemy to harm and conquer, its now.

        And I’m wondering how long have they been rigging elections. It seems to me that for the longest time no matter how one voted the Swamp in DC had a agenda that was against US and its Citizens.

        1. My prediction from a few days ago is already manifesting. New York HHS is working with state department to replace health care workers by issuing visas to immigrants willing to take the kielbasa.

          They will probably implement the same thing in the military so they can replace all the anti-kielbasa folks with MS13 and Mara gang members from Central America and jihadis from Pakistan who are willing to take the kielbasa.

          The release of DARPA docs this week dots the i’s and crosses the t’s. Cleavage site and HIV insertions into CVs was proposed in grant proposal in 2015. They did this. It was hard enough to believe that these things occurred naturally but for it also to have incurred naturally and coincident with similar alterations proposed in a previous grant application by the same culprits is impossible. They created it.

          2. DARPA actually rejected the grant as a risk to human health. You know something is really insane if even DARPA won’t touch it. Also included in the grant was a proposal to infect bat populations in China with the chimeric viruses. These people are totally insane. The scale of the insanity is so vast that the average person won’t be able to comprehend even a fragment of it.

          3. These people are totally insane.

            I can understand politicians being insane. One would think that scientists would know better that to work on projects like this, but one would be wrong.

          5. Fauci and Peter Daszak both need to swing.

            Meanwhile, there have GOT to be some court cases opposing these mandates which 1) don’t allow for previous infection in lieu of a vaccine 2) vaccines being mandated despite “the science” that vaccines do not prevent spread.

    2. “All tyrannies rule through fraud and force, but once fraud is exposed, they must rely exclusively on force.”
      ~George Orwell

    3. “Biden Pushing For Dishonourable Discharges, Court Martials For Troops Who Refuse Vaccines”

      That’s really disgusting, IMHO.

      1. It is he who should be court marshalled for giving ammo and armor to the enemy in Afgan, and the drone strike on one of our allies and his children.

    1. This just in: all of Haiti is squalor. I’m starting to think these people aren’t Haitians after all. Paid actors.

      1. Haiti is in squalor because its populated by Haitians. 70% of the population practices voodoo. Wherever they get resettled in the red states, they’re going to be bringing the squalor with them. George Soros is cackling with Satanic delight.

        1. “70% of the population practices voodoo.”

          And communicates in broken pidgin fragments. It’ll be a while before they’re writing code.

          1. While this overtake of the US was to be done in steps , with Obama/Pelosi sitting up some of the steps, they had to speed up this bizarre agenda because of the Trump pushback.
            I think they made a mistake on the fact that Hillary would win by a landslide, or they would of tried to rig 2016. I think they rigged 2018 and obviously 2020.
            I can see it so clearly that Obamacare was the first step in the Medical Tyranny that is now being used as a weapon of mass destruction.

        2. All border crossers are invaders and should be shot on sight. No different that plugging a home invasion jogger upon entry of one’s domicile.
          This country belongs to its rightful citizens. All others are guests of the host or invaders.

  12. ‘Since most people have their wealth in their household, you’re going to have a lot of unhappy people if there’s a significant downturn in prices.’”

    I’d gladly invest in a tech start-up that could harness the kinetic energy generated by the stamping of millions of little feet.

  14. Judging from the green stock market futures, it seems like stealth bailouts are already in play, even as Winnie the Great Poobah talks tough on Evergreed. So back up the truck, and enjoy!

  16. (Lehman never was a ‘moment’ at least by any standard definition of ‘moment’)

    Someone needs to review the definition of a Minsky Moment; I’ve always understand that to be the context around Lehman being referred to as a Moment.

    1. Gold is cratering because the economy hasn’t cratered yet and JPMorgan et al feel comfortable buying shorts on the price. Then they sell a ton of “paper” gold to drop the price* and then take advantage of the lower price to both cover their paper shorts and to buy physical ounces from COMEX. Gold will not consistently break all-time highs until (1) the dollar weakens for more than a week at a time or (2) something triggers a real crash in the economy which triggers real fear. We’re not at the point yet.

      —————-
      *bonus points if JPM waits until the market price of gold drops low to draw near to a 200-day moving average before spoof-selling off. Institutions base their algos on that 200-day average. When JPM drops the price slightly below that, that triggers the algos to sell, which drops the price even further and covering shorts is even more profitable. That is, JPM uses the institutional algos to do their dirty work for them.

  18. Reap, pigs. Love it. Maybe you shouldn’t have offshored all that manufacturing after all.

    Sept. 23 (UPI) — The global semiconductor chip shortage will cost the automotive industry $210 billion in revenue this year, nearly twice the cost projected just a few months ago, consulting firm AlixPartners said Thursday.

    The firm said its updated estimate shows that the auto industry will lose far more than the $110 billion forecast in May.

      2. The “shortage” meme has a strong BS smell around it. It’s probably being used to cover up a total collapse of demand (i.e. there are no more fools that want to lay down $50,000 for a Ford F-150 with a 4 cylinder engine). Therefore they can stop or slow down production and have an excuse (shortage!!!), while shoring up the company share price on Wall Street.

        1. I checked out the inventory at the local Ford dealer. Not a single V8 F-150 in stock. 12 with a V6, and all but one cost more than 50 grand. Ridiculous.

          1. If you waited till late in the year it wasn’t long ago you could get a base model F150 for less than 20k as the new model year versions rolled out.

      3. “…no “shortage” nor was there ever…”

        There is *no* shortage of gullibility.
        There *is* a shortage of common sense.

  21. Average CA unemp benefit 318 per week plus Covid 400 per week = $3,108 per month PLUS $300 per child per month. Family of four with one unemployed? $3,708. Two adults unemployed? $6816.00 no wonder there is a labor shortage.

    1. Federal CoronaScam unemployment ended September 4.

      There’s nothing left but the cryin and stamping of feet.

      1. Updated okay! More than a few got some mortgage benefits too and some never paid rent for about a year. And the show goes on.

  22. People everywhere, and I mean everywhere, are stupid…

    “In 1925, ‘Count’ Victor Lustig convinced a raft of scrap metal dealers that the Eiffel Tower was at risk of being demolished. Posing as a representative for the beleaguered French government, Lustig sold the tower to the highest bidder, bagging the staggering princely sum of $350m. Shortly after, the conman sold the tower again to another businessman, proving that gullible individuals are always bowled over by monster monuments….”

    Celebrated scams: the fraudsters who ‘sold’ off the Eiffel Tower—and the world’s largest sculpture | The Art Newspaper
    https://www.theartnewspaper.com/blog/the-scammers-who-tried-to-sell-off-the-world-s-largest-sculpture-in-india-and-also-the-eiffel-tower

    1. The scamming continues unabated to the present, although the vehicle has shifted from scrap iron that was not for sale to imaginary coins.

  23. “RenoFi also looked into the projected 2030 home prices for every state and some major cities in the U.S. It projects that San Francisco will have the highest average home value in the country at a staggering $2,612,484. Following it will be two other California cities, San Jose at $2,251,703 and Oakland at $1,713,554.”

    CNBC article on house pricing in 2030

    1. Wow…trees truly do grow to the sky! Better grab a house right now, or get priced out forever.

      Or better yet, buy yourself ten houses today, and retire rich in 2030. I see no downside risk to this plan.

    2. San Francisco will have the highest average home value in the country at a staggering $2,612,484

      LOL! I’m not even sure that Clownifornia will still be inhabitable in 2030.

  26. Listing in our little neighborhood. Houses here were selling for as little as $170-180K in 2011. They vary wildly in condition; some are very nice.

    We had a chunk of ceiling fall in the garage about a month ago and are still waiting for analysis of the crumbly stuff that whooshed down and hung in the air like smoke 😷 Guy assigned didn’t want to touch it without finding out what’s in it.

    https://www.zillow.com/homedetails/Ridgecrest-Dr-Las-Vegas-NV-89121/7060198_zpid/

  27. Suppose all these idjots who have been snapping up housing units like hot cakes and HODLing them empty until they can sell for a profit in a few years got wiped out and dumped their shacks on the market. Would that help alleviate the perceived need for 2 to 5 million additional shacks?

    “With local home values skyrocketing, the big question is how long the rapid rise will last. Will it end with a bubble burst? That’s unlikely locally or in many other places in the country owing to a need for an estimated two to five million new homes.”

    1. Up next: Bailout plan announcement

      What’s next for Evergrande: Bailout, breakup or default?
      By Laura He, CNN Business
      Updated 10:14 PM ET, Thu September 23, 2021
      Why global investors are focused on Evergrande
      Experts say China’s economy is losing steam. Here’s why
      China widens crackdown on LGBTQ groups and content

      Hong Kong (CNN Business)
      The fate of ailing Chinese developer Evergrande remains up in the air after a deadline came and went Thursday without an update from the company on whether it plans to pay nearly $84 million interest owed to bondholders.

      Investors may have to wait a while longer to find out whether Evergrande will default on its enormous debts — it now has a grace period of up to 30 days on the first bond payment. A second payment of $47.5 million on another bond is due next week.
      Filling the vacuum of information is mounting speculation that the Chinese government will have to intervene to limit the fallout that would be caused by the collapse of one of the country’s biggest real estate conglomerates.

      Beijing has few good choices. It will want to protect thousands of Chinese people who have bought unfinished apartments, construction workers, suppliers and small investors, as well as limiting the risk of other real estate firms going under. At the same time, it has been trying for at least a year to rein in excessive borrowing by developers and won’t want to dilute that message.

      Speculation about one option — an effective nationalization of the company — was stoked Thursday after a regional financial news website, Asia Markets, reported the Chinese government was finalizing a deal to restructure Evergrande with the backing of state-owned enterprises (SOEs).

      Citing anonymous sources close to the Chinese government, it said the plan would see Evergrande broken up into three separate entities, and the restructuring could be announced within days.
      Neither Evergrande nor China’s top regulator for SOEs responded to requests from CNN Business for comment on the article.
      But analysts are already weighing up the possibility of Evergrande being nationalized.

      “Most likely the government has to [inject capital into] Evergrande so that it can continue construction and then sell residential property units to get cash to repay debts,” said Iris Pang, chief economist for Greater China for ING. “With government capital, it is likely that Evergrande could become [an] SOE or become part of the SOEs that could inject capital in Evergrande, ” she added.
      …

  29. TikTok Censors Viral Testimony from Vaccine-Injured Student Athlete After 4.5M Views

    by Adan Salazar
    September 23rd 2021, 5:30 pm

    Tennessee State University senior John Stokes documented myocarditis diagnosis from hospital four days after 2nd Pfizer dose.
    Popular social media post opposed by TikTok’s ‘Team Halo Community,’ organized by United Nat
    ions.

    College athlete delivers warning from hospital bed after developing myocarditis following vaccine

    17,111 views
    Sep 13, 2021

    https://youtu.be/Ea5hv9HoYqA

    1. Myocarditis in young men has been WELL documented for months now. Why aren’t these guys choosing the J&J vaccine instead?

      1. Probably because they can’t read. Even if they could, they’ve been trained to view the internet as a source of entertainment, not a vehicle for research. Theyve been trained to trust Google’s first page of results and, if not that, then the MSMs bolshevik fact-checkers.

        As Bankster says, “Dumb ‘en down and PROFIT!”

  31. Video: Woman Rips Down Subway Train Ads Promoting Communist Propaganda

    Infowars.com
    September 23rd 2021, 2:16 pm

    “It’s not about equality guys, it’s about communism,” the woman tells other subway riders, adding that most Covid hospitalized patients are overweight.

    “They’re coming for your children folks,” a man helping her tear down the signs says.

    Here are some of the ads displayed in the subway car:

    https://www.infowars.com/posts/video-woman-rips-down-subway-train-ads-promoting-communist-propaganda/

  32. The train has left the station and is headed for the washed out bridge at a high rate of speed. But don’t worry…everything will be fine, as everyone has known about the situation for some time now.

    It’s all contained.

    1. Real Estate
      The Evergrande crisis may just be a ‘tempest in a teapot,’ says analyst
      Published Fri, Sep 24 2021 6:01 AM EDT
      Eustance Huang
      Key Points
      – Embattled developer China Evergrande’s situation is not a surprise given the steps taken by Beijing to reign in excessive debt in the property sector, according to Orient Capital Research’s Andrew Collier.
      – The ongoing crisis surrounding debt-ridden Chinese developer Evergrande has captured global investor attention for much of this week.
      – Collier said there were two reasons why the global markets are worried about Evergrande’s troubles.

      watch now
      VIDEO 03:29
      It’ll be tough to get investors out of China’s property market: Orient Capital

      Embattled developer China Evergrande’s situation is not a surprise, given the steps taken by Beijing to reign in excessive debt in the property sector, according to Orient Capital Research’s Andrew Collier.

      “This is all a bit of a tempest in a teapot, which sounds funny given that the whole world is worried about Evergrande right now,” Collier, managing director at the research firm, told CNBC’s “Street Signs Asia” on Thursday.

      Collier pointed to Beijing’s “three red lines” policy introduced last year, which was aimed at preventing developers from loading up on debt as well as to deflate the property bubble.

      “The end result is one of the largest companies and the most indebted is not surprisingly, in trouble,” he said, referring to Evergrande.

      “The fact that they’re continuing … to force developers to try to deleverage is an indication that they think this is a good campaign,” Collier added.

      The Chinese authorities’ rationale for such an action is “pretty obvious,” he explained. “They figure that if they don’t do this, then they’re going to have an even bigger crisis on their hands and the entire property market goes into a bubble territory more than it is, and then collapses.”
      …

    2. The Financial Times
      Evergrande Real Estate Group
      Evergrande bondholders left in the dark as crucial deadline passes
      – Indebted Chinese property developer faces imminent default on $84m offshore coupon payment
      – A woman walks past Evergrande City Plaza, next to its apartment buildings, in Beijing
      – The crisis at Evergrande shook global markets this week and raised concerns about the health of China’s property sector
      Thomas Hale, Tabby Kinder and Hudson Lockett in Hong Kong and Sun Yu in Beijing 4 hours ago

      Investors in an Evergrande offshore bond say they have yet to receive a closely watched interest payment that was due on Thursday, adding to uncertainty over an unfolding liquidity crisis at the world’s most indebted property developer.

      The $83.5m payment had a deadline of midnight in New York on Thursday, or noon on Friday in Hong Kong. Two people with direct knowledge of the matter said that no payment had been received on Friday in Hong Kong.

      The property group, which has not made a statement on the repayment, has a 30-day grace period before any failure to pay officially results in a default.
      …

    3. Drooping Wall Street stock market futures belie concern over the Evergrande nondefault announcement.

      Does anyone know the extent of Wall Street’s exposure to the Chinese property market?

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