Evergrande, China's biggest real-estate developer, is being liquidated. It has assets worth about $245 billion, but owes about $300 billion.

A Hong Kong court ordered the liquidation of China Evergrande, the world’s most indebted property developer.

Evergrande has assets of about $245 billion, but owes about $300 billion.

Its demise is a “controlled collapse,” but still raises systemic risk and will hurt investors, says an analyst.

  • Hacksaw@lemmy.caEnglish
    301·
    9 months ago

    That’s the problem with investors, if they’re not making more money than last year they find a way to fuck the rest of us. Either they pressure companies to lay off workers, they pressure the government to cut taxes, lower pesky labour and environmental regulations, or just handover cash in the form of a subsidy or bailout.

    Either way they get our money somehow and enshittify our lives. If there’s no hell we’ll need to invent a special kind of justice for these people.

    • 🇰 🌀 🇱 🇦 🇳 🇦 🇰 ℹ️@yiffit.netEnglish
      513·
      9 months ago

      I don’t know if I can really blame the investors themselves for enshittification… I mean, sure, it’s done for their sake but is it their call? They want a return on the investment, but how much say do they have in the companies that actually do the shitty things?

      Then again if I gave money to someone and said “go bring me some milk” and they got me milk, but also murdered everyone they saw along the way, I would definitely not be hiring them again and probably could be in trouble despite not asking for or wanting the murders. If the investors don’t pull out when the company is doing shitty things to make them money, they are definitely evil themselves.

      • piecat@lemmy.worldEnglish
        201·
        9 months ago

        Fiduciary responsibility. Shareholders/investors can, have, and will, sue.

        That’s where the primary focus is supposed to lie. Legally anyway.

        If selling all the assets and firing all the people could increase the share price for a quarter, they’ll do it.

      • Hacksaw@lemmy.caEnglish
        81·
        9 months ago

        Sorry I was just watching a video that was explaining that most companies are run by a handful of people who basically each represent several of the largest shareholders combined. I suppose I was imagining these people making the actual decisions and hiring the board and pushing the direction of the company and the lobbying efforts as the “investors”.

        You’re right I don’t mean we should commit war crimes against grandpa because he has a pension fund lol