Can you please make your substantive points without breaking the site guidelines? You broke more than one of them with this post.
I'm sure you have a good point about mortgages and developers and banks, but it's more important not to set the forum on fire, and that is what the site guidelines exist to avoid.
If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
Re:How China's “debt traps” work
by throwaway2990 on Wednesday October 04, 2023 @08:54PM
(#37773670)
Nice one. Flag it and hide it so you can protect the guy defending the CCP. Nice to know HN is a propaganda forum.
You have to pay in full to the developer. By taking out a loan which consists of a downpayment.
The developer now has 100% of the money. And the buyer has nothing but debt.
The developers are either never breaking ground or never completing the building. Using the money to buy more land and sell more homes.
When they file for bankruptcy. The banks still need the money back from the buyer. Since the buyer has no home because it was never finished they effectively lose their investment and their lives as debt collection takes their cars, live-in home. Etc.
Stop spreading misinformation that buyers aren’t suffering. This is people’s lives at stake. Lying to people and pretending like nothing is wrong makes you a terrible human being when people’s lives are at stake.