Easy. Because it’s quasi-Chinese State owned. And also real estate is central to the China “growth” story.
Discussion
Would this policy not qualify as massive easing? I guess the real question for the CCP and all central planners is can you effectively isolate these large pools of stimulus money from the poors.
Not exactly. The “pain trade” isn’t just centred on a single player like the Fed in the States. When shit goes south here all parties pay part of the price.
Of interest, the Central government is moving to address financial friction costs hitting the average Chinese citizen. Then there’s the “common prosperity” concept. Suffice it to say losses are socialised in the most genuine sense. Not just the “poors”. All parties pay a price.
I'll have to chew on that for a bit... link a podcast; I'm interested to hear more
Have only done one pod thus far. Linked below. Aim is to do many more. If you haven’t picked up, am furious at how the Americans - of which I am one - have handled the China relationship.