“Not worth what they say.....” Would that include the many completely empty cities that have been touted to show the “boom” in their economy to the world.
Potemkin empty high rise buildings... and nobody there. Sort of like the empty North Korean town across the river from S. Korea-— totally empty.
““Not worth what they say.....” Would that include the many completely empty cities?”
You bet. They will never fully pay back their loans, if at all. Real estate in general is pumped up to world class bubble levels, primed for a bust.
Even run of the mill Chinese companies routinely inflate their financial condition. The countries second biggest auditor was just busted by the Government for hundreds of frauds.
Their banks are often a house of cards as well. The same asset is often claimed by three or four at the same time. Government officials use them as piggy banks, and force bad loans to be made to cronies and family members. Wealthy businessmen have their own shady banks just for their group of businesses, and a couple of those were seized by the Government (brought under management by regulators) in just the last couple of months (the first in decades). The largely unregulated Shadow Banking sector underpins a lot business activity, and that is likely shakier than the regular banks.
They have run up debt at all levels, and printed money to excess for a long time. If everything was to come back to real valuations at once, they would probably take 10 or 20 years to really start growing again.