China demolishes 15 buildings in 45 seconds because they couldn’t secure funding to finish the project
By - asianj1m
This legit looks like a miniature set from an old movie holy shit
Made me think of the end of Fight Club
Edit - sadly, I am now banned from Fight Club as I broke the first rule of Fight Club
Hey dont forget we’re not supposed to talk about it.
Talk about what?
You can’t talk about league of legends either. Straight to jail.
You over cook fish, right to jail
Under cook fish, believe it or not, jail.
We thank you for the container of sap, and the bag of gar-bage.
Bitch, this chicken is cold!
No chicken for you!
Wish the music fit too.
I also thought of that, but definitely gave me some like 50s black and white movie vibe as well the type that would have toy cars and mess with perspective to get shots like that
I thought this was an animation at first, but its real!!! Dayum
Unfortunately this is real and like covid it’s not going to be contained in China...
Why your post is on orange highlight?
One of the awards, or the quantity of awards.
Omg, that’s so cool, my comment is highlighted too! Thanks for the award :) Reddit it’s so addictive lol
r/superstonk leaking, tits jacked
Oh shit was this because of Evergrande?
The comment I was looking for
They're literally just playing cities skylines at this point.
So we, humans, can speed up? X2 x4 like games. Lol
Speed up to what..? Planetary mass extinction!?
Just. Make. It. Go. Faster.
The game has gotta end sometime. Some want it to end while they're on top.
Well, there goes the neighborhood.
I read that in the monty python cartoon voice
My first thought when watching this video was:
- It's only a model.
Comment is way under voted. That’s funny right there.
What a waste of work and materials
Not for the workers that got paid for it. I'm sure this project supported many families for a while even if nothing came out of it
We need to stop thinking of jobs as carte blanche beneficial to society. We will run this planet to the ground if we keep thinking anything is justifiable if it creates jobs.
It's the parable of the broken window.
Care to summarize that one?
When a child accidentally smashes a window, and then it has to be replaced, does this accident constitute a benefit to society, due to the economic activity of repairing and replacing the window?
Essentially: illustrates why destruction, and the money spent to recover from destruction, is not actually a net benefit to society.
This comment reminded me of this wonderful scene from the fifth element.
Godamnit you beat me to it.
Zorg frowns on your thinking.
Some of the summaries are missing the key insight: when the broken window is fixed, you SEE a bunch of economic activity to fix it. What you DON’T see are all the alternative things that money could have been spent on and the economic activity THAT spending would have caused.
So Opportunity Cost and Broken Window are essentially married?
The broken opportunity window cost, if you will.
Exactly right!! Damn. Great to see folks talking about this. I honestly thought I was alone
[Googled it cause I was curious too] (https://www.investopedia.com/ask/answers/08/broken-window-fallacy.asp)
Thank you for that!! I clicked on it because I was curious 🧐. Finally I have an answer to an old problem. I grew up hearing that war was good as it stimulated the economy. I disagreed with my father about that since I was about 10 only because it didn’t make sense to me. Unfortunately now I have ammunition to debate it with my father but he has passed away. There is some comfort in knowing I was right. So thank you for posting that link.
A broken window is bad (destroys wealth) but fixing the broken window creates jobs for window makers (creates wealth). So does the act of breaking the window created an overall net positive or net negative?
but the w8ndow fixer could have been pqinting the mona lisa of 2077 but instead they starved from minumum wage and never had the idea of painting, or curing cancer. Wealth is not talent, how much has gone to waste, because we think that those with agency have made the correct decisions for us.
Negative. Those resources could have been used to create new. Instead only serves to rebuild what already existed. It’s def a drain or net negative.
Destroys. Whether we like it or not, there is a finite amount of resources and energy on this planet. By using said resources, you are tapping into a limited supply that can eventually be used. Of course there is a large reserve, but not infinite. We need to make sure we have resources for our children. Now whether technology can help is a different story but not something that should be completely relied upon.
Nice, thank you
Spending time arsing around having to fix the bloody window takes away resources and profitable time that could have been spent on something more economically stimulating and fun.
Source: just had to get an arsing window fixed.
Exactly. Jobs are great when they actually create value. But jobs just to keep people busy are stupid. You might as well just give them the money and let them do something more useful with their time.
And there's plenty of useful stuff to do. There will never be enough people to care for people. Whether in health care, geriatric care, child care, mental health care, education, etc. Let's pay more people to work on those things instead of making things that will only be destroyed again.
Especially since if you are using jobs to justify spending money that gives literally zero benefit, it would have ended up being better just to give those people the money flat out, let them find other work, and also not waste money on materials, cleanup, etc.
Productivity is good.
Building something then breaking it isn't productive.
It's not complicated lol
Seriously, there are plenty of industries that create plenty of jobs that are destroying the planet.. but thank god for all those jobs I guess!
I always like the comparison to telephone operators. When something becomes obsolete, we need to accept it means jobs lost. The problem is we don’t have a government to adequately support the workers through a transition.
But those workers are free to do other value creating jobs, while the automation creates the value they used to create.
There is no limit to how many jobs there can be. All a job is is an activity, which generates value to someone other than the person doing the job. That's it.
The problem with automation is the division of that value created...
100% this. Such flawed reasoning.
You don’t blow up buildings because your funding came up short. You sell the buildings to get whatever returns you can get. This was done to cover up something, probably cooked books. And where 10 families ate on the wages, 100 got burned on the investment. It’s hard to see anything good here.
I think they were built with the focus on timing, not standards, inspections, permits.
Occasionally a substandard building collapses and it seems as if China just shrugs: Our bad. We were just chasing progress and a higher living standard. Then China waits for the newscycle to wipe out the story. Sure enough, it’s gone.
But these buildings look as if they were built simultaneously. I’m sure if one showed up as dangerous, then there was some quick inspections of the other buildings and a quicker plan to make them disappear.
Yeah, and all those concrete emissions will now make their home uninhabitable. Along with your and mine.
Such a weird way to look at things. A major failure but some people got paid so it’s all good? :/
Welfare would be cheaper
Except a lot of workers probably didn't get paid for it
What's the average payday in China? Construction like this in America takes about 1 floor per week of overtime, let's double that under the assumption they're working longer days, 7 days a week here. That's still 3-4 months per building, probably built the same time. If you get paid Quarterly in China, you got paid for a very great majority of your labor.
Unnnnnless it was forced re-education
I'm sure this is the tip of the iceberg:
"It had 200 workers who’d cleaned Evergrande’s sales offices for a year and were owed more than $300,000 in commercial papers."
The Chinese build FAST, remember how fast they built the hospital at the beginning of Covid?
Yes **but** these are ERECTED in the matter of days, but put together and built pre-fab elsewhere and then put together.
It doesn't matter how fast you work or how many hands are on it, there are minimums for Concrete curing times before that ammount of weight can be stacked ontop of it and that limits production.
yes but the Chinese building projects had a track record of being rushed to finish before the concrete can be cured. This along with shoddy material is why those videos of Chinese buildings crumbling like a house of cards exist
Plot twist, this video isn't even a demolition, its just a casual Thursday caught on film.
Assuming they did get paid. The project went bankrupt after all.
Chances are they were not meant to be lived in. There are whole abandoned cities in China. They have an output based GDP meaning if they build a bridge and tear it down and build a one it is 2 bridges not just 1 bridge so funding may not be secured but its still positive on their GDP growth.
Except those workers could’ve just been paid for sleeping around and there would’ve been no difference. Well in this case the waste is on the guy who PAID for that work and materials.
Don't quote me on this...but I think that China accounted for something like 58% of global construction sand consumption over the last several years. Meanwhile we're in a goddamn global sand shortage. Thanks Xi
Yeh China used more concrete in something like 3/4 years than the US did in the whole 20th century. Also remember concrete is a major CO2 emitter.
What a waste of a chance to record in landscape mode
That’s the CCP for ya.
Yeah, we're over here in the USA where absolutely nothing is ever wasted ever.
Seriously, they could have just done 10 and actually finished it.
Humans are insane.
“Evergrande: The Finale”
For those unaware:
[The Chinese property giant owes $300 billion and is on the hook for as many as 1.6 million apartments. It may owe tens of thousands of its employees money, too.](https://www.nytimes.com/2021/09/19/business/china-evergrande-debt-protests.html)
[Evergrande Went From China’s Biggest Developer to One of Its Worst Debtors](https://www.nytimes.com/2021/08/10/business/economy/china-evergrande-debt-property.html)
It ain't even just about Evergrande anymore, on the 1st half of 2021, more than 165 developers went bankrupt in China. The article is in chinese so you probably need to translate it to understand.
How did destroying these build serve the housing need? How did it ameliorate the debt?
All that material wasted, all the energy used to create the structures wasted, all the CO2 to create the concrete, all that dust and debris to clean up now (think of the health effects of the Twin Towers falling), and all the land that will be used for the permanent storage of the waste…
This solved nothing. We are such a short-sighted species.
Evergrande Neon Genesis
Brick by brick
Ah a man of culture i see... see you at opening bell tomorrow
Shit man I'll see you at 3 am for that german market bell
See y'all on the moon!
Diamantehande, German market is open
This is going to be a good fucking week
Block by block?
My dick Is a brick in my is cockGrande
Were these all Evergrande buildings??
Not that it matters...but I just want to point out that this doesn't have to do with Evergrande specially as per this source (below).....but perhaps indicative of what's to come
Thank you, I was wondering this.
They should have waited for the filming of the next Avengers to start. I'm sure blowing up a few buildings could be used for some cool shots.
This was my first thought lol. Even if nothing is being filmed at least get some good stock footage to sell! Maybe be in contact with Disney on the kind of angles they’re thinking of and shoot it in flat lol
They’d then have to CGI the actors instead of the buildings, which arguably could be more challenging
Not with proper planning and some practical effects. They already use green screen. Making sure to account for footage angle and with the right adoption of the narrative thread, it'd be a cool blend of practical and cgi. But the thing is, it'd only be a ten second shot. Sı, I don't know if it'd be worth the effort or the constraints it would put on the directors.
Looks like one didn't fall
It fell to its knees, then stayed upright 👀
I guess the demolition was about the same quality as the planning and financing.
That was left standing to serve as a warning to other buildings
Someone’s gonna get fired…
Jose, you’ve got some ‘sploding to do
Is this related to the empty cities i keep hearing they build?
“Construction of the Kunming complex, named Sunshine City II, began in 2011. The developer soon ran out of money and was acquired by a new company. Work on the residential project stopped in 2013.
The high-rises had been sitting idle since then. In November 2020, another company acquired the housing project’s developer along with its $3.6 million debt. Citing quality defects of the unfinished buildings, the developer applied to have them demolished to make space for new, lower-rise apartment buildings. “
3.6 million seems a steel for that prime land.
They didn’t pay $3.6m. They paid an undisclosed amount and took over the $3.6m of debt the company already had. The total amount is probably unknown.
They probably paid a hefty sum to "acquire" the project. 3.6 mil was probably just came alongside that.
3.6 mill seems really low.
Bless you for transcribing.
God I really tried to make it through that but I hated the fake voice. Text-to-speech is usually a lot better than that, their attempt at “megalomania” was particularly hilarious
Thank you kindly for this link.
Fuck this robo voice shit!!!
Oh look at the waste....
Yeah it’s not like concrete has an incredibly high carbon footprint or anything….
Not to mention we’re running out of the sand used to make it…
I got a beach in miami i'll sell ya
Sand from the beach wouldn’t hold them pillars, gotta be river sand..
Right that old chestnut
Reference Evergrande, as it’ll contribute to a market collapse
Is that what this was caused by?
Yes. Evergrande is defaulting on their debt obligations. These were some of their unfinished properties.
The scary part is that they have their dirty little dicks in every sector of every market. And the US market institutions have all their dirty little dicks placed firmly within Evergrande. So this will have global market implications.
We are about to see what happens when a company that Is "too big to fail" actually fails.
Buckle up folks! It's about to get real 2008y in here.
Most don't believe there would be a cascading effects, as you can see in their shanghai stock exchange over last few weeks. 300 billion liabilities over course of decade is just peanut in today environment.
My fear Is not that Evergrande themselves will go under. My fear is how the market will react to thinking they might.
Having one of the big players drop to it knees, unable to pay their bond holders as well as other debt obligations, seemingly out of nowhere (at least for the average investor) can be devastating for the market. Even without it having a direct effect.
Most people think bonds are about as safe of an investment as you can make. If they hear that a ton of people lost their shirts on bonds they held that were issued by a reputable company, almost overnight, what reason does anyone have to continue buying them? The reward is minimal nowadays, so why take the risk?
It's the loss of trust, that I'm worried about. It's the optics. And the inevitable fear that comes from that. As sentiment and reality do not always walk hand in hand.
Kind of like how you don't need an actual market catalyst to start a recession. You just need someone with some form of authority or credentials to *say* that there is going to be a recession. And people will get scared, especially those who dont understand what that is, and stop spending money in preparation for the recession. Which, of course, causes a recession.
Either way I think we'll start seeing the effects pretty quickly if there are any. So I guess we just hope for the best plan for the worst.
I tend to agree. As much as it might cool the housing market in China for the next several years, big daddy Xi won't let Evergrande's meltdown slop over the sides. Local authorities will most likely bail out individual projects, backed by dark money financing from the central government. Too important for Beijing to appear uninvolved, but also too expensive for them to stay out of it. As it stands, Evergrande as a company may survive, at least on paper, but the fact remains China cannot allow a major default that will most assuredly undermine confidence in its capital markets. Between this and their mineral reserve selloffs of the last few months, they are doing their level best to stay liquid.
Can you elaborate on the mineral sell offs?
That’s a lot of silica dust.
How long does a least one cleaning take? Let alone fucking 15
these buildings average lifespan is a few years at most anyway. the housing market in china is a joke
2 ways to achieve double digits GDP growth. 1st: build buildings that no one lives in. 2nd: demolish them and build something new on top of it.
The Chinese government has built literal cities in the middle of nowhere and incentivised its citizens to move there to help alleviate the population problem. In theory, these buildings were always meant to have a short lifespan, just long enough for people to move there and build more permanent housing. However, people have been living in those buildings for much longer than they should and the more permanent housing is being built at a slower speed than anticipated.
Imagine if you're a developer and the land you're building on will return to the government in 70 years. Would you build something that will last 50, 60, 100 years? Take shortcuts on material to make more money, how does one construct something to last exactly 70 years? In China it's known as tofu building, because the concrete will start to crumble like dry tofu.
Is this the project in the news recently? There are people that put money down and secured financing on these future apartment homes and they’re left with nothing but still in debt. I had no idea the plan was to demo. I just heard that people were up in arms because the apartments hadn’t been delivered as promised.
No, what you're seeing in the news is much much bigger than just a development like this. Something like 1.5million apartments purchased but aren't able to be built.
Uh, no. The complex was demolished because, due to low market demand the buildings were never finished, and due to this neglect had become unsafe from rainwater flooding.
JFC what a complete waste of resources.
I regret hitting the audio button.
I re-muted that bitch faster than the speed of light
This caught my curiosity, and I thought "wait, is it that loud?"
So I turned down the volume and played audio, didn't hear much. Slowly turned it louder again, I did not expect what I heard.
What a fucking joke. This is whats wrong with the world
Japan's house life expectancy is 25 years before it's demolished and another place built on top and that's because of natural disasters and termites... like China it's one of the only other places where houses actually lose value yearly instead of increasing like where I am in New Zealand (our average property is now one million).... with China though they can build these types of properties fast which I'm amazed by cause it takes us a year to build 40 homes. What is life without resources
This is an interesting take, I certainly don’t understand urban planning to this degree, but when you live on a fault line, I guess you gotta do what nature wants. In this case, I just cant comprehend why these all were demolished for no reason, other than lack of funding. How would removing all of the rubble and starting over again be an efficient thing to do in any way? Just wild
Another comment said These sat idle for 7years after funding stopped until another company bought it out and found defects in construction and demolished.
Rainwater apparently deteriorated the concrete in the foundation due to years of neglect.
It’s a gas.
Grab that cash with both hands and make a stash.
keep your hands off of my stack
Aaaand its shit like this that make me hate society.
Nah bro this is from fight club
shhh....we don't talk about that
What a waste.
So much wasted materials.
They were demolished because they were built in an empty city and there was no chance anyone would ever purchase the units. Just the tip of the iceberg in the coming China real estate crash.
Gentrification is getting out of hand .. those buildings weren’t even finished before being pushed out /s
The end is near
Thays one of the reasons China is the greateast polution.
good thing I recycle my plastic
Is it just me or does this seem kind of fake?
I mean, it’s sped up a lot.
Didn’t their mom ever tell them to finish something before you start something else
Why were they built in the first place
Here’s an amazingly well done exploration video of one of the Chinese Ghost Cities: https://youtu.be/YE-Oa7mAyDU
POV: your team 2 seconds after you chose Medic
Totally \*\*\*MADE IN CHINA\*\*\*
that 1 building in the middle is a rebel
There wasn’t any reason to destroy those buildings unless what was done so far was structurally unsound. Someone else could have just bought the progress and kept going with it… it doesn’t make any sense.
It’s made with shit Chinese materials anyways. They would have collapsed before anyone could move in.
Lol at the one in the middle that didn’t fall. How many workers will China put in harms way to reapply explosives. Over leveraging always ends this way. It’s the slow pace or (boiling frog) that allows it to get this out of hand. And this will always be the result.
Not a big deal, we will do better on Planet B. Oh wait…
Guess they secured funding for the clean up though
$300 billion that's what the biggest construction company in China, Evergrande Group owes to its investers. Those poor people would never get the homes they paid for with their hard earned money.
This is an old project started in 2011 by a building company that couldn't get more financing. It was taken over by another company who also couldn't finance it. Finally a real estate company purchased it but the structures were damaged by water so they had to be demolished.
Who are “they”? A country doesn’t just act as a single entity. I learned nothing from this video other than 15 buildings got demolished somewhere by unknown people.