Chinese Young People After Crisis Evergrande: The Dream Of Turning Off For A Moment

Sharing with Insider, many of the medical generation in China said they were afraid of a series of negative information about the real estate market and Evergrande. They are asking if there is ever buying a house for their own or not.02: 00/6: 18 nurses illustrated. Young people lost "enthusiasm" to buy haiqihu, 32 years old, dreamed about The movement from the 2-bedroom apartment he lives with two friends and owns his own house. As an interior designer, he even sketched his bedroom and built a design for a dream home

. However, now, it wishes to turn off. Since the information Evergrande defeated overwhelmed on the newspaper in the previous month, Hu was overwhelmed by negative news related to real estate topics . Sharing with Insider, he said: "It's scary to read the story about my age who deposit buys Evergrande apartments and think they can move to the dream home in 5-6 years
"What makes Hu the most frightened are videos on Doouyin (Tiktok) about the" ghost city "and the building is incomplete. He said: "I saw a lot of people who poured their savings for over 10 years to deposit. Now, they don't know whether the building is complete or not. I don't want that to happen For me, so I will continue to rent a house and save. "Hu is not the only case. China has more than 400 million people in the generation of 1.3 billion people. Many of them have to borrow money to buy a house. A basic apartment in "Level 1" city as Beijing can cost up to $ 1 million, far beyond the ability of the medical generation if there is no help from family or borrowing. But now, Evergrande's increasing crisis has caused many people to reconsider the target of buying houses
It is one of 5 people in the generation of medical interviews with Insider. They all shared that Evergrande's debt crisis makes them think long before making big decisions, whether investing or buying real estate. Debts over 300 billion USD, Evergrande owns 800 The project was developed throughout China, many of which had to suspend construction this summer because of many bond payment terms. This situation also raises concerns about the risk that will spread to the rest of the real estate market. This week, Fantasia missed the payment of 206 million USD of bonds. The scene of other developers was likely to fall into the whirlpool as Evergrande made the CEO of 1 bank - Taniia Dai and her husband expert It toughly yiheng was forced to pause the home purchase plan. This couple leases houses in Zhejiang Province and plans to deposit to a Country Garden project, but is "thinking again" .Yiheng said: "I don't want to be a person all day just worrying about checking News on Weibo about whether his apartment is under construction or not. "Taniia shared:" A alternative choice is that we will buy apartments in the secondary market or buy a newly built apartment. But We will have to pay more money. These plans are being delayed. "According to the 2017 KPMG report, the average salary of the Chinese generation of medicine is about 1,817 USD / month, equivalent to 21,804 USD / year. . Reported in July of Insider showed that many people in the generation fell into the debt scene because they tried to buy a house, because they considered owning an apartment as a big decision, can change life. By So, it is not surprising that Yang Kai (26) is concerned about debt without houses to stay. He plans to get married later this year. However, the instability due to the crisis of Evergrande is making them think about buying a house and giving birth. "We have agreed that it is not the right time to spend The lifetime savings for a unknown apartment is ever built, with a burden of a debt. "Tired of investments, after the case of Evergrande, Chinese young people also feel Depressed with investment.Mu Yi Qian (28 years old) shared, I recently reevaluated the portfolio when China stock market has many changes. MU also said that Evergrande's crisis showed how big the risks could grow when pending money into products such as Asset Management (WMP) of Evergrande Wealth. These are risky products risks, not guaranteed by banks or financial institutions and have extremely high interest rates. Currently, Evergrande is trying to repay people who have invested in WMP by buying by buying Real estate discount price. Estimated, there are more than 80,000 people - including both company employees and friends, relatives, holding about $ 6 billion of WMPs of this group.Mu said: "I'm not too shocked when Evergrande stock suffers Stop trading, but it seems this is a risk time to make any major investments. " As a perennial investor, MU said this year is not the time to "All In". In the meantime, Zhuang Jingrui (33 years old) said she intends to buy WMP with L

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