[Doomsday Economics] Home of Kirbeh's FREE SLICE ($25 delivery fee)

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(Thread IKs: skooma512)

FUCK COREY PERRY: Apr 19, 2008

net work error posted:

Sports are cool

# ? Mar 20, 2024 21:24

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# ? May 28, 2024 03:07

Hubbert: Mar 25, 2007; At a time of universal deceit, telling the truth is a revolutionary act.

skooma512 posted:

China is bad because they won't guarantee future results based on past performance.

Like can you even imagine building housing for your people instead of making number go up? CAN YOU?

https://www.cnbc.com/2024/03/11/chinas-housing-minister-property-developers-must-go-bankrupt-if-needed.html

I know that we all want to hug and kiss Xi here in CSPAM, but the situation has evolved since that CNBC article was originally published (March 11)

https://www.reuters.com/markets/asia/chinese-developer-vankes-credit-pursuit-clouded-by-clamour-collateral-2024-03-19/ posted:

Chinese developer Vanke's credit pursuit clouded by clamour for collateral

By Engen Tham, Ziyi Tang and Clare Jim

March 18, 202411:24 PM PDT -- Updated 2 days ago

SHANGHAI/BEIJING/HONG KONG, March 19 (Reuters) - A rare Beijing directive to help Vanke beat a liquidity crisis has left lenders scrabbling for the assets that the state-backed developer has proposed for collateral, as parties pull out all the stops to arrest deterioration in the property sector.

China Vanke (000002.SZ), is gasping for funding after sales in both January and February fell below the monthly break-even point of 20 billion yuan ($2.8 billion), meaning cash flowed out of the business, an internal memo showed.

China's property sector has been in the throes of a crisis since mid-2021. Local policymakers' stimulus and easing measures have struggled to boost sales or increase liquidity, while many property developers have defaulted on debt obligations.

Reflecting the deepening crisis, regulators asked financial firms and creditors to step up financing support for Vanke - China's second-biggest property developer by sales - in a rare intervention by central government, Reuters reported last week.

With plunging sales as well as bond prices clouding Vanke's outlook, the developer has shared a list of mainly commercial projects such as shopping malls and their revenue streams with potential lenders to access fresh credit, said two people with knowledge of the matter.

Those lenders include a group of banks, led by Industrial and Commercial Bank of China (ICBC) (601398.SS), which is in early talks to lend as much as 80 billion yuan, two other people said.

Lenders are reviewing as much of the higher-value assets as they can, the people said. At the same time, insurer-creditors have demanded further collateral before agreeing to extensions to the maturities of their debt holdings, said a fifth person.

The people declined to be identified as they were not authorised to speak to the media.

Vanke declined to comment. ICBC did not respond to a request for comment.

"The more demanding approach from creditors shows they have turned cautious even with state-related and better-performing developers, generally perceived as safe," said Gary Ng, Natixis Asia-Pacific senior economist.

"Its more difficult situation shows that the biggest risk in the property market remains in the sluggish home sales."

Analysts estimate the value of Vanke's unpledged commercial property at 77 billion to 90 billion yuan, meaning the developer could borrow as much as 45 billion yuan if banks lend at a 50% loan-to-value ratio.

The ratio could be as much as 70% depending on collateral quality, said some bankers and analysts, underscoring the pressure Vanke faces to add high-value guarantees to its list.

Analysts expect Vanke to have enough cash to repay $1.4 billion worth of public bonds maturing this year, but question its long-term repayment capability considering its fast-depleting cash and $3.5 billion worth of debt due in 2025.

MARKET CONFIDENCE

Vanke's financial woe became public after the debt defaults of a string of marquee peers, including China Evergrande Group (3333.HK)
, opens new tab and Country Garden (2007.HK)
, opens new tab, amid an industry-wide sales drop.

Sales by floor area plunged 20.5% in January-February from the same period a year prior. For all of 2023, sales fell 8.5%.

Confidence among homebuyers as well as investors could drop even more should Vanke struggle to repay debt, considering Vanke is state-backed - about a third held by a state-owned enterprise - and has more projects in more big cities, and so was widely believed to be financially sound, market participants said.

Vanke has asked creditors including Taikang Insurance, state-owned PICC Property and Casualty (2328.HK), opens new tab and New China Life Insurance (601336.SS) for permission to extend debt maturities, Reuters reported this month.

The three firms did not respond to calls and emails seeking comment.

That request prompted insurer-creditors to demand new collateral, said the fifth person.

In an apparent vote of confidence, Vanke on Friday said top shareholder Shenzhen Metro - in turn owned by Shenzhen's state asset regulator - has agreed to subscribe to up to 30% of units of its consumption REIT backed by a shopping mall Hangzhou city.

Shenzhen Metro's investment in the REIT using the shopping mall as collateral was "a relatively low-risk channel", Nomura analysts wrote in a client note, saying the deal could indicate that even Vanke's top shareholder did not have full confidence in the property developer's other business lines.

# ? Mar 20, 2024 21:26

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

unlike pets dot com, $100k truck loans with more health problems than my 98 year old grandma, and overpriced useless LLM garbage, all that housing and real state will still be there and perfectly usable for the state to take over and distribute to the masses

# ? Mar 20, 2024 21:29

skooma512: Feb 8, 2012; You couldn't grok my race car, but you dug the roadside blur.

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

# ? Mar 20, 2024 21:33

KirbyKhan: Mar 20, 2009; Soiled Meat

skooma512 posted:

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

Lmfao holy poo poo

# ? Mar 20, 2024 21:38

Skaffen-Amtiskaw: Jun 24, 2023

Pittsburgh Fentanyl Cloud posted:

Life expectancy changes occur at the beginning for the most part, not the end. When the life expectancy was 40 years, you were likely to hit your 50s or 60s just fine as long as you got through childhood.

"People two hundred years ago only lived to 40" is a weird thing that's just taken as gospel by a lot of people.

https://youtu.be/W5bKN6xP8Kk?si=VV9BnhtJm2ZBUwHe

# ? Mar 20, 2024 21:43

RandomBlue: Dec 30, 2012; hay guys!; Biscuit Hider

skooma512 posted:

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

wow, that's seriously hosed up

# ? Mar 20, 2024 21:47

Skaffen-Amtiskaw: Jun 24, 2023

skooma512 posted:

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

Literally just gone and deleted my account. Fascinating how they found such an efficient way to perform harakiri so publicly.

# ? Mar 20, 2024 21:50

RandomBlue: Dec 30, 2012; hay guys!; Biscuit Hider

pulling a Unity

# ? Mar 20, 2024 21:52

euphronius: Feb 18, 2009

But in 2021, Glassdoor acquired Fishbowl, a professional networking app that integrated with Glassdoor last July. This acquisition meant that every Glassdoor user was automatically signed up for a Fishbowl account. And because Fishbowl requires users to verify their identities, Glassdoor�s terms of service changed to require all users to be verified.

lol

# ? Mar 20, 2024 21:57

Skaffen-Amtiskaw: Jun 24, 2023

RandomBlue posted:

pulling a Unity

That�s when you unite everyone in throw something on your funeral pyre, formerly a brand.

# ? Mar 20, 2024 21:59

scary ghost dog: Aug 5, 2007

wondering about the glassdoor posts for glassdoor employees

# ? Mar 20, 2024 22:07

skooma512: Feb 8, 2012; You couldn't grok my race car, but you dug the roadside blur.

RandomBlue posted:

pulling a Unity

Unity at least is a product and is the bulwark of many 3rd party projects which can't divest.

Glassdoor's product is the users, they leave, it's toast.

I wonder if they're doing this as a tax writeoff scheme or some poo poo like that. It seems it more profitable to just nosedive your company and delete your products than it is to actually conduct business.

# ? Mar 20, 2024 22:09

atelier morgan: Mar 11, 2003; super-scientific, ultra-gay; Lipstick Apathy

"We have concluded the honeypot operation known as glassdoor"

# ? Mar 20, 2024 22:09

ArmedZombie: Jun 6, 2004

atelier morgan posted:

"We have concluded the honeypot operation known as glassdoor"

# ? Mar 20, 2024 22:13

Oglethorpe: Aug 8, 2005

skooma512 posted:

[Doomsday Econ] China: those who �harm the interests of the masses� will be punished.

# ? Mar 20, 2024 22:18

Scarabrae: Oct 7, 2002

skooma512 posted:

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

https://i.imgur.com/cJJdPbu.gifv

# ? Mar 20, 2024 22:23

Glumwheels: Jan 25, 2003; https://twitter.com/BidenHQ

Reddit valued at $6.4 billion lmao.

# ? Mar 20, 2024 22:29

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

lol that glassdoor is still working on an IPO

how is a dogshit craigslist-rear end site that's basically a janky wordpress where employees get to rant about how bad their emplyoer is somehow worth billions?

# ? Mar 20, 2024 22:33

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

Glumwheels posted:

Reddit valued at $6.4 billion lmao.

yes and they're only putting something like 12% of shares out on IPO, which means there's $$$$$$ institutional investors waiting to get out and pass the bag

# ? Mar 20, 2024 22:35

Justin Tyme: Feb 22, 2011

Glumwheels posted:

Reddit valued at $6.4 billion lmao.

It would be funny if it weren't so tragic that Reddit is the third leg of the Google search usefulness stool

# ? Mar 20, 2024 22:35

Mr Hootington: Jul 24, 2008; I'M HAVING A HOOT EATING CORNETTE THE LONG WAY

SKULL.GIF posted:

https://twitter.com/BBGVisualData/status/1770473522273353942

This is....a bit more than thought

# ? Mar 20, 2024 22:40

RealityWarCriminal: Aug 10, 2016

Xaris posted:

lol that glassdoor is still working on an IPO

how is a dogshit craigslist-rear end site that's basically a janky wordpress where employees get to rant about how bad their emplyoer is somehow worth billions?

it's worth billions for companies to know which workers are badmouthing them

# ? Mar 20, 2024 22:41

thechosenone: Mar 21, 2009

How much of that is western investment? Seems like the realization of those losses would shake some things around...

# ? Mar 20, 2024 22:41

DaysBefore: Jan 24, 2019

Lol went to see if glassdoor had doxxed the one review I left eleven years ago and instead found that all the negative reviews, including mine, were just gone. Cool

# ? Mar 20, 2024 22:43

Mustached Demon: Nov 12, 2016

DaysBefore posted:

Lol went to see if glassdoor had doxxed the one review I left eleven years ago and instead found that all the negative reviews, including mine, were just gone. Cool

probably can pay them money to remove negative reviews just like the BBB

# ? Mar 20, 2024 22:44

PostNouveau: Sep 3, 2011; VY till I die; Grimey Drawer

SKULL.GIF posted:

https://twitter.com/BBGVisualData/status/1770473522273353942

This is one of those crimes they execute you for in China?

# ? Mar 20, 2024 22:46

shrike82: Jun 11, 2005

Markets continue to be on a tear this year

https://twitter.com/KobeissiLetter/status/1770513000337637531?s=20

# ? Mar 20, 2024 22:48

the milk machine: Jul 23, 2002; lick my keys

Mustached Demon posted:

probably can pay them money to remove negative reviews just like the BBB

companies definitely monitor them and there's a review process to have reviews taken down if there's not enough detail to seem real so you can basically get it done for free

# ? Mar 20, 2024 22:48

Vox Nihili: May 28, 2008

Xaris posted:

lol that glassdoor is still working on an IPO

how is a dogshit craigslist-rear end site that's basically a janky wordpress where employees get to rant about how bad their emplyoer is somehow worth billions?

Probably worth a good chunk of change to the right buyer to have it all deleted permanently

# ? Mar 20, 2024 22:54

ArmedZombie: Jun 6, 2004

Justin Tyme posted:

It would be funny if it weren't so tragic that Reddit is the third leg of the Google search usefulness stool

accelerationism ftw

# ? Mar 20, 2024 22:59

ArmedZombie: Jun 6, 2004

shrike82 posted:

Markets continue to be on a tear this year

https://twitter.com/KobeissiLetter/status/1770513000337637531?s=20

ArmedZombie posted:

accelerationism ftw

# ? Mar 20, 2024 23:00

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

Vox Nihili posted:

Probably worth a good chunk of change to the right buyer to have it all deleted permanently

DaysBefore posted:

Lol went to see if glassdoor had doxxed the one review I left eleven years ago and instead found that all the negative reviews, including mine, were just gone. Cool

ah, that makes sense

# ? Mar 20, 2024 23:05

Sydin: Oct 29, 2011; Another spring commute

Raise rates you cowards

# ? Mar 20, 2024 23:07

Mandel Brotset: Jan 1, 2024

skooma512 posted:

https://arstechnica.com/tech-policy/2024/03/glassdoor-adding-users-real-names-job-info-to-profiles-without-consent/

Glassdoor committing suicide

# ? Mar 20, 2024 23:11

maxwellhill: Jan 5, 2022

bedpan posted:

as someone who has gone to Better Process Controls School, I can tell you that those cans were okay. as long as the seal is good (which it sounds like it was in all cases) nothing else really matter

Xaris posted:

fwiw, that doesn't necessarily mean its gone bad per se (although it can mean that if bacteria has generated positive pressure but you'd notice the can bulging). it's sudden vacuum pressure change, particularly with them canned at high temps with air space under vacuum being suddenly exposed to atmospheric pressure. always trust your nose though

i have a box of canned tomato sauces from costco that are still new and all do that

thanks you two

# ? Mar 20, 2024 23:14

Soapy_Bumslap: Jun 19, 2013; We're gonna need a bigger chode; Grimey Drawer

The people that pulled this will be punished and the properties will be used for good, and every dipshit online will never stop saying "heh, chyna only ever lies about real estate"

# ? Mar 20, 2024 23:21

Ebola Roulette: Sep 13, 2010; No matter what you ~~win~~ ~~lose~~ ragepiss.

No rate hike JAY YOU GODDAMN COWARD

# ? Mar 20, 2024 23:21

Nonsense: Jan 26, 2007

I think most cowboy capitalists were expecting him to cut rates at this point. Number might be happy it stayed the same though

# ? Mar 20, 2024 23:23

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# ? May 28, 2024 03:07

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

Ebola Roulette posted:

No rate hike JAY YOU GODDAMN COWARD

they arent going to raise rates during an election year lol

infact they're too pussy to say no rate cuts, they still had to cloak it in RATE CUTS ARE DEFINITELY COMING STILL

# ? Mar 20, 2024 23:23

The Something Awful Forums > Discussion > C-SPAM > [Doomsday Economics] Home of Kirbeh's FREE SLICE ($25 delivery fee)

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