via Reddit:
I work for a big Chinese tech company (can provide proof to mods if required) and I’ve got a good relationship with my boss but always restricted to work only.
So couple of days back I broke the boundary and told him if I could ask him a personal question and he was more than willing to listen to me. So this is how it went.
So straight up I asked him what’s the situation with the current Evergrande and real estate bubble back home? Do we have to be worried? (I know us GME holders need not but you know I dint want to break it up to him at first)
Straight reply from him – You are all fucked.
utter silence for 30 seconds
I asked him how fucked? His reply – Very much fucked.
He continued. I don’t want to talk much about it but this is all political. Nothing business related. Chinese communist party wanted to show who the real boss is and who will be taking over the world economy.
If the communist party wanted to, they can bail them out as 400B is nothing for them. But why bail them out when they are the ones who got them to this point? We (Chinese) will be fine because this has been prepared and controlled in the backend for the past 1 year.
He ended – If you are invested somewhere, pull them out as it will be a shit show.
I replied – Fair enough but I’m hedged against the econmony, more like an idiosyncratic risk.
That’s it.
TL;DR – It seems like the Evergrande and and fall of Chinese real estate Sector has been planned by the communist party for over a year to fuck over the world and American economy.