It only took 45 seconds to wipe out seven years of construction labor.
Apparently, the developer of Sunshine City II (Liyang Star City) ran out of money. The empty buildings stood unfinished for years. There are over 92 unfinished property projects in Kunming similar to this one.
The more reasonable course of action, imho, is for other land developers to negotiate a take-over of capital depleted residential complexes. The demolition of Liyang Star City phase II is resource wasteful, to say the least.
Unfinished constructions seem to be a reoccurring theme among debt-ridden developers as world investors await the unfolding of Evergrande's fallout.
Not long ago, President Xi stated that houses are intended for living, not speculation. This mantra aligns with Beijing's effort to distribute the wealth, and to lessen financial burdens for young families vying to start a family. Meanwhile, debt-fueled property development lendings have been reigned in.
In light of regulatory clampdown on bad debt and risky lending, colliding with pandemic uncertainties, property prices in Kunming and Yunnan as a whole have taken a considerable hit.
The silver lining is dip buying opportunities for those who are looking to own a home.
Just seven reported today. A total of 38. Plus 21 asymptomatic cases reported separately (despite endowing qualities of transmissibility and could turn symptomatic at any given moment... accounts evident from global learning curve data acquired for a year and a half)
Illegal border crossings have always been a longstanding problem near Ruili. Border wired fences were set up late last year to safeguard illegal passages outside the official checkpoints. However, covering all the weak links would present a challenge given the Ruili-Myanmar border stretching 170 km.
With an estimated 210K permanent residents, according to an article published by Global Times, "Ruili is the China-Myanmar port with the largest flow of people, vehicles and goods. In 2019, Ruili's checkpoints cleared a total of 20.63 million passenger trips, accounting for almost half of the inbound and outbound traffic in Yunnan Province."
That is consistent with the census data showing Yunnan as the province harboring second most foreigners after Guangzhou.
One would assume the illegal influx in 2020, extending into this year, would rise due to the ongoing political unrest on the other side. Explains the spike there, as well as the necessity to rollout inoculation for foreigners in Yunnan. To be officially commenced in four days.
AlPage, a bit of good news for us expats living in China. Reports coming from the horse's mouth of German pharmaceutical BioNTech SE. Pending approval from local regulators, their shipment of 100 million doses to mainland China may be nigh. Initial reports of their rollout to the Chinese market was last December by Chinese drug supplier Shanghai Fosun. Red tape still needs to be ironed out. So keep an eye out for the possible entry of BioNTech while conducting your due diligence.
As you may know, BioNTech partners with Pfizer Inc. in the development of their more advanced mRNA vaccines. Based on aggregate data, over 90% efficacy (after two doses).
Presumably higher efficacy and safety based on data with more elders given the jab compared to the age restricted, incomplete/inconsistent data of Chinese vaccine counterparts.
Link to recent CaixinGlobal interview with Ugur Sahin, CEO and co-founder of BioNTech SE: