Mass Arrests Made at China’s Teetering Evergrande Property Giant | Chinese police descended upon the financial services arm of doomed property giant Evergrande on Saturday night, arresting numerous employees at the company’s Shenzhen offices, possibly including General Manager Du Liang.
... The Evergrande Group said that Du and a half-dozen other managers were “reprimanded” for cashing out their own investments and were ordered to return the money. ... Shares in the China Evergrande Group plunged by up to 25 percent in trading on Monday after the Shenzhen arrests were announced.
The CCP controls the economy, and the economy is tanking, things do not look good for Xi, and he will try to hold onto power somehow.
Things are about to get bumpy.
If I was Taiwan, I'd be watching this very closely.
It was never real. They built (or partially built) enormous residential complexes in the middle of nowhere and promoted them like timeshares with political implications. Nobody lives in them. Nobody ever will. If your uncle is a “party boss” and suggests you invest, well let’s just say you have an offer you can’t refuse. It’s all coming apart there. The whole economy is a sham. Ordinary people have lost confidence in it.
And Xi has purged any potential rivals over several years. There’s no backup plan. Demographically they don’t look viable, even short term. The “Forbidden City” flooded waist deep this year. Not a good omen.