China Credit Cracks Property, Li Ka Shing gets out of dodge, gets into Dogecoin?
It has been out for a while that Li Ka Shing had been dumping his property holdings in Hong Kong and Singapore, divesting them to then transfer proceeds into buying Taiwan and Japan. Now, Beijing, and the whole china, appears to his next step in getting out of dodge in China’s Massive Shadow Banking, Credit and Property bubble.
(Much of Li Ka Shing’s fortune was amassed through property plays)
Now, you’d think that a major credit crunch with far-reaching consequences in the world’s second largest economy, its largest manufacturer, and its largest holder of US dollar reserves, would be constant front-page news.
But it’s not. (emph added)
Here’s a guy you want to bet on– Li Ka-Shing.
Li is reportedly the richest person in Asia with a net worth well in excess of $30 billion, much of which he made being a shrewd property investor.
Li Ka-Shing was investing in mainland China back in the early 90s, way back before it became the trendy thing to do. Now, Li wants out of China. All of it.
Since August of last year, he’s dumped billions of dollars worth of his Chinese holdings. The latest is the $928 million sale of the Pacific Place shopping center in Beijing– this deal was inked just days ago.
Once the deal concludes, Li will no longer have any major property investments in mainland China.
This isn’t a person who became wealthy by being flippant and scared. So what does he see that nobody else seems to be paying much attention to?
Simple. China’s credit crunch.
Malaysia’s The Star reports: Li Ka Shing’s family sells almost $1billion USD of Beijing Property
Chinese investors face off with Special Forces
“We have been cheated by CCB,” exclaimed one Chinese investor who invested 1 million yuan ($160k) in China Construction Bank’s Songhuajing River No.77 Trust (which offered returns of 9.8 to 12% per annum). It appears that a 12% yielding financial instrument was not hint enough of the risk to the dozens of investors who confronted police in troubled Sanhxi province yesterday demanding their money back from the trust which has missed 6 monthly payments in a row. People wearing white masks with the words “despicable bank” and “pay back our money” were among at least 30 investors facing special-forces officers in dark uniforms and the group dispersed soon after the bank had asked for more time, adding “the bank said they wouldn’t risk their reputation.”
Some may be waiting for China property controls to ease for a softer landing to what looks to be a colossal impending crash:
unsold completed properties jumped 23 percent from a year earlier
So after getting out of dodge in China, where is Li Ka Shing going?
Well, he already has Bitpay, so if Bitpay takes Dogecoin, he could well be indirectly getting into Doge…
The rumor of a face to face offhand remark:
Without confirmation, one would be prudent to add a pinch of salt.
Bitpay has investments from Horizon Ventures which itself has investments from Li Ka Shing. Its previous hits involves pretty much the who’s who of the tech world.
submitted ago by jimmy0x52MYDOGE developer shibe