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Shoddy governance, real-estate scams and surging land prices sow the seeds of trouble.
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Shuli Ren
One may earn a high salary, but only real estate can build up wealth — for decades, that’s been the Chinese mentality. Real estate accounts for roughly 70% of China’s household wealth, and as much as 30% of its economy. But China Evergrande Group’s debt blowup, with the tumbling home prices and mortgage boycotts that followed, have sent the economy into its deepest spin since the Cultural Revolution. The Chinese are having second thoughts.
Evergrande’s spectacular fall should also serve as a warning to Vietnam. From the love of real estate, to the practice of pre-sales, to developers’ corporate governance, Vietnam shares too many similarities with China for comfort.
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