• Goku@lemmy.world
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    9 months ago

    So how does China hold this man accountable without also holding themselves accountable?

    Isn’t it Chinese Communist policy that all businesses, especially a large one like Evergrande, has government personnel on the board of directors or equivelant?

    Seems like if CCP had their hand in this cookie jar they should sanction themselves as well.

  • alcoholicorn@lemmy.ml
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    9 months ago

    Does China do death penalty in cases that didn’t directly cause death?

    I know they executed some executives after they poisoned like 8 babies.

    • RubberDuck@lemmy.world
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      9 months ago

      I can imagine that if suïcides are directly linked it is possible. I’m just more impressed that the government is actually going to hold a billionaire accountable. This was a massive ponzi scheme that the whole world already saw a decade ago… but it was so nice for the economic growth numbers.

      • ChicoSuave@lemmy.world
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        9 months ago

        Evergrande was a legit company that built things but used those buildings to raise loans AND presell, so they were double dipping and still behind on builds. Because of the way Chinese real estate is pre-sold before the build, it’s very hard to know who is a legit real estate developer and who is running a ponzi scheme.

        • Shyfer@ttrpg.network
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          9 months ago

          I don’t think that’s super unusual, at least not here in the states. My parents bought their house before it was built, for example.

    • CosmoNova@lemmy.world
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      9 months ago

      It doesn’t really matter, because if the party wants someone to vanish, they end up in a ditch in the middle of nowhere.

      • alcoholicorn@lemmy.ml
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        9 months ago

        I mean sure, that’s true of every state. But guys in custody rarely get suicided when a trial will have the desired outcome.

        Executing a guy who caused a property bubble that caused such a huge loss of wealth for so many people seems like a desirable outcome for China; other capitalists will take note and do less fraud, and the workers will feel the system works.

        What do you think would happen to the dem’s popularity if in 2008, Obama dragged the executives of Wells Fargo and Bank of America out and shot them infront of the millions whose homes they stole via predatory lending and outright mortgage fraud, instead of giving them a slap on the wrist and a shitton of money?

            • Deceptichum@sh.itjust.works
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              9 months ago

              First off Boeing isn’t a state.

              And that is purely a conspiracy that they killed him. It’s possible but there is zero evidence behind it.

  • bean@lemmy.world
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    9 months ago

    Mr Hui was also fined $6.5m, according to a filing by the company to the Shenzhen and Shanghai stock exchanges.

    Uhm. For “who was once China’s richest man” This is a small slap on the wrist considering the magnitude of fraud. It’s 0.008333% of the 78 Billion.

  • 00x0xx@lemmy.world
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    9 months ago

    Being accused isn’t the same as being found guilty. Especially in the case of real estate, there is always a possibility that what he did to skirt to law and obtain that wealth may not actually be illegal.

    That being said I don’t know enough on the laws or what he did, but it’s probably likely why China hasn’t killed him yet. They likely are doing a more drawn out investigation to find out if it’s their own poorly written policies that enable men like this to obtain that wealth and what to do to correct it in the eyes of common Chinese citizens.

    • Deceptichum@sh.itjust.works
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      9 months ago

      China doesn’t give a fuck about the citizens, they’re not doing anything to correct it in their eyes.

      • qaz@lemmy.world
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        9 months ago

        The CCP cares about their nation’s economy, they will care about what caused this mess.

    • CosmoNova@lemmy.world
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      9 months ago

      It popped a while ago, but it will take a long time for some people to finally accept that. The parallels to the crash of the japanese housing bubble over 30 years ago are well… staggering. Ironically enough.