Sanya - It was billed as China's Dubai: a cluster of sail-shaped skyscrapers on a man-made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.
But prices on Phoenix Island, off the palm tree-lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of China's growing but sometimes unbalanced economy.
A "seven star" hotel is under construction on the wave-lapped oval, which the provincial tourism authority proclaims as a "fierce competitor" for the title of "eighth wonder of the modern world".
But the island stands quiet aside from a few orange-jacketed cleaning staff, with undisturbed seaside swimming pools reflecting rows of pristine white towers, and a row of Porsches one of the few signs of habitation."
AND
"She has luxury bags and houses - The New Paper Mar 4 2013
But that all came to an end on Tuesday evening when Elba Esther Gordillo, 68, was whisked away by cops in Mexico City the moment she got off her private plane.
The plane was one of many amenities she enjoyed since becoming the National Education Workers Union leader - and one of Mexico's most powerful women - in 1989. The 1.5 million-member teachers' union is considered one of the most powerful unions in Latin America.
Gordillo allegedly embezzled about US$160 million (S$198 million) from the union's funds to fund a lavish lifestyle.
Critics have accused her of amassing more than a dozen properties worth millions of dollars.
The newspaper Reforma once reported her carrying a US$5,500 purse and wearing a US$1,200 pair of shoes.
She has acknowledged some of the wealth, saying part was inherited and part was earned through her job, which paid her about 80,000 pesos (S$7,750) a month, AP reported."
Gordillo allegedly embezzled about US$160 million (S$198 million) from the union's funds to fund a lavish lifestyle.
Critics have accused her of amassing more than a dozen properties worth millions of dollars.
The newspaper Reforma once reported her carrying a US$5,500 purse and wearing a US$1,200 pair of shoes.
She has acknowledged some of the wealth, saying part was inherited and part was earned through her job, which paid her about 80,000 pesos (S$7,750) a month, AP reported."
Property prices have been the ruin of many economies. Property as an Investment class seriously need to look at to prevent it ruining honest hardworking people's lives.
Lessons from these 2 HEADLINES are:
1. teacher or not. Mexican or white or African or Asian or whatever nationalities. Corruption is UNIQUE to human being. Human being who are NOT thinking and practising the behaviors of: my role on Earth is do create a bigger good for a larger number of people without violating other people's right. Especially when one is in a position of POWER and AUTHORITY!;
2. the capitalist's world needs to re-look at Property as an Investment class as it has triggered many financial disasters in the past decades whenever property prices detached from real affordability. This is often aided by self-serving 'financial bankers and advisors' who made BIG loans and bet that the property prices can only go up. The fact is EVERY CITIZEN in a reasonably governed nation should have their basic need of a roof over their heads to start a family satisfied with the national median income and probably affordable in multiple of 15-year annual household income.
Without sounding like a communist or socialist, every government should make PUBLIC housing affordable to its citizens as the 1st house. As for PRIVATE property, it can be left to the 'marekt forces' though it must be prepared that IF left unchecked, it can create LARGE swings in the economic activities and prices. Boom and bust happens. When it busts, normally 90% of the market participants will be left carrying the cans!
3. Can a small nation like Singapore to have something like China's 'Dubai' Sanya's situation? I doubt so. Can China REALLY afford this 'Ghost Dubai'? I doubt so too. Just that a lot of things are masking the seriously implication. Yet, we know. They know. That one day the house of cards will crumpled. Just a matter of when! Even with so-called 'massive urbanization of China' happening over the next 20 years. My question is: if China is NOT careful, Mother Earth's limited resources may not be able to help build the dwellings required.
No comments:
Post a Comment