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Online Casinos vs Live Casinos: The Pros and Cons – Easy

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On the internet online casinos, additionally recognized as digital online casinos or Web casino sites, are online versions of typical (“physical”) casinos. On the internet gambling enterprises make it possible for gamblers to play and also bet on online casino games with the Net. It is a respected form of online gaming. Online casino sites usually offer odds and payback percents that are a little bit greater than land-based gambling enterprises. [] Some on-line gambling enterprises claim greater payback percentages for fruit machine video games, and also some publish payment portion audits on their web sites.

The payout portion for these games are developed by the rules of the video game. Numerous online casinos rent out or purchase their software program from firms like Crypto, Reasoning Inc (now Amaya), International Video Game Technology, Microgaming, Playtech, as well as Realtime Pc gaming. Kind Online casinos are generally split into 2 classifications based upon the software they make use of: web-based and also download-only gambling enterprises.

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With innovative technical adjustments, an on the internet gambling enterprise can now suit both. Online Web-based online gambling establishments (likewise referred to as flash or no-download casinos) are websites where individuals might play casino video games without downloading software program to their regional computer. Games are generally represented in the internet browser plugins Macromedia Flash, Macromedia Shockwave, or Java and also need browser assistance for these plugins.

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Some on the internet casinos likewise permit gameplay with a HTML user interface. Apple gadgets such as i, Hull, i, Pad, as well as i, Phone can not play Flash games as the innovation is not supported. To access the no download gambling enterprises utilizing the i, OS platform, you’ll need to download internet browsers such as Google Chrome, Firefox, themothersmagi.com or Opera Mini.

The on-line gambling enterprise software application attaches to the gambling establishment solution carrier and also manages contact without internet browser assistance. Download-based on-line gambling enterprises usually run much faster than web-based online casino sites because the graphics as well as sound programs are cached by the software client, instead than needing to be loaded from the Internet. On the other hand, the initial download and also installment of the online casino’s software program take some time.

Gamings Virtual Also well-known as software-based online gambling establishment games, the result of these games is identified making use of a pseudorandom number generator (PRNG) software program. This software program makes certain that every deal of the card, the result of a dice toss, or the outcomes generated by the spinning of a port equipment or roulette wheel is completely arbitrary and also uncertain.

Virtual Reality Casino – How Does it Work and What to Expect?

While this is not the like true random number generation (computer systems are unable of this without an exterior input resource), it supplies outcomes that satisfy all but one of the most stringent demands for real randomness. When executed correctly, a PRNG algorithm such as the Mersenne Tornado will make certain that the games are both fair and also unforeseeable.

Properly managed on the internet casino sites are examined externally by independent regulatory authorities to make sure that their win portions remain in line with the specified odds, and this can give a level of assurance to the gamer that the games are fair, presuming the gamer trusts the regulatory authority. Real-time dealer Live supplier casino site video games are the total reverse of software-based video games.

This is possible as the video games are streamed in real-time from a land-based casino or a workshop recreated to imitate a land-based online casino. To guarantee that players have an easy time playing these games and also that the land-based environment is fully recreated, software program designers include cutting-edge features such as the conversation feature.

A Guide to Gambling in Virtual Reality

The real-time chat attribute can likewise be made use of to communicate with various other players seated at the table following a set of guidelines laid down by the gambling enterprise. The outcomes of the physical purchases by the dealer, such as the end result of the live roulette wheel spin or the handling of cards, are equated into data that can be made use of by the software by methods of optical personality recognition (OCR) modern technology.

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These games are a great deal much more expensive for web sites to host than digital video games, as they entail a much heavier financial investment in technology and staffing. A real-time online casino studio typically employs one or more cameramen, a number of croupiers running the different video games, an infotech manager to make sure that any technical hitches are managed quickly, and a pit manager that works as an arbitrator in instance of disputes in between gamers and croupiers.

The arrangement of these areas differs from casino to gambling enterprise, with some having numerous video gaming tables in one area, and also some having a single table in each room. The high running costs involved with running real-time dealership games is the reason on the internet casino sites only often tend to use a handful of one of the most popular games in this layout, such as roulette, blackjack, sic bo, and baccarat.

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On the internet gambling establishments differ in their approach to the organizing of real-time games, with some giving live games via their own television channel, as well as others using the video games specifically via their internet site. When it comes to telecasted games, gamers can commonly utilize their mobile phone or television push-button controls to put wagers rather than doing so using a computer attached to the internet.

Examples A regular choice of betting video games used at an on the internet gambling enterprise may consist of: Bonus offers Several online gambling establishments provide sign-up perks to brand-new players making their very first deposit, and often on succeeding play too. These rewards are a form of marketing that might incur a cost (potentially reasonable in order to bring in a new player who may return and also transfer much more times), given that the gambling enterprise is basically distributing cash in return for a commitment from the player to bet a particular minimum quantity before they are permitted to withdraw.

These wagering needs are commonly established to be adequately high that the gamer has an adverse expectation, precisely as if they had deposited and https://www.iniforex.com/forum/profile/jamison61e2611/ not declared a bonus offer. Casinos might choose to restrict specific games from meeting the betting needs, either to limit gamers from playing low-edge video games or to restrict ‘safe’ play (wagering for example both red and also black on live roulette), thus completing the wagering demand with a guaranteed earnings after the bonus is considered.

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Nikon D3500 vs Canon EOS 4000d: Which is better?

Canon EOS 4000D

The DXOMARK Sensor Overall Score indicates the overall quality of a camera’s sensor in terms of noise, the capacity to produce high contrast, the development of colored noise, and the ability to shoot in low light conditions. The magnifications of the viewfinders of both cameras are shown in this infographic. Compared to normal size, the black area indicates a magnification of 1x; the red region represents a magnification of 0.85x, which is the greatest value available in any camera on the market at the time of writing.

Nikon D3500 vs Canon EOS 4000D

The Canon Eos 4000d and the Nikon D3500 are compared to their respective competitors.

Before we get into our more in-depth comparison of the Nikon D3500 vs Canon 4000D, let’s take a quick glance at the primary characteristics of each camera. The Canon EOS 250D is the most recent of the entry-level versions, however the Canon EOS 200D, which is a few years older, is still available at select retailers. If a sensor is shown in diagonal mode, the real size of the sensor will not be accurately displayed.

In terms of date of release, both the 4000D and the D3500 are recent models that are currently available in the company’s product lineup. Unlike the Nikon D3500, which superseded the Nikon D3400, the Canon EOS 4000D does not have a direct predecessor. The official Canon and Nikon websites include further information about the two cameras (e.g., user guides and manuals), as well as information on associated accessories. It’s worth noting that the 4000D has WiFi support, whilst the D3500 does not have this feature. When it comes to transferring picture data to a place other than the camera, WiFi might be a very useful option.

Sensor Contrasts Canon EOS 4000D vs Nikon D3500 and Contradictions

In terms of magnification, the viewfinder has a magnification of 0.53x and covers 95 percent of the field of vision. As an aggregate measure of the size of the cameras, the Nikon D3500 is much smaller than the Canon 4000D when the front view area of the cameras is taken into consideration. Furthermore, the D3500 weighs much less than the 4000D. It is important to note that neither the 4000D nor the D3500 are weatherproofed in this scenario. Before we get into the specifics of the comparison, let us give you a quick rundown of how the 4000D compares to the D3500 in terms of mobility, imaging, features, and overall score. There isn’t a significant difference between the two manufacturers when it comes to the lowest end of the market, in general. Having said that, Canon has introduced new beginner-level models in recent years, so you’ll be getting current technology if you choose one of them.

D3500 Sensor Coverage Area

Nikon D3500

The physical sensor features and sensor quality results are summarized in the table below, and they are compared across a group of cameras that are comparable in design. Aside from the body and the sensor, cameras may and do vary in a variety of other ways as well. When it comes to optical viewfinders, the 4000D and the D3500 are quite similar in that they both feature them. Using the latter method, you may capture a sharp picture for framing even in brilliantly illuminated surroundings. The following table covers some of the other important characteristics of the Canon 4000D and Nikon D3500, as well as related information for a number of other comparable cameras.

Nikon D3500

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Detailed comparison of the Sony A7r IV and Sony A7s III cameras.

Except for the Alpha 1, which was announced this week and is said to be capable of delivering everything that all of Sony’s previous A7/A9 series cameras are capable of delivering till now. As a result, we have the A7R series for landscape photographers, the A7S series for videographers, and the A9 series for sports photographers, with the A7 series serving as an inexpensive all-arounder and the newly announced A7C serving as a tiny travel model. Which of the two cameras – the Sony A7R IV or the Sony A7S III – has the edge in terms of image quality? Listed below is a breakdown of the relative strengths and weaknesses of each of the two contenders.

Sony Alpha A7S III vs Sony Alpha A7R IV

The Sony A7R IV, on the other hand, has a 61.0MP Full frame (35.8 x 23.8 mm) BSI-CMOS sensor and is equipped with a Bionz X image processing engine. Before we get into our more in-depth comparison of the Sony A7S III and Sony A7R IV, let’s take a quick glance at the primary characteristics of each camera. With the A7 IV, Sony has launched a new selection of Creative Looks that are exclusive to the device. These seem to be more beneficial for filmmakers than for still shooters, at least at first glance. Both provide an accurate representation of the final picture, exhibiting the color and exposure in their own ways.

Sony Alpha A7R IV Sony Alpha A7S III

Viewfinder

Sony Alpha A7S III

Using this multi-shot, pixel-shift mode, you may capture the most detailed images of stationary objects. A7R IV has a greater resolution than the A7S III (60.2MP), although the individual pixels on the A7R IV are smaller (pixel pitch of 3.76m against 8.40m on the A7S III) than the A7S III. Furthermore, the A7S III is a little more current model than the A7R IV, and its sensor may have benefited from technical advancements that have occurred during this period that have increased the light collecting capacity of its pixels even further. Returning to the subject of sensor resolution, it should be noted that the A7R IV does not have an anti-alias filter fitted, allowing it to record all of the information that the sensor is capable of capturing. The manufacturer’s recommended retail prices provide an indication of the camera’s position within the manufacturer’s portfolio as well as the larger market. The two cameras under consideration were both introduced at the same time and are both positioned in the same market niche.

Physical Comparison of the Sony A7r IV and Sony A7s III

Sony Alpha A7S III vs Sony Alpha A7R IV

The A9 II does, however, feature a much larger buffer, which can hold 239 compressed RAW photographs or 165 JPEGs compared to 155 compressed RAW images or 165 JPEGs on the higher-resolution Alpha 1. When filming in 8K/30p and 4K/60p, the Sony A1 has a 30-minute advisory time restriction, however it is reportedly capable of continuing to record for an even longer period of time than 30 minutes. The rapid readout speed of the new sensor allows you to utilize flash throughout this process, which is incredible considering how long it takes to complete. It is the same for both cameras, with a base sensitivity range of ISO,000, which may be increased to ISO,400 with an optional extension.

For now, let’s focus on video since the A7S model is designed to appeal to videographers, who may also be interested in seeing whether the A7 IV can serve as a nice companion camera to the A7S model. It has several fascinating traits in common with the A7S III, as well as with other cameras, like as the A1 flagship. Because it is also less costly, I anticipate that some of you may ask whether it can serve as a good second camera to utilize alongside the S model in various situations. However, we have comprehensive sample images as well as a hands-on report on the Sony A7S III, which we will conclude after we have finished our evaluation. Expenses are high; there is no 4Kp60; buffer cleaning should be quicker; and so on. Menus are still a source Sony Alpha A7R IV and Sony Alpha A7S III of frustration. Inadequate use of the touch screen There is no built-in flash.

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Time is actually Money

I remember a comic by Gary Larson in the Far Side with a mustached man in a lab coat in front of a board full of what looks like partial differential equations concluding with “= $” and the line “Einstein discovers that time is actually money.” OMG!! Too funny!

I had a recent experience that sheds multiple lights on the saying time is money. In real estate, Real Estate Guru, Ron LeGrand was fond of saying many things including “You can’t steal something slowly.” Which correlates well with my first example below.

Serious People Move Fast

I had this property under contract that was in foreclosure. It was for a condo that was worth around $85K. The condo didn’t need much except for paint and carpet. It was probably 800 ft^2 in total. Two bedrooms and a bath.

I shopped it around to a few investors. One guy was interested, but his father had to approve the deal. Apparently, they were partners. The guy, we’ll call him Dan, said he was really interested. Dan said, “just give me a day or two.” Two days turned into a week. I finally cornered Dan, “What’s it going to be?” I asked. Finally, Dan said his Dad wasn’t too sure about the project.

I euphemistically hung up the phone and immediately called another investor. Within two hours he said, “I’ll take it.” He got the deal. Simple.

But you have to think like this. If someone is interested they’ll move; if not, they’ll delay and drag their feet. It’s like they don’t want to say no to you. Watch for this. If someone is dragging their feet; drop them and move on. Most times they weren’t really interested anyway.

To Maximize your profit, Use a realtor

To make the most profit when you’re selling a house, use a realtor. Sounds pretty simple, but in the long run, use a realtor. Yes, it takes longer, but that’s the point. These people will market your property to the broadest audience giving you a chance to make the most money. The cost is worth it.

The Yin and Yang of Time and Money

When selling or negotiating for a property there are two variables that are intimately connected: time and money. Sometimes they are inversely proportional; sometimes directly proportional. For example, the longer your property sits on the market, the lower its value becomes and the less Money you usually get. There are a plethora of reasons why a property sits on the market but it usually boils down to price, i.e., money. You’re asking too much.

On the other hand, if you’re in a hurry to sell, you must discount the price for a quick sale. The shorter the timeframe, the bigger the discount and the less money you get. By discount, I mean, take less than the property is worth (in your eyes.)

In these examples, time and money act differently for each situation. But the real difference is your perspective value of time and money. Which is more valuable at this moment? This is a reasonable question because their values are constantly changing. Usually, everyone wants to minimize time and maximize money, but not always. Sometimes as an investor time is more critical than money. When someone wants a quick sale because they’re being transferred tomorrow, then time trumps money. If you can let the property sit for a while, then money trumps time.

Exchanging Time for Money

Everything is negotiable. You can exchange money and time. In most people’s jobs, they exchange money for time. In the examples above you can see how people trade money for less time but in the opposite sense of working for money. You as the investor can do the opposite, trade money for more time. In Figure 1, you see a buyer and a seller. Above them are two pie charts representing their respective value (or abundance of either time or money.) Both parties value what they have the least amount of.

Figure 1 – Example of two people’s value for Money and Time. You as the investor have more time and less money. A motivated seller has more money, i.e., equity, but little time.

If someone is willing to wait for a little (or a lot) longer time for their money, then I can give them more money because they are giving me more time. For example, in a lease/purchase situation, I may give the seller their asking price.

When I meet someone who needs to get out of their property fast, I mean like yesterday. I know that time and not money is the real issue. So that’s what I try to address. Remember when you’re talking to a seller, try to figure out what is more important to them: time or money. Then structure your negotiations with that in mind.

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What to look for when inspecting a potential property to buy

If you go to inspect a property, what are you looking for?  Below is a checklist of a few items to consider when looking at a possible investment property:

  1. Area
    • What’s your impression of the surrounding properties?
    • What’s the status of the adjoining properties?
    • How do you like the overall area?
  2. Property
    • How many bedrooms/baths/parking spots?
    • What’s the square footage?
    • When was the property built?
    • When was the roof replaced?
    • When were the furnace and air conditioning last serviced?
    • What do the downspouts look like?
    • What type of windows?  Are they double or single-paned?
    • What’s the condition of the stove?
    • What’s the flooring look like? 
    • Do the bathrooms look OK?
    • Is there a sprinkler system?
    • What does the yard look like?
  3. Current rents
    • What are the current rents?
    • Will the area support highter rents?
  4. Structure
    • Are there any obvious structural problems, cracks inside outside the property?
    • Are there any cracks in the foundation?
    • Is there any visible water damage?

These are just a few things to check.  Depending on what you’re looking for some or all of these won’t matter.  Until you get some experience have the property inspected by a professional. It will save you from making a terrible mistake in the end.

I know some investors, e.g., Ron LeGrand, that go into a house and want to smell cat urine.  Why?  Because they know that most people won’t touch a property like that making it much easier to get a great deal.  Again, this is great if you want to do a fix and flip.

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Buying a real estate course – Is it worth it?

You’ve seen the informercials. 

You’ve been bombarded at real estate seminars. 

You say to yourself, “this sounds great, but can I do it?”  With slick presentations that often leave out, or gloss over, the really hard parts, you’re lulled into spending your hard-earned money on hope.  A hope that you can do it. 

“Is it right for me?” you ask yourself or your spouse.  These are the same questions I asked myself as I saw the $5000 price tag in the Fall of 1999 during the beginning of my post-doctoral position.  We were down to the last $5,000 we’d saved for graduate school.  I got a Ph.D., not to make money, but because I love the field.  But money is what you have to make to raise a family.  So, in the way that I quit my full-time job at Texas Instruments to go to graduate school, I did the same thing.  I put up the money and headed to Phoenix, AZ for a 3-day course in buying real estate.  When I got back, I pursued what I’d been taught with vigor.  Within a few months, I’d made back the $5,000.  Within a year, I’d bought a house which I sold for double that amount a few years later.  I promptly re-invested that money in two more properties.   

But….the larger question is: will it work for me? I would answer the following questions first.

  • Are you self-driven?
  • Are you goal oriented?
  • Are you disciplined?
  • Are you able to stick with tasks?

The answers to these questions will dictate how successful you will be buying a course and your long-term success.  In the end, these are the characteristics of successful people.

So, it’s not really a matter of what course you buy. It’s what kind of person you are. The course is being sold because someone was successful at a particular technique. BTW, don’t worry, most of my successful friends in real estate don’t have a Ph.D., either.

Is it worth it? Well, when you buy a real estate course, you’re basically buying experience. Yes, you could do it all yourself and learn the hard way. This can be very helpful, but it can be very expensive.

I took a very expensive course in partnering when I had to let a lease option expire worthless in a property I’d invested $40K into. I could have saved myself that money if I’d partnered up with someone who had the money to refinance that I needed. Is a real estate course worth it?

What I’m really trying to say is that it’s not really a matter of what course you buy. It’s what kind of person you are. The course is being sold because someone was successful in a particular technique.

I got a very expensive course in partnering when I let a lease option expire worthless for a property I’d invested $40K into. I could have saved myself that money if I’d partnered up with someone who had the money to refinance. Is a real estate course worth it?

Is a real estate course worth it? A lot depends on you and your temperament.  When you buy a real estate course, you’re basically buying experience. Yes. You could do it all by yourself and learn the hard way which can be very expensive.   What you’re trying to do is optimize your expenses by reducing the learning curve. 

Will it cost more to try to do something without the course?  Is the course so prohibitively expensive that you’ll never make up the money?  An example of the latter case is billionaire Dan Pena, AKA, the $50B man, who charges $25,000 to attend a one-week event.  Pena doesn’t guarantee you anything.  Is this a scam?  Some people say yes, some people say no.  But, if you spent $100,000 getting an undergraduate degree in English Literature.  Education is usually worth the money, just be cautious.

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Evergrande is being Nationalized by the CCP!! Bondholders left out of the picture.

The Risk Management Committee (RMC) appointed by the Chinese Communist Party (CCP) is now in charge of Evergrande. The RMC consists of nine members, six appointed by the CCP, one from one of the state-run businesses, and the remaining members from Evergrande.

Last year, China announced the “Common Prosperity for All” program aimed at improving the standard of living for all the Chinese people while limiting the wealth of the upper class. To do this, the CCP changed all the rules for the property developers like Evergrande. The CCP set up a triple-test, called the 3 Red Lines, to make sure that property developers weren’t over-leveraged to add credibility to the thirty-some property builders in China. Unfortunately, all of the larger property developers, including Evergrande, failed the 3 Red Lines test! Remember, these companies are worth/in debt to the tune of $2 Trillion!! And, they are all failing. One of the outcomes of failing the 3 Red Lines test was the restriction of debt, i.e., cash, to the failing companies. This caused a tremendous slow-down in the Chinese real estate market.

As I said in my previous blog on Evergrande, the CCP has only allowed its people to invest in real estate. And, boy did they invest. The market has been going up and up and up. Until this last problem. Evergrande is in debt to the tune of $300 billion.

Now, China has a massive oversupply of real estate. The opposite of what’s happening in the rest of the world.

The CCP’s Solution: State-Owned Enterprises

China has basically guaranteed the solvency of State-Owned Enterprises, i.e., commercial organizations that are dominantly owned by the state. State-owned Enterprises are not subject same rules as other property developers, i.e., State-Owned Enterprises are allowed to “purchase” properties from troubled property developers like Evergrande, without being subject to the 3 Red Lines tests. This represents a nationalization of the assets of failing property developers. Also, State-Owned Enterprises have not been floating bonds to the international market so few people are familiar with them. They have been borrowing money from internal Chinese lenders because the CCP essential tells the banks to lend money to the State-Owned Enterprises. This is the CCP’s solution to property developers like Evergrande, Sunac, Shimao, Agile, etc.

3 Red Lines Tests

What are the 3 Red Lines Tests? They are based on following debt to income ratios:

  1. Liability/asset ratio < 70%;
  2. Net Gearing ratio < 100%; and
  3. Cash to short term debt ratio > 1x

Every one of the property developers in China would fail these tests!!

Nationalization by a Different Name

Normally, one company buys the assets of another company that’s failing. But, when the company buying assets is a State-Owned Enterprise these purchases are a form of nationalization. The CCP changed the rules such that any debt taken on by a State-owned Enterprise is excluded from the 3 Red Lines Tests. Thus, the State-Owned Enterprises have been given carte-blanche to acquire as much of troubled companies assets as they want. Allowing them to take all of the best assets from these property developers without regard to incurring more debt.

Over the last week, we’ve seen almost six deals announced transferring assets from distressed property developers to State-Owned Enterprises totaling $4.7 billion. This is just the beginning of the transfers that will take place over the next several months.

Bondholders

Some bondholders outside of China are beginning to take legal action. It looks like China isn’t going to guarantee anything to businesses outside of Chine. The hope is that legal action will force companies like Evergrande into liquidation. The only announcement from Evergrande is a request for more time. In conference call on January 26th Evergrande was explained their plan of action to bondholders with $19billion invested. Basically, they asking for a six-month delay. With that said, they’ll delay more and come back to the table with all the best assets removed from Evergrande. Say goodbye to the $19billion.

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The Next Global Real Estate Collapse is Happening Now

“History doesn’t repeat itself, but it often rhymes” – Mark Twain

The 2008 subprime financial crisis was just a precursor to the greatest real estate collapse in history.

At the time of this writing, the Chinese real estate market is collapsing.  This market tops out at $6 trillion! This is bigger than all of the Western real estate markets combined.  The 2008 subprime disaster is insignificant in comparison.   

The focus of the collapse is a Chinese real estate company called Evergrande.  Evergrande is a real estate development company.  Currently, Evergrand has assets in excess of $300 billion dollars.  Evergrande has been doing a Ponsi scheme.  They sold properties to Chinese citizens, collected the cash.  And, instead of building the units they sold, they used the money to start other projects. 

Factors contributing to the Evergrande collapse:

  • Chinese Communist Party’s restrictions on what and where the Chinese people can put their savings.  You can’t save money, but you can invest in real estate. So, no investment diversity.
  • China’s one-child policy (1980-2015) resulted in significantly more males and fewer females. The one-child policy was aimed at curbing overpopulation. But linear thinking in a non-linear world has repeatedly got the Chinese Communist Party into propblems. A characteristic of the Chinese culture is that all the Chinese people want a son.  So, they often aborted their female children.  Here’s the downside of that type of thinking. According to the website statista.com, China boasts the world’s most skewed sex ratio at birth at around 111 males born for every 100 females as of 2020.  In contrast, the United States has a male: female ratio of 97. (which begat the “me too” movement. You just can’t win, can you?)  Here’s where supply and demand come into play.  Because wives are in short supply, a potential suitor must show that he has adequate means to provide for his bride.  (This is the same thing male peacocks do.  The better the plumage, the better provider he will be.)   
  • To prove his higher status, a male suitor would own more real estate.   To help out, families would help purchase a property sight unseen from Evergrande. Just to say they own more real estate. These poor suckers, err…people would get a mortgage and start paying on a note for a property that wasn’t built yet.  Now, Evergrande promised to build them a unit.  But, Evergrande didn’t finish a bunch of these properties. When I say a bunch, there are literally 1.6 million unfinished condos in China that are being paid for by their future owners!  Some of these buildings don’t have any way to access the various floors, i.e., no stairs or elevators!!
  • In November, 2021, Chinese property giant Evergrande, the world’s most indebted company whose liabilities exceed $300bn, missed a $200 million bond payment, one in December for $285M, and another one for $85M.  The company is bankrupt!
  • Recently (Jan. 2022) Evergrande’s crowning achievement was to be Ocean Flower Island the largest land reclamation project in the world.  It’s bigger than the one in Dubai.  Recently, Evergrande got hit with demolition orders for 39 of its luxury apartment buildings reportedly because the building permits were illegally obtained.  Yikes!  How many other properties did Evergrande do this at?

In China, corruption at the mega-corporate level is looking pretty normal.  It may be because the CCP encourages corruption.  The same corruption emerged in the former Soviet Union after the Berlin Wall fell.  Two high-profile examples of corruption that involved heavy Wall Street Losses include:

  • Luckin Coffee.  Nearly $4B of investor’s cash was lost when Luckin Coffee filed for bankruptcy in February, 2021.  Luckin Coffee was the largest coffee shop in China.  Apparently they were cooking the books, i.e., fabricating figures.  Muddy Waters, a hedge fund, revealed massive fraud at Luckin. 
  • Ke Holdings, Inc., Chinese version of Zillow, 2020 largest IPO at $2.1B.  Ke Holdings developed a big online presence.  Muddy Waters, again, revealed that Ke Holdings is fabricating it figures. According to robbinsllp.com, KE Holdings, Inc. is accused of disseminating false and misleading information regarding rransaction volumes, store count and agent count, and transaction data 

Both of these companies are being investigated for various improprieties. These are just two massive examples of the business environment in China.  Both Luckin Coffee and Ke Holdings, Inc. were initially offered on American Stock Exchanges.  Luckin Coffee is bankrupt.  Ke Holdings and Evergrande are expected to follow suit.  Evergrande is now in the hands of a risk management committee consisting of a number of CCP members.  In addition, China’s $10B high-speed trains are also in trouble. 

If history is any indicator, none of this bodes well for the Chinese economy.  A similar event happened in Japan in the 1990s.  This is referred to as the Lost Decades.  The Lost Decades started with the real estate collapse in 1991.  The Nikkei index, i.e., the Japanese stock market, has yet to reach its peak from 1988-1989.  The same thing is possible for the Chinese coming Chinese real estate collapse. 

Figure 1 – Real Estate Collapse of Japan’s Nikkei (Encik Tekateki)
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