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Saving For a Space Ship

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Posts posted by Saving For a Space Ship

  1. China’s Model of Dictated Economic Growth Blew Up by Wolf Richter • Oct 17, 2021 

     What’s left of the debt-fueled property speculation that drove growth is a huge explosive mess and an enormous amount of debt.

    (an estimated) '108 million flats under construction' ....property developers now selling some for under half price

    https://wolfstreet.com/2021/10/17/the-wolf-street-report-chinas-model-of-dictated-economic-growth-blew-up/

    Praxis Explosion Opening Scene

    evergrande effect on london property ...2.15m  in 

    Could Evergrande Impact Global Property Prices?

    https://www.youtube.com/watch?v=LHJM3qrJKO8

     

    Evergrande Got a Clean Bill of Health From PWC Months Before Collapse

    https://youtu.be/gHnTvH_ynR0

  2. Just posted this article on the HPC Construction Materials & Lorry Driver Shortage Set to Continue thread but thought it deserved its own thread as the shortage / inflation was now affecting the offers made on buying houses, in this case by 10-15%

    ‘Utter catastrophe’: Builders quitting, no materials and soaring costs ruin renovation dreams As the construction supply chain is crippled, homeowners' plans are falling by the wayside

    https://www.telegraph.co.uk/property/uk/supply-chain-crisis-destroying-britains-home-renovation-boom/

    Quote

    In June, wait times for supplies hit a record that exceeded even the depths of the 2020 lockdown.

    Andrew Wishart, of Capital Economics consultants, said: “The figures suggest that a shortage of workers and materials is now holding back work.” Mr Wishart added: “Difficult sourcing materials and labour is likely to mean that the cost of construction will continue to rise until the high cost makes enough homeowners and developers reconsider their plans, thereby cooling demand.” These issues are already filtering into the housing market.

    Will Watson, of The Buying Solution, a buying agent, noted a client who has just pulled out of a purchase worth around £10m in Chelsea because of the materials shortages.

    They were looking for a project and understood that their plans to renovate the property would take around 18 months. “But the rising costs of materials, and the issues with accessing timber and marble meant their building team then said it would take up to three years, and even then they couldn’t guarantee it,” said Mr Watson.

    Wait times for materials in August were worse than in the spring 2020 lockdown. Wait times for materials in August were worse than in the spring 2020..

    .....Jemma Scott, also of The Buying Solution but based in the Home Counties, said: “A client of mine was looking to re-fence all of their pony paddocks with post and rails in the summer.

    The cost of the materials alone was equivalent to the quote for the whole job including labour last year.” “Another client was doing up a small ante room and the timber costs alone were extortionate – what should have cost £2,000 was closer to £10,000,” said Ms Scott.

    The causes of the supply chain crunch are multi-faceted. On a global level, freight costs have increased seven-fold over the course of the pandemic. Noble Francis, of the Construction Products Association, a trade body, said Covid outbreaks in Chinese ports have further delayed shipping, raising costs further.

    “The UK imports more construction products from China than any other individual country,” Mr Francis added. Rocketing energy costs have caused further problems for imports, which in turn have pushed up the manufacturing costs of aluminium and steel in particular, said Mr Francis.

    ......A buyer purchasing another doer-upper London flat is now trying to negotiate 10pc to 15pc off the asking price because of rising renovation costs

    Who hoarded / wasted many of the building materials on poorly built and maintained ghost cities, then left them to rot ? 

    China's Biggest Ghost City - The Military Chased us Out!

    https://www.youtube.com/watch?v=UPwtUTrwKRI


     

  3. ‘Utter catastrophe’: Builders quitting, no materials and soaring costs ruin renovation dreams

    As the construction supply chain is crippled, homeowners' plans are falling by the wayside  

    https://www.telegraph.co.uk/property/uk/supply-chain-crisis-destroying-britains-home-renovation-boom/

    Quote

    Official data shows that construction wage inflation in the three months to July was 11pc.

    For building materials, the jump was 15pc. Homeowners hoping to renovate have become hamstrung. Paula Stewart, 40, started renovating her semi-detached house in Liverpool at the start of July.

    “It has just been an utter catastrophe. Supplies have been delayed so many times that my tradesman have walked off site. I have had to spend an extra £3,000 to £5,000 on labour costs,” she said.

    The delivery time for Ms Stewart’s kitchen window glass ballooned from three weeks to 11. With no materials to work with, the builders left and never came back.

    Ms Stewart had no kitchen windows for two months. Across that time, the cost of her bathroom tiles has nearly doubled...

    .....“Strong demand combined with the disruptions to logistics have caused a planning nightmare for contractors,” said Mr Wilen. Price increases have been extreme.

    Government data showed that in the 12 months to July 2021 the wholesale price of imported plywood jumped by 82pc. For essential items such as steel concrete reinforcing bars, imported sawn or planed wood, and fabricated structural steel, the respective rises were 59pc, 64pc and 65pc......

    ..........A buyer purchasing another doer-upper London flat is now trying to negotiate 10pc to 15pc off the asking price because of rising renovation costs, Mr Watson added....

     

     

  4. 14 hours ago, scottbeard said:

    Your point being what…?

    Perhaps I was thinking it was very insensitive and politically incompetent of whoever in the Gov make the decison to have that date that Furlough ends the same as the day in which homelessness would be all over news & the web on homelessness day.

    Could they not have had google / looked at a calendar in advance ?

    its enough of a worry to think you may lose your job at the end of furlough, than be reminded that it may lead to homelessness.   

     

    Rather like this really...

    Tory minister filmed singing 'Time of My Life' hours before cutting benefits for millions of Brits  

    https://www.walesonline.co.uk/news/uk-news/tory-minister-filmed-singing-time-21777064

  5. Chinese property firms slump as Evergrande angst spreads

    https://www.reuters.com/world/china/chinese-markets-return-break-more-evergrande-angst-2021-10-07/

    Quote

    SHANGHAI, Oct 8 (Reuters) - Bonds and shares issued by Chinese property firms slumped on Friday as onshore markets returned from a week-long holiday with few clues as to how regulators propose to contain the contagion from cash-strapped China Evergrande Group's debt problems.....

     

    In a statement on Thursday evening, Fantasia Group said its operations were normal and it was maintaining close contact with investors. It also said it was "actively promoting debt service protection measures."

    Onshore bonds of Xiamen Yuzhou Grand Future Real Estate Development, China Aoyuan Group (3883.HK), Yango Group (000671.SZ) and Guangzhou R&F Properties (2777.HK) also slumped on Friday.

    Worries around Evergrande contagion also hit mainland share prices, pulling an index tracking the property sector (.CSI000952) down 1.5% by midday, against a rise of more than 1% for blue-chip shares (.CSI300)

     

    In Hong Kong, the Hang Seng Property and Construction index (.HSCIPC) fell 0.59%, more than a 0.21% drop for the broader Hang Seng index (.HSI).

    Bloomberg reported on Thursday that some dollar bondholders were invited by advisers to a call on Friday 0630 EST (1030 GMT) to discuss strategy and how to broaden the group........

    Chinese regulators have not made any comments specifically on Evergrande during the week-long holiday from Oct. 1, although the central bank last Wednesday urged financial institutions to co-operate with relevant departments and local governments to maintain the "stable and healthy" development of the property market and safeguard housing consumers' interests.

     

    In a commentary late on Thursday, the state-backed Global Times said that authorities' adherence to debt caps known as the "three red lines" indicated that "China has its own set of priorities and maintains the focus on deflating the real estate bubble and reducing risks.".......

     

  6. on a related note, I just posted this on the Skint Evergrande Chinese property developer hpc thread....

     Just noticed this ban of MGO fire board from the regulators in the uk from over a yr ago. As the stuff is made in China & I assume widely used, I wonder if this is another cladding type building / structure time bomb? 

     

    .

    Quote

    With effect from 15th April 2020, LABC Warranty no longer accept the use of all types of Magnesium Oxide board (MgO) on any of our structural warranty schemes. For any new scheme registered with LABC Warranty,

    https://www.labcwarranty.co.uk/blog/updated-guidance-for-magnesium-oxide-boards-mgo/

    previous probs with chlorinated MGO board

    Quote

    A short time ago I came across some stuff on issues that had been encountered with MgO boards.  The main problem seems to be chlorides coming from MgO when it gets damp, leading to corrosion of fasteners and failure of the board.  A web search will quickly find some evidence that MgO boards do seem to have some issues.  Take a read of this, for example: http://www.quitahumedades.com/en/blog-en/tips-and-tricks/worst-construction-scandal-in-decades .  In the USA MgO is referred to as "Chinese drywall" and has a pretty dire reputation now.

     

    This is the paper on the Danish issues with MgO: MSSCE2016_Word_208.pdf

     

  7. Just noticed this ban of MGO fire board from the regulators in the uk from over a yr ago. As the stuff is made in China & I assume widely used, I wonder if this is another cladding type building / structure time bomb? 

     

    .

    Quote

    With effect from 15th April 2020, LABC Warranty no longer accept the use of all types of Magnesium Oxide board (MgO) on any of our structural warranty schemes. For any new scheme registered with LABC Warranty,

    https://www.labcwarranty.co.uk/blog/updated-guidance-for-magnesium-oxide-boards-mgo/

    previous probs with chlorinated MGO board

    Quote

    A short time ago I came across some stuff on issues that had been encountered with MgO boards.  The main problem seems to be chlorides coming from MgO when it gets damp, leading to corrosion of fasteners and failure of the board.  A web search will quickly find some evidence that MgO boards do seem to have some issues.  Take a read of this, for example: http://www.quitahumedades.com/en/blog-en/tips-and-tricks/worst-construction-scandal-in-decades .  In the USA MgO is referred to as "Chinese drywall" and has a pretty dire reputation now.

     

    This is the paper on the Danish issues with MgO: MSSCE2016_Word_208.pdf

     

  8. TUCSON, Ariz. (AP) — Long delayed evictions are rolling out more than a month after the end of a federal moratorium that had protected tenants, including some who hadn’t paid rent for many months because of the coronavirus pandemic.

    It is far from the tsunami many people predicted, but the lockouts now starting up are nevertheless devastating for families still trying to catch up while the pandemic churns on.

    Officials say some landlords seem to be holding off on lockouts so they can get repaid with assistance money.

    https://fortwaynesnbc.com/2021/10/06/evictions-begin-as-us-ban-ends-but-not-the-spike-feared/  

    https://www.independent.co.uk/news/california-new-york-tucson-new-jersey-south-carolina-b1933401.html

  9. 'A Russian housing boom stoked by Kremlin-backed mortgage discounts'...

    'rapid growth in mortgages and house prices “could create a financial bubble that could seriously harm the stability of the financial sector and real incomes”.'

    Sergei Gordeev: Russian property tycoon betting on prefab blocks

    https://www.businesstelegraph.co.uk/sergei-gordeev-the-russian-property-tycoon-betting-on-prefab-blocks/

  10. 28 minutes ago, Trampa501 said:

    Took the missus for a meal in the local Cricklewood branch. Was just a basic burgers, chips and drink deal, but was pleasantly surprised by the 12.60 bill. Normally we'd budget 30 when eating out. Can't say the place was packed, but there were a few groups taking advantage of the keen prices. Given the tax and duties they pay, they can't be making much margin, but they are open from 8am to 11pm and consequently must make enough sales to cover staff, rent, leccy etc. However I fear they may be hit hard if inflation sets in. I get the feeling that in these parts folk rely on take aways for meals, and only eat out when they can get exceptional service.

     Wetherspoon’s struggles to find staff in some parts of England Pub chain – hit by record loss of almost £200m – finds it hard to attract workers in holiday hotspots

    https://www.theguardian.com/business/2021/oct/01/wetherspoons-struggles-to-find-staff-in-some-parts-of-england-record-loss

    Wetherspoons suffers record loss as counts cost of lockdowns

    https://news.sky.com/story/wetherspoons-suffers-record-loss-as-counts-cost-of-covid-19-lockdowns-12423007

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