From Valuewalk.com
With their fortunes going out the window, Chinese local governments have been compelled to auction official luxury cars, according to the Financial Times. This move, though unorthodox, is geared towards improving revenues that have since hit rock bottom amid the unending slowdown.
Auctions have begun taking place far and wide spanning areas like Datong in the north and Kunming in the south. It is a nationwide affair as pressure from citizens has reached an all-time high. Some disgruntled citizens have blatantly displayed their disappointment in the government by going to lengths of uploading high-end official cars (Porches and even a Maserati) on the internet.
This adds to the string of negative signs for China and for the world.
China’s Shanghai index completed a technical breakdown during the past two days.
Today she closed modestly higher today, but this would be more of dead cats bounce.
Be careful out there.
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