热门标签

Insight - As one Evergrande falls, another rises in the Saudi desert

时间:1周前   阅读:5   评论:3

usdt支付对接(www.trc20.vip)是使用TRC-20协议的usdt支付对接平台,Usdt收款平台、Usdt自动充提平台。免费提供入金通道、Usdt钱包支付接口、Usdt自动充值接口、Usdt寄售回收。菜宝Usdt钱包一键生成Usdt钱包、一键调用API接口、一键出售Usdt。

Cause of collapse: A woman leaves the China Evergrande Centre in Hong Kong. Much of Evergrande’s downfall can be attributed to the way that it tried to buck organic trends for political reasons. — AFP

EVERYTHING about Neom – the futuristic city being developed near the shores of the Red Sea by Saudi Crown Prince Mohammed bin Salman – seems fantastical.

From flying elevators to 100-mile long skyscrapers to a floating, zero-carbon port, it seems to owe more to Coruscant and Wakanda than to any urban forms outside of science fiction.

Even Neom’s financials are superlative. The first phase of the project until 2030 will cost 1.2 trillion riyals (US$320bil or RM1.4 trillion), with half of that amount provided by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, Crown Prince Mohammed bin Salman told reporters in Jeddah last week.

By 2030, he expects some 1.5 million people to be living in the twin horizontal skyscrapers, called The Line.

Believe it or not, those numbers aren’t as implausible as they seem.

Take China Evergrande Group, the vast Chinese developer that’s mired in vague restructuring plans after ratings companies labeled it a defaulter last year.

Neom’s promise to eventually become home to 10 million people seems, if anything, modest next to Evergrande’s boast that it’s housed 12 million.

,

U8HX官网www.eth108.vip)采用以太坊区块链高度哈希值作为统计数据,U8HX.COM官网单双哈希、幸运哈希、平倍牛牛等游戏数据开源、公平、无任何作弊可能性。

,

Evergrande’s investment cash outflow, net of divestments, has been 605 billion yuan (US$89bil or RM396.2bil) since 2010, about 28% of Neom’s budget.

Given China’s income levels and construction costs have been about 40% of Saudi Arabia’s over the past decade, that suggests a budget that’s on the generous side, but far from insane.

Neom’s vast-sounding construction budget isn’t so excessive when you consider it in relation to Evergrande.

Of course, if you were to choose a model for Saudi Arabia’s future it would probably not be a distressed developer from a Chinese property sector that S&P Global Ratings thinks may be headed as a whole toward insolvency.

Still, the biggest problem with Neom isn’t so much its cost and scale. Instead, it’s the way a will-to-power grandiosity is written into its very DNA, as Vivian Nereim explored in a recent Bloomberg BusinessWeek article.

For all Evergrande’s problems, it was always a pretty efficient user of capital. One reason it’s been hit with mortgage strikes of late is that it depended on pre-sales, in effect getting interest-free loans from its customers for the full value of properties before they’re built – something that becomes a problem when construction work goes into extended hiatus.

China’s fastest developers could turn round a project in 12 months from conception to return of cash. At least in its early years, Evergrande’s numbers suggested it was consistently returning more than its cost of capital.

上一篇:足球免费推荐:Ringgit under pressure as oil retreats and China cuts interest rates

下一篇:Perikatan cleaner than BN, says Muhyiddin

网友评论

  • 2022-08-17 01:08:44

    新2信用平台出租www.hg108.vip)是皇冠(正网)接入菜宝钱包的TRC20-USDT支付系统,为皇冠代理提供专业的网上运营管理系统。系统实现注册、充值、提现、客服等全自动化功能。采用的USDT匿名支付、阅后即焚的IM客服系统,让皇冠代理的运营更轻松更安全。想象力不错

  • 2022-09-18 00:17:48

    立博博彩公司www.99cx.vip)是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。立博博彩公司上最新立博博彩公司登录线路、立博博彩公司代理网址更新最快。立博博彩公司开放皇冠官方会员注册、皇冠官方代理开户等业务。
    保质保量的内容