Crazy

*Note: Even though the c0Mm!e is still blocking the b!0g site, I can still add by email submission.  Hopefully the format is not going to look "funny".

Last night, we had dinner at friends who have been living here for over 15 years (foreigners); they have seen it all.  So we were talking.  They are all in the HR recruitment fields.  Here are some interest observations they shared:

- Commercial rental market has pretty much collapsed.  Like I mentioned previously, price per sq meter per day went from as high as 20RMB last year to recent single digit.  They have move their offices to take advantage of the price drop; bigger office space, pay 30% less. 

- There are so many experienced workers looking for work; it's a "buyer's market" for hiring.  However, the mentality is to "buy" cheap.  Do not care about quality.  So, companies are foregoing "experienced" workers and hiring "cheap".  That is not good.  Really bad is multi-national firms who has Chinese managements and decision makers.

- In the hay days of economic boom, foreign companies were hiring left and right.  Background check, right.  One company (K*Y) knowingly hired a senior management position even though the person's identify was fake and is being "wanted" by South of the 49th parallel.  Since then he was fired along with all the employees he recruited from previous firm. 

- With the gov't easing of loan, the residential market here has surged from beginning of this year.  Sounds like a US-style sub-prime in the making.  I have just came across a news article this morning.  The most expensive residential apartment building project which has been slowed in selling since 2005 suddenly sold over 20 units over a week.  Except 3 units, all were purchased by Chinese.  One unit was picked up by a 17-year old.  Now, something is wrong here.  With the easy money flooding market due to ease of loan, a collapse will be really really bad.  There have been signals that the central gov't is noticing this bubble forming and trying to restrict money being poured out. 

- The p0!icE is c0RruPtEd.  Like we don't know that already.  The host of our evening party, his private van was stolen while he and his family were away 3 years ago.  Turned out his driver was gambling with the district  p0!icE.  The driver lost and had to use the van as collateral.  When the host return from holiday and reported the van was missing, nothing was done; actually refused to file.  Quite common here. 

- there are lots of projects outside of "my locale" city.  Projects for infrastructure works.  There is one going on up north that will defrost an entire tree "infested" area and build a city.  A CITY.  Architects are racking in dough left and right outside of the city.  Then throwing money left and right here to buy "good deal" properties.  Right...