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Tuesday, July 3, 2012

The Marussia F1 team’s test driver, Spaniard María de Villota, was taken to hospital by air ambulance today after a collision in testing at Duxford Aerodrome.

At the end of her first installation run, the car she was driving had a low-speed collision with the loading ramp of the team’s support truck. According to BBC Cambridgeshire presenter Chris Mann, the car “suddenly accelerated” into the rear of the vehicle. The Marussia team released a statement an hour and a half after the accident, stating that she had been transferred to hospital, and a further statement would be issued once her condition had been assessed.

A spokesman for the East of England ambulance service, Gary Sanderson, said de Villota had “[…] sustained life-threatening injuries and following treatment at the scene by paramedics, she has been taken to Addenbrooke’s Hospital for further care.” According to witnesses, she was motionless for about fifteen minutes as medical teams attended to her, but did move her hands before being taken away from the test track. Medical charity Magpas, whose volunteer paramedics attended the accident, reported she had sustained injuries to her head and face, and was in a ‘stable condition’ when she reached the hospital.

Marussia reported her as conscious later in the afternoon: “Since Maria’s arrival at the hospital at approximately 10.45am this morning, she has been receiving the best medical attention possible at the hospital, which is the region’s major trauma centre. Maria is conscious and medical assessments are ongoing. The team will await the outcome of these assessments before providing further comment. The team’s first priority at this time is Maria and her family.”

De Villota was announced as Marussia’s test driver in March, having prior experience driving for Alan Docking Racing in Superleague Formula in Spain.

Friday, May 23, 2008

A controversial development training course called “Landmark Forum” is cited in religious discrimination lawsuits in United States federal courts in New York and Washington, D.C. The seminars are run by a San Francisco, California-based for-profit training company called Landmark Education. The company evolved from Erhard Seminars Training “est”, and has faced criticism regarding its techniques and its use of unpaid labor. The sperm bank and surrogacy company Los Angeles-based Growing Generations is named as a defendant in the New York lawsuit, and the Democratic political action committee Twenty-First Century Democrats is a defendant in the Washington, D.C. case.

In separate lawsuits filed in the United States District Court for the Southern District of New York in Manhattan, New York, and in the United States District Court for the District of Columbia in Washington, D.C., former employees are suing their employers for monetary damages and claiming religious discrimination after their employers allegedly mandated that they attend courses at Landmark Education.

In the US$3 million federal lawsuit filed in New York, Scott Glasgow is suing his former employer Growing Generations and its CEO Stuart Miller. Growing Generations maintains sperm banks and also arranges surrogacy for gay couples who wish to have children. The company has offices in New York and Los Angeles, and has done business with celebrities including actor B. D. Wong of Law & Order: SVU.

Glasgow was marketing director of Growing Generations, and claims he was fired in June 2007 after refusing to continue attending Landmark Education seminars. Glasgow is also suing for sexual harassment, and claims Miller came on to him in September 2006. He made approximately $100,000 per year as the company’s marketing director, and was the company’s only employee based out of New York City. The company’s main offices are in Los Angeles.

“I was shocked when I was fired. It took me months to right myself. I want them to stop imposing Landmark on the employees, and I want an apology,” said Glasgow in a statement in The Village Voice. Brent Pelton, one of Glasgow’s attorneys, stated that: “The Landmark philosophy is deeply ingrained in the culture of the company”. Glasgow said that the Landmark Education training courses were “opposite” to his Christian beliefs. According to Glasgow he was questioned by Miller in May 2007 after he walked out of a Landmark Education course, and was fired shortly thereafter. “We stand by the allegations contained in the complaint and we look forward to proving them at trial,” said Pelton in a statement to ABC News.

Ian Wallace, an attorney who represents Growing Generations, claimed that Glasgow wasn’t fired but walked away from his position. “Growing Generations and Mr. Miller are very confident that these claims will be dismissed ultimately, and there’s no factual basis for them whatsoever,” said Wallace in a statement to The Village Voice. Lawyers representing Growing Generations and Stuart Miller declined comment to The New York Post, and did not immediately return a message from ABC News.

In Glasgow’s complaint, entered into federal court record on April 18, he asserts that Landmark Education constitutes a “religion”, and “perceived their philosophy as a form of religion that contradicted his own personal beliefs”. He states that when he was promoted to Director of Marketing, he asked Miller if he could stop attending the Landmark sessions but was told that they were mandatory for all of the company’s executives and that Landmark is “very much the language of the company.” Glasgow said his performance at the company was assessed based on how he was “touching, moving and inspiring” others, a phrase from the Landmark philosophy, as opposed to his business accomplishments at the company. The complaint claims that the actions of Miller and Growing Generations violated Federal, New York State and New York City civil rights laws.

The lawsuit filed in federal court in Washington, D.C. deals with a separate plaintiff and company, but the plaintiff in the suit also claims that religious discrimination took place for allegedly being mandated to attend Landmark Education courses. Kenneth Goldman is suing the United States Democratic political action committee Twenty-First Century Democrats (also 21st Century Democrats) and its former executive director Kelly Young. Goldman was formerly the communications director of 21st Century Democrats.

According to Goldman’s complaint, three employees of 21st Century Democrats were fired after refusing to attend the Landmark Forum course. The complaint asserts that Landmark Education has “religious characteristics and theological implications” which influenced the mission of 21st Century Democrats and the way the organization conducted business. Goldman’s complaint states that in addition to himself, a training director and field director were also fired after they made it clear they would not attend the Landmark Forum.

Goldman says executive director Young infused Landmark Education jargon terms into staff meetings such as “create possibilities”, “create a new context”, and “enroll in possibilities”. He also claims that Young “urged” staff members to participate in Landmark Education events outside of the workplace, drove employees to and from Landmark functions, and used funds from 21st Century Democrats to pay for employees to attend those functions. Goldman’s complaint asserts that he was discriminated against in violation of the District of Columbia Human Rights Act.

In a statement in The Washington Times, the executive director of 21st Century Democrats, Mark Lotwis, called the lawsuit “frivolous” and said: “we’re going to defend our organization’s integrity”. Landmark Education spokeswoman Deborah Beroset said that the Landmark Forum “is in no way religious in nature and any claim to the contrary is simply absurd,” and stated: “While we are not a party to this lawsuit and have no firsthand knowledge of it, we can only assume that we are being used as a legal and political football to further the plaintiff”s own financial interests.”

The New York lawsuit was filed April 14, and is still in early filing stages. A conference with the federal court judge in the case has been scheduled for June 17. The Washington, D.C. suit began in November 2007, and entered mediation this past March. As of April 15 the parties in the case were due back to court on July 11 to update the court on the mediation process.

Landmark Education is descended from Erhard Seminars Training, also called “est”, which was founded by Werner Erhard. est began in 1971, and Erhard’s company Werner Erhard and Associates repackaged the course as “The Forum” in 1985. Associates of Erhard bought the license to his “technology” and incorporated Landmark Education in California in 1991.

This is not the first time employees have sued claiming mandatory attendance at “Forum” workshops violated their civil rights. In a lawsuit filed in December 1988 in the United States District Court for the Northern District of Georgia, eight employees of DeKalb Farmers Market in Decatur, Georgia sued their employer claiming their religious freedom and civil rights were violated when they were allegedly coerced into attending “Forum” training sessions. “Many of these training programs, particularly at large corporations, claim to be purely psychological, aimed at improving productivity and morale and loyalty. But in fact they are religious,” said University of Denver religious studies professor Carl Raschke in a statement to The Wall Street Journal.

The DeKalb Farmers Market employees were represented by lawyers for the American Civil Liberties Union. Consulting Technologies Inc., an affiliate of Transformational Technologies Inc., was named as a party in the lawsuit. Transformational Technologies was founded by Werner Erhard, and was not named as a party in the suit. The “Forum” course that the employees claimed they were mandated to attend was developed by Werner Erhard and Associates. Employees said that they were fired or pressured to quit after they objected to the Forum courses.

The workers claimed that the Forum course contradicted with their religious beliefs. The plaintiffs in the suit included adherents of varying religious backgrounds, including Christianity and Hinduism. “The sessions put people into a hibernating state. They ask for total loyalty. It’s like brainwashing,” said Dong Shik Kim, one of the plaintiffs in the case. The plaintiffs said they lost their jobs after objecting to a “new age quasi-religious cult” which they said was developed by Werner Erhard.

The DeKalb Farmers Market denied the allegations, and an attorney for the company Edward D. Buckley III told The Wall Street Journal that employees were encouraged, not coerced, to attend the training sessions. According to The Wall Street Journal, The Forum said it would not sanction workers being coerced to attend its training sessions.

The parties in the DeKalb Farmers Market religious discrimination case came to a settlement in May 1989, and the case was dismissed with prejudice in June. The terms of the out-of-court settlement were not made public, but the employees’ attorney Amy Totenberg told The Wall Street Journal that the case “has made employers come to grips with the legitimate boundaries of employee training”.

According to Title VII of the Civil Rights Act of 1964, employers must “reasonably accommodate” their employees’ religious beliefs unless this creates “undue hardship”. In September 1988, the Equal Employment Opportunity Commission issued a policy-guidance notice which stated that New Age courses should be handled under Title VII of the Act. According to the Commission, employers must provide “reasonable accommodation” if an employee challenges a training course, unless this causes “undue hardship” for the company.

In October 2006, Landmark Education took legal action against Google, YouTube, the Internet Archive and a website owner in Queensland, Australia in attempts to remove criticism of its products from the Internet. The company sought a subpoena under the Digital Millennium Copyright Act in an attempt to discover the identity of an anonymous critic who uploaded a 2004 French documentary of the Landmark Forum to the Internet. “Voyage au pays des nouveaux gourous” (Voyage to the Land of the New Gurus) was produced by Pièces à Conviction, a French investigative journalism news program. The Electronic Frontier Foundation represented the anonymous critic and the Internet Archive, and Landmark withdrew its subpoena in November 2006 in exchange for a promise from the anonymous critic not to repost the video.

Landmark Education itself has come under scrutiny for its controversial labor practices. The company has been investigated by the United States Department of Labor in separate investigations originating out of California, Colorado, and Texas. Investigations focused on the heavy reliance of unpaid labor in the company’s workforce, which Landmark Education calls “assistants” and deems volunteers.

An investigation by the U.S. Dept. Labor based out of Colorado found that activities performed by Landmark Education’s “assistants” include: “office, clerical, telephone solicitation and enrollment, as well as greeting customers, setting up chairs, handling microphones during the seminars and making coffee. Additionally, a number of volunteers actually teach the courses and provide testimonials during and after the courses.” The Colorado investigation’s 1996 report found that “No records are kept of any hours worked by any employees.” According to a 1998 article in Metro Silicon Valley: “In the end the Department of Labor dropped the issue, leaving Landmark trumpeting about its volunteers’ choice in the matter.” Metro Silicon Valley reported that Landmark Education at the time employed 451 paid staff, and also utilized the services of 7,500 volunteers.

After an investigation into Landmark Education’s labor practices by the U.S. Dept. Labor’s offices out of California, the company was deemed to have overtime violations. According to the Department of Labor’s 2004 report on the investigation, back wages of $187,569.01 were found due to 45 employees. An investigation by the U.S. Dept. Labor in Texas which concluded in 2005 stated: “Minimum wage violation found. Volunteers (Assistants) are not paid any wages for hours worked while performing the major duties of the firm. The assistants set up rooms, call registrants, collect fees, keep stats of classroom data/participants, file, they also are answering phones, training and leading seminars.”

The Texas investigation also discovered an overtime violation. Landmark Education agreed to pay back wages for the overtime violation, but did not comply with the overtime violation found by the U.S. Dept. Labor for the “assistants”. Landmark Education denied that the “assistants” are employees, though the Department of Labor report concluded: “Interviews reveal that the employees are taking payments, registering clients, billing, training, recruiting, setting up locations, cleaning, and other duties that would have to be performed by staff if the assistants did not perform them.”

According to the 2004 investigative report by Pièces à Conviction in the “Voyage au pays des nouveaux gourous” program, Landmark Education was investigated by the French government in 1995. In the “Voyage au pays des nouveaux gourous” program volunteers were filmed through a hidden camera and shown performing duties for Landmark Education in France including manning phones, recruitment and financial work for the company, and one volunteer was shown cleaning a toilet.

Le Nouvel Observateur reported that after “Voyage au pays des nouveaux gourous” aired in France, labor inspectors investigated Landmark Education’s use of unpaid volunteers. According to Le Nouvel Observateur, one month after the labor investigation took place the French branch of the company had disbanded. A former “Introduction Leader” to the Landmark Forum, Lars Bergwik, has recently posted a series of videos to YouTube critical of the company and its practices. Bergwik appeared on a 2004 investigative journalism program on Sweden’s Channel 4, Kalla Fakta (Cold Facts). According to Bergwik, after the Kalla Fakta program on Landmark Education aired, “Landmark left Sweden”.

Wednesday, July 18, 2007

A pipe has burst in New York City, the largest city in the United States, causing a generator to explode. The explosion occurred in Midtown Manhattan near Grand Central Terminal (GCT) and the Chrysler Building, and approximately at the intersection of 41st Street and Lexington Avenue. Nearby buildings have been evacuated, and a large area has been blocked off. There are reports of a very large crater at the scene.

The New York Police Department (NYPD) has officially ruled out terrorism. Grand Central Station was quickly evacuated soon after the incident. Subway lines 4, 5 and 6 have no service in both directions between the 125th Street Station and the Bowling Green Station. 42nd Street Shuttle service has been shut completely.

The Fire Department of New York (FDNY) received a call at 5:56 p.m. EDT (UTC-4) reporting an explosion. More than 170 firefighters were dispatched to the scene. Witnesses reported that buildings in the nearby area shook. This was a five-alarm response.

At least 20 people have been reported injured, and one woman, Lois Baumerich, died from a heart attack. Two people are currently in critical condition.

There are potentially harmful materials at the scene of the explosion and HAZMAT crews are on the scene to clean up debris. There are reports that pipes were wrapped in asbestos, but the air is being tested, and results should be available late Wednesday night.

ConEdison Workers are on the scene as well, and it appears that they are working nearby.

Emergency workers are reporting that the situation is not under control. They are still unable to confirm why the pipe exploded due to the inaccessible nature of the scene at the source of the explosion. The pressure of steam has subsided and the air appears to have cleared, revealing the crater. Disruption of electricity in the surrounding area is minimal.

GCT is reported to be reopened at this time. An area was cordoned off and people trapped in the vicinity due to fears of asbestos pollution resulting from the explosion.

According to a press conference with the mayor, the pipe involved was built in 1924, and a likely cause of the eruption and explosion was cold water leaking into the pipe, possibly from rain or from a water pipe. A tow truck had fallen into the crater left by the explosion, and the explosion also shattered glass on nearby buildings.

Thursday, March 20, 2008

A United Nations report released Thursday states that recent attacks carried out on four villages in Darfur by the Sudanese military and armed miltias were a violation of international law.

The attacks, which involved aerial bombardment in two of the villages, left a total of 115 people dead and over 30,000 forcibly displaced, according to the report. Damage to civilian property was extensive; homes, schools, and shops were systematically destroyed, vandalized, or set ablaze, food reserves were burned, and livestock was looted. In addition, there were several reports of rape in one village.

The report, issued jointly by the UN High Commissioner for Human Rights and the UN African Union Mission in Darfur, describes attacks on the West Darfur villages of Saraf Jidad, Sirba, Silea and Abu Suruj in January and February. The attacks were part of a Sudanese military campaign to regain control of West Darfur’s northern corridor and drive out rebel insurgents from the Justice and Equality Movement (JEM).

The damage to civilians was deemed to be a “deliberate and integral part” of the military strategy. In failing to “distinguish between civilian objects and military objectives”, the UN accused the Sudanese military of violating international humanitarian law. The activities of the JEM were also denounced, as they were found to be in violation of the 2004 N’Djamena Ceasefire Agreement.

In Saraf Jidad, which was attacked three times in January, 26 civilians were killed, and almost the entire population was displaced. Witnesses described the attackers as Arab men called Janjaweed, who have had the assistance of the Sudanese government. The men were seen riding horses and camels, and some were in military vehicles. After exchanging fire with the JEM, they entered the town, where they started torching homes and shooting at civilians.

One of the victims from Saraf Jidad, who was around 80 years old, recalled the January 24 attack. “The attackers entered my house,” he said. “They were four, in military uniforms. One of them hit my head with the butt of his gun. I fell down. He told me, ‘If you do not all move from here we will burn you alive.’ At that, they set my house on fire. I was inside, but managed to escape though I had my arms injured by the fire.”

In the other three villages, witnesses reported seeing Antonov planes and military helicopters along with the armed militiamen and Sudanese troops. In Silea, the ground offensive was preceded by three aerial bombardments in different areas of the town. Nearly the entire population of 10,600 was displaced, with some having to go across the border to Chad.

One witness of the Silea attack reported, “An Antonov flew into the area and dropped three bombs … I saw many houses set ablaze by the bombing. People started running randomly in fear and confusion. I witnessed SAF and Janjaweed looting houses, shops and NGO offices. They would load the stolen goods in their cars and on their camels and horses and take them away.”

The village of Abu Suruj was also bombed, but no casualties were reported from this bombing. However, over 75 percent of the town was burnt down by ground troops, and 30 people were killed.

In Sirba, the pattern of attack was similar to that of Abu Suruj. Half of the village was burned down and 45 people were killed. One victim described an encounter with an armed man: “I was holding tight my four-year-old brother; I was scared that the man was going to shoot him. Instead he left. After a few seconds the roof of the house was burning. He saw we were inside and he set the hut on fire to burn us alive. We escaped from the window and ran in different directions.”

Witnesses reported acts of sexual violence being committed by the attackers in Sirba, and UN investigators believe at least 10 women were victims of rape. An eyewitness reported four girls being taken into a hut and raped at gunpoint by Sudanese soldiers.

There were also reports of air and ground attacks in Jebel Moon, where many victims had fled following the attacks, but the UN was denied access to the area.

On March 3, the UN met with a West Darfur security official to address their concerns. The official argued that the JEM had taken control of the villages and a deployment of troops was necessary to regain these areas. He also denied that the Sudanese military was involved in the Saraf Jidad attacks, stating they were done by Arab tribes who had nothing to do with the military campaign.

Monday, March 21, 2011

Sales of existing homes in the U.S. fell 9.6% in February, the National Association of Realtors (NAR) said today, in a sign that the U.S. housing market is still depressed. The figure was worse than the 3.9% decline anticipated by the economists surveyed by Dow Jones Newswires and questions whether the U.S. housing market is beginning to recover or will continue to fall.

A combination of foreclosures and short sales, where the mortgage holder sells the house for less than owed on the mortgage, accounted for almost 40% of the sales.

Millions of foreclosures have forced down home prices and the number of foreclosures are predicted to rise this year. The inventory of existing homes listed for sale rose 3.5% at the end of February, a 8.6-month supply at the current sales rate. As more homes are listed in the spring, the inventory of houses for sale will probably increase. A five or six month inventory is usually considered a healthy balance between supply and demand.

According to Moody’s Analytics, another 3.6 million bank-owned homes and possible foreclosures will be added to the inventory by 2013, adding to the 6.7 million home foreclosures since 2006. Thus housing inventories will probably continue to remain high, delaying the point when prices stabilize. The median sales price in February fell 5.2%, down to a price level not seen since April 2002.

“We have an uneven, choppy recovery,” said NAR’s chief economist Lawrence Yun. “Hopefully it is a recovery that is taking place.”

Sunday, October 1, 2006

Mumbai Police Commissioner A N Roy confirmed today that investigations had revealed the involvement of the militant group Lashkar-e-Toiba and the (banned) Students Islamic Movement of India (SIMI) in the 11 July 2006 bombing of the city’s commuter rail network. He also stated that the attacks had been masterminded by Pakistan’s Inter-Services Intelligence (ISI) and carried out by Pakistani and Indian nationals.

Fifteen people, twelve of whom were directly involved in the execution of the bombings are in custody, eleven of them are Pakistani citizens.

The conspiracy to carry out the attacks, which killed 190 people, was hatched in the vicinity of Mumbai, by militants who were trained in Bahwalpur, Pakistan. The Pakistani bombers entered India in batches, some through the porous Indo-Nepal border, others via Bangladesh and some through Gujarat. They then reached Mumbai around May 25, and were sheltered in Malad and Bandra by Faizal Sheikh. Kamaluddin Ansari and Ehtasham Siddiqui, (General Secretary of SIMI, Maharashtra) were also involved in the conspiracy.

The RDX explosive used in the blasts was brought from Pakistan by a man called Ehsanullah, while the ammonium nitrate was procured locally. The explosives were assembled in Chembur by Mumbai resident Mohammad Ali, between 8 and 10 July. On the day of the attacks, the bombs (each containing 2 – 2.5 kg of RDX and 3.5 – 4 kg of ammonium nitrate) were concealed in eight pressure cookers and transported to the railway stations in taxis.

From there two member teams of bombers placed the explosives on the trains and detonated them using quartz timers. One of the militants, Saleem, a native of Lahore, could not (as was the plan) get off the train before the explosives went off, as a result of which he perished in the blast between Khar and Bandra. Of the seven Indian suspects, four (Faizal Sheikh, Kamaluddin Ansari, Ehtashan Siddiqui and Naved) have been apprehended, while a search is on for the other three.

Mr. Roy described the bombings as a “professional, precise and well-planned”. The first clue his department got was a phone call made from Navi Mumbai to a place on the Indo-Nepal border. Based on this information Kamaluddin Ansari was arrested in from Madhubani, Bihar. Narco-analysis of the other suspects revealed that they were trained in Pakistan and also helped tie up other loose ends in the case. Faizal Sheikh also revealed that he had received Rs. 60,00,000 from Pakistan in the last few years. Police also recovered 26,000 Riyals, given to him by Rizwan Devra, an ISI operative living in Dubai, from Faizal’s house.

Pakistan’s Minister of State for Information, Tariq Azim, denied the role of the ISI in the bombings, saying that his country “rejected” the accusation, and that India should provide Pakistan with “any information if they have it”. “Such allegations only give benefit to the real culprits, who escape arrest,” he said.

Saturday, October 23, 2021

China property giant Evergrande Group wired USD83.5 million in interest owed in an offshore bond from September 23 on Thursday, temporarily averting default, according to a Reuters source and Chinese newspaper Securities Times.

The wire to a Citibank fiduciary account following a 30-day grace period came after assurances by various members of the Chinese government, Reuters reported. At a Beijing forum Wednesday, Chinese Vice Premier Liu He described the risks as controllable, and chairman of the China Securities Regulatory Commission Yi Huiman said that while authorities needed to curb excessive debt more broadly by “improv[ing] the effectiveness of the constraint mechanism on debt financing”, the matter would be dealt with properly.

Once China’s top real estate developer, Evergrande had accumulated approximately USD305 billion in liabilities, two per cent of the Chinese gross national product, after “dwindling resources” cut its value by 80%, according to Reuters. September data revealed Chinese home sales by value fell by nearly 17% year-on-year, according to The Guardian, and fears over its default led to a slowdown in China’s third quarter GDP growth to a year low of 4.9%. Two sale negotiations with rival developers Hopson Development and Yuexiu, valued at USD2.6 billion and USD1.7 billion, respectively, were suspended, reportedly due to a lack of consent by the government of Guangdong province currently overseeing Evergrande’s restructuring.

News of Evergrande’s remittance caused its shares to rise by as much as 7.8% this morning after a two-week pause in trading for the anticipated sale of 50.1% in Evergrande Property Services Group, and offering some reprieve for bondholders, according to Reuters. Portfolio manager at GaoTeng Global Asset Management James Wong, interviewed by The Guardian, called the news “a positive surprise”, adding “[i]f Evergrande pays this time, I don’t see why it won’t pay the next time.” Jun Rong Yeap for IG Asia pte., interviewed by Bloomberg, said the report “overturned” the narrative “that Evergrande will face difficulty in securing cash ahead”.

Further missed payments are due October 29 and November 11 after similar 30-day grace periods; including yesterday’s USD83.5 million, nearly USD280 million is owed to bondholders.

Stocks have been down for many major Chinese developers: Reuters Wednesday reported year-to-date stock prices fell 87.8% for Sinic Holdings, currently in Fitch Ratings’ ‘restricted default’ after failing to make an October 18 bond payment valued, according to The Guardian, at USD246 million; 80.2% for Evergrande itself; 78.3% for E-House, 58.5% for Fantasia Holdings and 54.6% for Kaisa Group, which defaulted in 2015 and had bonds reach record lows.

Estimates of the Chinese real estate market’s size range from 16 to 25% of the Chinese gross domestic product, according to The Guardian. Chinese President Xi Jinping’s aim to transform the country’s economy from one of debt-fuelled “inflated” growth to one of improved “quality and returns” included imposing regulations on developers that limited their capacity to borrow. A Guardian comment piece from economist George Magnus published on October 15 made reference to China’s “ghost cities” and “rampant credit creation” that has given rise to high vacancy rates and the “financialisaton of housing”.