The bottom line
A massive building boom has left as many as 65 million empty apartments across China, triggering fears of a housing collapse. Nearly a quarter of urban apartments sit unoccupied, and the latest data show sales in 24 cities falling by 44 percent. The exception to the trend: China’s four largest cities, where sales volume actually increased 12 percent. Real estate—with a total value of $65 trillion—makes up 80 percent of the wealth of China’s citizenry.
Nikkei Asian Review
U.S. employers posted 7.3 million available jobs in December, the most since the Labor Department began keeping records in 2000. The number of openings now eclipses the number of people currently unemployed (6.3 million).
New York art dealer Mary Boone was sentenced to 30 months in prison for evading more than $3 million in taxes between 2009 and 2011. Such prosecutions are uncommon. In 2017, 584 people got prison sentences for tax evasion; 69.4 percent of them were men.
Eight out of 10 of the biggest retail bankruptcies in which a company remained intact were followed by a second bankruptcy protection filing. The latest example: Payless ShoeSource, which closed all 2,500 of its North American stores after its second bankruptcy proceeding in two years.
There’s only one woman for every 21 men in the top 1 percent of earners. Even though most college graduates are women, only 4.5 percent of them make it into the highest income tier, in which household earnings are greater than $845,000. Among married top-percentile households, the woman’s income was needed to make the threshold only 15 percent of the time.
The Washington Post