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In China, love comes 2nd real estate profits 1st

Started by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009
Discussion about
http://www.bloomberg.com/news/2011-08-15/china-home-sales-skirt-policies-with-fake-divorces-parking-lots.html Frank He said he faked a divorce from his wife of 10 years to skirt China’s ban on third mortgages and obtain a bank loan for a third property, a 12 million yuan ($1.9 million) suburban villa. “My wife and I love each other, but as long as we can get the mortgage from the bank for the deal, we’ll take it,” said He, a 40-year-old manager at a chemical company. The forged document, which cost the Shanghai couple 20,000 yuan, helped them get a loan amounting to 60 percent of the purchase price, he said.
Response by needsadvice
over 14 years ago
Posts: 607
Member since: Jul 2010

Didn't we just have a post in which someone said "the Chinese are buying in cash because they don't like debt. It's not in their culture"?

Nothing like generalizations to clarify the world . . .

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Response by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009

Perhaps it's about investing in one's own country vs another..

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