Skip to comments.China's Communist party cadres launch property fire sale
Posted on 04/04/2013 8:52:45 PM PDT by Lorianne
Luxury properties are being dumped on the market in Beijing, Shanghai and Guangzhou for anyone able to pay in cash as crooked officials try to cover their tracks.
A report by the Communist Party's powerful anti-corruption unit, the Central Commission for Discipline Inspection (CDIC), said "a wave of luxury home sales began last November and has accelerated since December".
It said the volume of deals had intensified by "a hundred times" after Xi Jinping, the incoming Chinese president, warned that corruption could kill the Party and put one of the country's most vigorous and resolute politicians, Wang Qishan, in charge of stamping out graft.
Fu Zongmo, an estate agent in Sanya, Hainan, said his colleagues had sold two houses recently for government officials. In recent years, the tropical beaches and golf courses of Sanya have attracted plenty of speculators but recently the market has stalled.
"They never register the houses in their own names and they use a string of agents to do the deals," said Mr Fu. He said one company had bribed an official by buying him a property at the Mountain Water International Complex. "The property was put in the name of the official's relative. After six months, it was sold for two million yuan (£200,000), around the same amount it cost. Then the official could cash out.
(Excerpt) Read more at telegraph.co.uk ...
Hmmmm, my wife’s family is from Shanghai, I wonder if a flat there might be in our future now?
Ironic that the Communists running China are corrupt Oligarchs.