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1.Market Observations

23 Jan 2013 (AFR, Telegraph) Officials rush to send cash offshore

(23 Jan 2013, AFR, p10, Malcolm Moore, Beijing, and The Telegraph)

China’s Communist party cadres launch property fire sale

‘As China’s new leaders intensify a campaign to root out corruption, thousands of Communist party officials have been panicked into a fire sale of their illicit properties while billions of pounds have been smuggled overseas.’

‘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”.’

Read more at The Telegraph.co.uk

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