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1.Market Observations

28 Jun 2014 (AFR) – Chinese property dream turns sour

(28 June 2014, AFR, p13, Lisa MurrayAFR correspondent)

‘It was a deal that turned out too good to be true. For a minimum outlay of 100,000 yuan ($17,000) lenders were promised interest rates of up to 30 per cent and assured they need only give a month’s notice to get their money back in full.’

‘The formal-looking lending doc­ument, sighted by AFR Weekend, was personally signed by Zhongdou Group chairman Yang Dingguo and ­circulated among staff of the property ­development and retail company based in eastern China. It was enough to convince the ­catering manager for Zhongdou’s five-star Wonderland Hotel to hand over 1.2 million yuan of his personal savings. The man, who gave his name only as Peter, said he didn’t believe it was pos­sible that he could lose his money…’

Read the full story at AFR.com (might need AFR login access)

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