26-06-2014, 08:45 PM
Hangzhou Developer Arrested After Loan Default and Fraud Reports
China’s real estate industry and the shadow banking network that it relies on received a collective black eye this week when a Hangzhou developer first defaulted on loan payments, and was later arrested on fraud allegations surrounding RMB 2 billion in debts.
Today, the official Securities News reported that, according to Hangzhou government sources, the chairman of Zhongdou Group, a Hangzhou-based real estate developer has been arrested after failing to repay an entrusted loan earlier this month.
Read more here
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Finally the Con-men are being rounded up....
China’s real estate industry and the shadow banking network that it relies on received a collective black eye this week when a Hangzhou developer first defaulted on loan payments, and was later arrested on fraud allegations surrounding RMB 2 billion in debts.
Today, the official Securities News reported that, according to Hangzhou government sources, the chairman of Zhongdou Group, a Hangzhou-based real estate developer has been arrested after failing to repay an entrusted loan earlier this month.
Read more here
======================================================
Finally the Con-men are being rounded up....