Elaborate Chinese Real Estate Scam Traps Owners In Illegal Apartments

China has seen a particularly strange set of scams lately that trap the buyers into it. Developers are building homes illegally, sometimes on top of shopping centers and various other structures that are often dangerous. By the time that investors and buyers find out that these buildings have not been approved by the Chinese government, they are often trapped with the developer long gone and, in the worst case, their new homes being torn down, and in other cases they are unable to sell the property and are trapped in it, unable to get anything for it. In one case, nearly 30 cookie-cutter houses were built on top of a shopping center. Another example was a mansion built on top of a factory building.

Sometimes the Chinese government calls for demolition, but sometimes they allow it to remain. One case in 2000 saw one of the illegal projects fail in a very dangerous way when the project being built on the roof of a shopping center caused the roof to collapse, injuring shoppers below and killing eight.

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POSTED November 06 2013 12:07 PM

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