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PR Newswire
16-12-2017, 10:16 AM
China property prices go up with loan fraud:
https://www.reuters.com/investigates/spe...mortgages/
"...Zhu stood to make a tidy profit. She was not so keen to share gains with the government. Under the third contract she drew up with Lei, the Shenzhen flat was valued at only 2.8 million yuan, less than half its true value, the court records show. That contract was for showing to the taxman. At that value, Zhu would have saved more than 50,000 yuan in taxes, according to Shenzhen regulations.
In the vast majority of cases, fraudulent loan applications remain concealed as prices continue to rise and buyers meet their repayments. In Zhu’s case, the fraud only became public because she fell out with Lei, the seller."
https://www.reuters.com/investigates/spe...mortgages/
"...Zhu stood to make a tidy profit. She was not so keen to share gains with the government. Under the third contract she drew up with Lei, the Shenzhen flat was valued at only 2.8 million yuan, less than half its true value, the court records show. That contract was for showing to the taxman. At that value, Zhu would have saved more than 50,000 yuan in taxes, according to Shenzhen regulations.
In the vast majority of cases, fraudulent loan applications remain concealed as prices continue to rise and buyers meet their repayments. In Zhu’s case, the fraud only became public because she fell out with Lei, the seller."