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Property

Asian investors entangled in $1.2bn German property scandal

Liquidator seeks to identify those who invested in redevelopment scheme

HAMBURG, Germany -- A German real estate company is at the center of allegations of thousands of investors in Asia and elsewhere being bilked of more than $1 billion in an investment scandal, and authorities are now racing to recover at least part of the funds.

A court-appointed liquidator is seeking to identify the investors in South Korea, Hong Kong, Singapore, Malaysia and elsewhere who funneled more than 1 billion euros ($1.16 billion) into the company -- which promised double-digit returns from the redevelopment of historic German buildings -- until most of the money disappeared.

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