When Li Qing decided to sell her apartment in the southern Chinese city of Guilin, the real estate agent made an enticing offer: a quick sale and a guaranteed payment of 900,000 yuan ($125,000), hassle-free. All she had to do was agree to a few unusual conditions.
Caixin
The scam that turned China's housing slump into a cash machine
Speculators exploit gap between sales prices, valuations, adding to banks' risks
Residential buildings under construction in Huizhou, China, in October 2024. Once a pillar of the economy, China's property market has undergone a painful correction since late 2021. © Reuters
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