Where Have We Seen this Before?

Zhengzhou’s property market took off when the Chinese government eased borrowing and credit restrictions in 2015 and 2016, setting off a nationwide home-buying frenzy.

Attracted by cheaper prices in interior provinces like Henan, buyers from across the country piled into Zhengzhou, many paying in full, in cash, to secure flats that often sold out within minutes.

In September 2016, at a new Evergrande apartment complex, a couple in their 40s told Reuters, wiping away tears of disappointment, that they drove from a nearby city only to be told that everything had been sold.


And prices kept soaring.


But in September last year, the Zhengzhou property market deteriorated rapidly, according to sales agents. Unsold property inventory in Zhengzhou rose 26.5% last year, compared to a 26.9% decline in 2016 at the peak of the boom.


Read More

Surely DB is:

Deutsche Bank's U.S. Unit Kept Danske's Shady Billions Flowing

Years before regulators learned about what may be one of the biggest money-laundering pipelines in history, low-level bank employees in Jacksonville, Florida, sounded repeated alarms.

Compliance workers for Deutsche Bank AG flagged some of at least $150 billion in transactions that the bank’s U.S. subsidiary handled for a tiny Estonian unit of Danske Bank A/S, according to a former compliance officer.

Read More