Tuesday, May 31, 2016

In China, Homeowners Find Themselves in a Land of Doubt - The New York Times

When the neighbor — whose surname is Wang — tried to sell her apartment, local officials told her that her lease on the land had expired. To sell her apartment, they told her, she would have to pay them one-third of the sales value.

Ms. Wang protested in a move that drew national attention. Suddenly millions of Chinese who had socked away billions — and possibly trillions — of dollars were worried as well. If the local authorities in other parts of China did the same thing, they thought, a big chunk of their own wealth could end up with the government as well.

via www.nytimes.com

The People's Republic!

https://rightcoast.typepad.com/rightcoast/2016/05/in-china-homeowners-find-themselves-in-a-land-of-doubt-the-new-york-times.html

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