27 Apr '16, 6am

This attempt to use a real estate transaction to turn "black money" to "white" fell through.

View of bungalows in Sentosa Cove. The sale of a $23.8 million bungalow along Lakeshore View in Sentosa Cove was scrapped after the would-be-buyer was arrested for her involvement in a Ponzi scheme, reported The Business Times . In October 2015, the owners of the luxury property granted an option to purchase to Zhang Min, President of China’s Yucheng Group, the parent company of Ezubao. She exercised the option that same month and subsequently lodged a caveat in November to register her intention to purchase the bungalow. However, the sellers weren’t able to contact her during the purchase deadline, and Zhang cancelled the caveat in February, shortly after it was reported that she was one of the executives of Yucheng Group and Ezubao who were arrested in China for swindling investors. Ezubao was one of China’s largest online peer-to-peer (P2P) lenders that was recently clo...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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