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Special Report: Hidden peril awaits China's banks as property binge fuels mortgage fraud frenzy


By Engen Tham, Clare Jim and Yawen ChenSHANGHAI/HONG KONG/BEIJING (Reuters) - When Zhu Chenxia bought a flat early last year from Lei Yarong in the up-market Nanshan district of China's southern metropolis of Shenzhen, the two women drew up three purchase agreements to cover the deal.Only one was genuine.In the legitimate contract, Zhu agreed to pay Lei 6.49 million yuan (about $980,000) for the 96-square-meter apartment near the city's border with Hong Kong, according to records filed in a Shenzhen court. With the help of her property agent, Zhu cooked up a second contract with Lei that ...

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First Published: Mon, December 04 2017. 17:40 IST