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Stock impact report

Chinese Real Estate Developer Resorts To Desperate Shell Game To 'Sell' New Homes [Yahoo! Finance]

Apple Inc. (AAPL) 
Last apple inc. earnings: 4/30 04:30 pm Check Earnings Report
US:NASDAQ Investor Relations: investor.apple.com
Company Research Source: Yahoo! Finance
The Zhengzhou Real Estate Development Company has offered to buy 500 homes from Zhengzhou residents on the condition that they use the proceeds to buy a new home built by the developer. The new home must also equal or exceed the price the developer paid for the home. If trying to understand how any real estate developer can make a profit from a shell game like this makes your head hurt, you are not alone. Adding another level of complexity to this story is the fact that Zhengzhou Real Estate Development Company is state-owned. Accordingly, the local city government has asked residents to go along with the plan. The motive behind this unorthodox gambit by the developer is simple: Zhengzhou's real estate market is in free fall. China's National Bureau of Statistics says new home prices have dropped in Zhengzhou for 12 consecutive months. Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 1 Show less Read more
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