At least 14 buyers who bought apartments off the plan in a tower in Sydney’s south-west are facing the loss of their investment after the developer defaulted on a loan from a British Virgin Island lender, backed by a Chinese bank.
The default raises questions about the protection for foreign and migrant buyers rushing to buy in Australia and the role of “shadow” lenders who are increasingly stepping in to lend in sectors vacated by mainstream Australian banks.
Pretty weird stuff this at the AFR: