As we know, developer Ralan has collapsed owing creditors at least half a billion dollars. Included among them are hundreds of buyers who bought apartments off-the-plan who are facing deposit losses of up to $70,000 or more.
Today, it has been revealed that Ralan targeted Chinese buyers in an elaborate ponzi scheme:
Ralan, which was developing billion-dollar apartment towers on the Gold Coast and in Sydney’s Arncliffe, collapsed earlier this month owing secured creditors about $200 million and unsecured creditors including hundreds of Chinese-born apartment buyers about $277m as well as sundry other debts. About 750 creditors attended the first creditors meeting in Sydney last Friday.
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