Vanke, Yuexiu, Country Garden Disavow Property Fee Discount Services as Police Identify Money Laundering
Online platforms including Xianyu, Xiaohongshu and Taobao are offering discounted property management fee payment services, with discounts of up to 26 percent. Police have identified these services as a front for money laundering, using illicit funds from telecom fraud and online gambling. Property developers Vanke, Yuexiu and Country Garden have stated they never authorized any such discounts. In one case, a homeowner in Changsha who used a 25 percent discount service had the funds frozen after police flagged the transaction as fraudulent, and it took a month to recover the money. Homeowners risk having their accounts frozen and being billed again by the property management.
- Effective
- -5
- Intensity
- 40
- Confidence
- 70%
- Horizon
- Short term