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I smell a lot of foul play here. It's not just a market shift thing.
A case that I had personally witnessed followed a similar MO.
Find a property, take out a crap load amount of loan while putting very little money of their own, announce a project, take a crap load of deposits (more than enough to cover the little capital they actually put in), borrow more money for "construction" and "materials" and then disappear.
In this case that I witnessed, this scumbag developer probably made well over 60M from the loans alone. And worse... it was later found that he got some serious kickback from land sellers (land selling for 10M? I will give you 30 but you give me back 18).
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Nothing for now
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