Valued At $16 It Sold For $68 Million “In 7200 Seconds” – The Inside Story Of Vancouver’s Wildest Property Deal

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

zerohedge.com / by Tyler Durden on 04/22/2016 20:15

For the past four months we have been closely following the sheer bubble panic, if not outright insanity, that has gripped the Vancouver housing market (here, here, here, here, here and many more) which has been over the past year, converted into the personal offshore piggybank of wealthy Chinese oligarchs seeking to park laundered money outside of their home nation. On the way, the story took an odd detour into the outright bizarre when we reported the curious story of the Chinese tycoon found “chopped up into 100 pieces” in a Vancouver mansion.

But nothing compares to this fascinating story reported first by the South China Morning Post, in which the paper’s investigation revealed the obscure transactions behind a commercial real estate frenzy,including a two-hour stampede by investors desperate to pay C$60m for a site valued at C$16m. Then, a month after taking ownership, they resold it for C$68m.

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The post Valued At $16 It Sold For $68 Million “In 7200 Seconds” – The Inside Story Of Vancouver’s Wildest Property Deal appeared first on Silver For The People.

Thanks to BrotherJohnF