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China state-controlled TV accuses state-controlled bank of money laundering

  • The Bank of China engaged in money laundering and in helping clients skirt controls on cross-border fund transfers, according to a 20-minute report airing on China Central Television.
  • One of Beijing's more powerful propaganda arms CCTV is often critical of both domestic and foreign firms. but it's rare for it to hone in on state-owned businesses, of which Bank of China is. The move coincides with a party crackdown on corruption, with particular focus on officials trying to move illegally obtained assets overseas.
  • Earlier this week, the NAR said Chinese customers led the way in a big jump in foreign purchases of U.S. real estate in 2013, buying $22B worth - about 24% of all foreign sales and 16% of total real estate sales.
Comments (4)
  • Tschurin
    , contributor
    Comments (362) | Send Message
    Dear Ed:


    If Chinese were 24% of foreign sales and 16% of total sales, that would mean that foreigners bought two-thirds of all U.S. real estate. First of all the NAR-related article is just referring to just residential real estate. Secondly the 16% refers to buyers/transactions, not "total real estate sales."
    9 Jul 2014, 03:58 PM Reply Like
  • Patent News
    , contributor
    Comments (1404) | Send Message
    9 Jul 2014, 03:59 PM Reply Like
  • Tschurin
    , contributor
    Comments (362) | Send Message
    As in editor. Also note that keeping Chinese from shifting assets into foreign property also presumably serves the national interest in helping prop up the Chinese domestic real estate market.
    9 Jul 2014, 04:02 PM Reply Like
  • Energysystems
    , contributor
    Comments (1328) | Send Message
    Who's on first?
    9 Jul 2014, 04:06 PM Reply Like
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