Good morning, investors. In today’s real estate news—a simple overview of the retail market’s woes, a scammer couple reveal the flaws with the EB-5 program, and banks aren’t lending to apartment projects like they used to.
An easy-to-read explanation of the current problems facing the retail industry. The problems goes beyond Amazon’s relentless assault on brick-and-mortar.
Victoria and Tat Chan scammed millions of dollars from foreign Chinese investors over the course of several years, transferring money from a fake development to a series of luxury homes for themselves. The situation isn’t as uncommon as it should be, and points to issues with the EB-5 program.
Banks are offering smaller loans than they once did to finance the development of multifamily properties. Banks face increased regulations that limit their risk-taking abilities. Financing can be found through other avenues though.