Want Another House? Fake a Divorce

Would you fake a divorce to buy a house? As you mull it over, take this: couples in China are doing so to buy second and third homes, trying to take advantage of rising prices.

To inhale the the growing housing bubble, the Chinese government has been making acquiring second mortgages harder by raising the down payment. Commercial banks are also refusing loans to third time home buyers and about 40 cities have begun limiting apartment purchases to two per family.

However, mirroring America’s own housing bubble, Chinese citizens are pouncing, seeing houses which they see as fast-appreciating assets.

To maneuver around the restrictions, couples are seeking out “so-called fake-certificate companies, which sell phone divorce papers for 300 yuan, or about $45,” so they can own properties under different names according to The Globe and Mail.

There are also reports of real estate agents seizing upon the change to profit from the rush of buyers by helping couples with forged documents prove local residency.

Housing sales have surged 25 percent in the first seven months of this year, and prices have increased in 67 out of 70 cities monitored by the Chinese government.

“In eastern Asian countries we have less land with a high intensity of people. Properties are a scarce commodity, so if you enter the market early, there is a bigger chance of high returns,” said Liu Li-Gang, a Hong Kong-based economist at Australia and New Zealand Banking Group Ltd.

Besides providing you with an interesting idea, if you were desperate for property, would you seek out a divorce lawyer?

Fore more information, check out: International Business Times

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