The banking system isn't that developed and people are used to paying in cash, even if you buy a house here your downpayment is likely to be 50% of the house's value.
There is a lot of gray money flowing into foreign, some of it actually corrupt, but much of it just very gray. Some of it is real money, with no other way to invest RMB domestically (domestic real estate is a basket case, stock market...ha!), many just look abroad for investment opportunities and aren't too creative about it.
There is a lot of gray money flowing into foreign, some of it actually corrupt, but much of it just very gray. Some of it is real money, with no other way to invest RMB domestically (domestic real estate is a basket case, stock market...ha!), many just look abroad for investment opportunities and aren't too creative about it.