First Real Estate Bankruptcy of 2015

A real estate firm in Ganzhou, Jiangxi province has gone bust. The company owes nearly ￥2 billion in debt and the boss has been detained. He's suspected of illegal fundraising among other illegal activities. The firm also sold homes to customers and simultaneously used them as collateral for loans. In one building, dubbed a "disaster area", there are 155 such properties.

iFeng: 赣州首现房企破产：老板欠债近20亿 已被控制