Description
Why are multimillion-dollar properties seized in Singapore's S$3 billion money laundering case proving so difficult to sell?
While some seized luxury goods fetched more than five times their initial asking prices, with the first auction raising S$1.1 million, for 337 handbags, not a single property was sold in the first round of auctions.
Property experts point to a limited pool of buyers who can afford these exclusive homes. And while foreign buyers could help, Singapore's Additional Buyer's Stamp Duty makes these properties even more expensive for them.
The Billion Dollar Wash traces Wang Shuiming's journey from poverty in China to being a key figure in Singapore's largest money laundering case.
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