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Old May 16th, 2012, 12:13 PM   #19
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Crain's had an article about this development this week.

Investors\\\\\\\\\\' plan for Chinese housing development hits snag

Cliff's Notes:
Investor already had Chinese purchasers for all the potential homes lined up and presold
After assembling and purchasing the land, investor discovered that receiving the visas wouldn't be as simple as they originally thought
Somebody on the investor's team didn't do their due diligence
Investor is now stuck with the land and will eventually do something with it (sell it off to somebody else, build something, or hold on to it as an investment)
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