Chinese Officials Dump Luxury Homes

Wall Street Journal: “China’s corruption crackdown has already taken a bite out of the hospitality sector in China with its ban on lavish banquets and is now starting to make waves in another corner of the economy, as officials afraid of government scrutiny are dumping apartments.”

“The dumping of properties is the latest iteration of fear that has spread through the Chinese government at all levels as President Xi Jinping’s anticorruption campaign rolls on. Already, government officials have toned down lavish banquets, gift-giving and travel.”