September 20, 2013
HANOI, Vietnam — As Vietnam's first property boom crashed around him, American developer Edward Chi kept promising investors their flashy apartments were on track. The businessman even told them he would sell his California properties to pay them back if construction stopped on projects that were heavily marketed by a well-known American real estate company.
But Chi ducked out of a tense meeting with the prospective home owners last year and never returned, leaving the rusting foundations of an apartment block and at least 128 angry investors, many who had already put down more than $150,000 from life savings or bank loans. Police say Chi has left the country and is unreachable.
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