Auction sales of luxury homes seized in $3b laundering case falter amid mismatched expectations
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Auction sales for luxury homes seized in a money laundering case involving 3 billion dollars are struggling. This is happening because of a mismatch in expectations. Foreign buyers are discouraged by a 60% ABSD. New property launches in prime districts are also creating competition.
Foreign buyers are deterred by the 60% ABSD and there is competition from new prime district launches.