China out to seize overseas real estate holdings of corrupt officials, businessmen

Chinese officials have quietly embarked on a “worldwide hunt” to seize overseas properties believed to have been purchased by “corrupt officials and crooked businessmen” who have smuggled billions of dollars out of the country, The Atlantic reports.

Much of that money is believed to have been invested in real estate in high-end neighborhoods in cities like New York, Los Angeles, Toronto, London and Sydney.

But seizing property can be a lengthy and arduous process, “fraught with diplomatic and legal complications,” The Atlantic reports.

In the U.S., China will have to demonstrate that any property it wants to seize was purchased entirely with funds obtained through corrupt activities — a tricky proposition when tainted funds are mingled with legitimate funds. Source: theatlantic.com