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Posted on 12 Dec 2008 5:35 am
I am a recently returned expatriate and I am disgusted and ashamed at the way UK land plots are being offered in Asia.
The land plots are being marked up by over 1500% on the original purchase price and offered as highly profitable investment opportunities supported by TV and Newspaper advertising using UK football celebrities.
The FSA position is a joke warning only that the risk is land banking may constitute a collective investment scheme. In fact the real risk and almost certain outcome is an investor will lose all of their money.
The UK local authorities will not make any clear statements on the land for fear of pre-determining a planning application. That planning authority weakness is used by the land banking companies to "prove" that the planning opportunity is real and highly likely.
The UK authorities need to act as a group consistently between government, local authorities, consumer groups and legal enforcement to stamp out this shameful and fraudulent activity in land plots.
We can hardly complain about the constant scams operating out of Nigeria or Spain if the UK is enabling wholesale deception to be provided in Asia.
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