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"Lao Lais" Enjoy the Good Life! [Copy link] 中文

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Post time 2018-7-1 12:53:14 |Display all floors
Lately, there has been much news circulating around 'lao lais', the debt defaulters who ignore court orders and continue to lead the good life while their victims could only hold on to worthless pieces of paper issued by the courts in their favor!  By clever rearrangements of their financial affairs, lao lais avoid their debts until court bailiffs physically force their way into their homes, arrest them and confiscate their belongings, evict them, seize their homes and put  them on the auction block to repay their debts.  Their days are numbered though, the courts have been proactive in arresting lao lais and restricting their rights, blacklisting them, preventing them buying airlines and train tickets, denying them access to financial insitutions, downgrade their crediitworthiness  etc.   Still, one must pity the victims of lao lais!  They deserve the protection of the law against the scumbags of society, the lao lais!

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Post time 2018-7-1 14:29:42 |Display all floors


Who becomes a "lao lai", and how? For ordinary people I don't see how they can default on payments to banks or other institutional creditors.

It is a different matter with underground financing, with unregistered "banks" that call in debts with the help of thugs.

I remember the owner of a residential block in downtown Shenzhen usuriously charged 2% interest a day from residents who were late in paying their utility charges. If you happened to be away from the first of the month to maybe the 15th, your apartment number and the amount owed would be on a list hung prominently on the wall next to the lift and every day the amount would be adjusted. Within 30 days, your dues would double.

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Post time 2018-7-1 14:39:58 |Display all floors
seneca Post time: 2018-7-1 14:29
Who becomes a "lao lai", and how? For ordinary people I don't see how they can default on payments ...

lao lais don't default on bank loans, they default on other judgements against them, such as compensation to accident victims, business deals, etc. It is the small victims, rather than the big banks who suffer from lao lais.

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