That’s how long it takes Country Garden Holdings Co. to start selling apartments after acquiring land. Shadow lenders can’t stop lining up at their doors. The borrowers belong to the Wadia Group, which built the ship on which the American national anthem was composed. The two Dewan loans are for 72 months, including a principal moratorium of 48 months. Investors in the trust’s pass-through certificates will start receiving principal only in December 2021.The time for masking such equity-type investments as loans has passed.

Source: Economic Times February 17, 2019 05:03 UTC