Sounds like a good deal in periods of central bank stimulus and...

Sounds like a good deal in periods of central bank stimulus and growth, but the worst deal in times of recession post boom, ie now.

Massive risk:
- china party defaulting, bank sells property at a loss (relates to above)
- china party changing their mind and not selling or doing whatever they want. Anyone that knows china's business culture will see this as a massive red flag. Contracts mean nothing in china. In fact I wouldn't be surprised if this is a well engineered social scam.

Worst deal ever actually. Massive upfront cost and high probability of loss. Especially when china is hung over from their money printing fiasco as well. Tell the guy to speak to someone who's done business in china, and i bet he reneges.