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News Summary: Developer exit leaves Vietnam anger

The Associated Press

DEVELOPER EVAPORATES: As Vietnam's property boom crashed around him, American developer Edward Chi kept promising investors their flashy apartments were on track. But Chi ducked out of a tense meeting with the prospective home owners last year and never returned, leaving at least 128 angry investors.

LOST MONEY: Many of the investors had already put down more than $150,000 from life savings or bank loans. Police say Chi has left the country and is unreachable.

THE BACKGROUND: Chi was one of scores of developers drawn to Vietnamese property in the late 2000s, when Communist authorities encouraged state-owned banks to hand out easy credit to stimulate the economy. The market crashed late in 2010.