Being quite familiar with the Blue Chip investment scenario, I can confidently say that, if there was one property Ponzi scheme, it'd be Blue Chip. They took money form 'investors' at a significantly high interest rates to build apartments, which would be sold (overpriced) to third parties and the proceeds would be used to repay the 'investors.' It sounds like normal borrowings for a business purpose but the small letter read that if the apartments could not be sold to third parties, then the original 'investor' would be forced to purchase the apartment - collateral had to be given by the 'investor' for the transaction.
The original newspaper article describes a pretty tragic story for the couple involved. However, I have no sympathy for them. I am sure that they didn't see themselves as 'greedy' and were convinced of their desire to get ahead was a noble endeavour. But I have little regard for suckers who cry over spilled milk, especially those who parade themselves on newspapers as a roundabout way of asking for welfare payments to fill in the gap brought about by their own stupidity.
