Sunday, 9 July 2017

Regular Readers Of Our Blog,

may remember this,

the TEB (Transit Explore Bus), way back in August 2016, the passenger compartment spans two traffic lanes and sits high above the road surface, allowing other traffic to pass by underneath, regardless of whether the bus is moving or not, vehicles under 2 meters high can easily get through the gap, running along special tracks, the bus will be able to carry up to 300 passengers, and travel at an estimated top speed of 60 kilometres per hour,

well apparently it got built and tested, but was abandoned on its tracks in the city of Qinhuangdao, it sat there for months, snarling traffic around it, now it allegedly turns out that the whole thing appears to be a scheme to fleece money from investors, on Sunday, Beijing's Dongcheng district police bureau announced on Weibo that it had started an investigation into the company behind the TEB project—Huaying Kailai, an online investing platform, the police say they are holding more than 30 people, including Bai Zhiming who runs both Huaying Kailai and the TEB project, it appears that the TEB was sold to private investors with a minimum buy-in of $150,000 and a promised annualised return of 12 percent, earlier this year, Southern Metropolis Daily reported that 72 investors had filed lawsuits against Bai and Huaying Kailai; the Chinese newspaper said that, as of October 2016, Huaying Kailai had raised ¥9.1 billion (~£1 billion, ~$1.3 billion) in private investments, and there was me thinking it was a good idea!

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