As a property-flipping speculator before Dubai’s 2008 real estate crash, Mulchandani rode the ups and downs of a market that’s offering second chances to investors and developers who didn’t fail or flee.
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Dubai's boom-and-bust real estate market can land you at the wheel of a Rolls-Royce or behind bars. Kabir Mulchandani should know: He's experienced both. Five years after spending 140 days in jail facing charges of fraud and embezzlement for which he ultimately was cleared, the chairman of developer SKAI Holdings stands at a building site watching cranes start work on one of the company's three projects. As a property-flipping speculator before Dubai's 2008 real estate crash, Mulchandani rode the ups and downs of a market that's offering second chances to investors and developers who didn't fail or flee.So it went for the next four years as Dubai became one of the world's fastest-growing real estate markets.Dynasty Zarooni held more than 100 million dirhams in postdated checks from buyers and by early 2009, checks from some purchasers bounced and complaints were filed, Mulchandani said.China State Construction declined to comment on the partnership when contacted through the company's Middle East office in Dubai.Dubai was the world's fastest growing property market last year with home prices surging 35 percent, according to Khawar Khan, a research manager at broker Knight Frank LLP in Dubai.
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