Credit is insanely available in the US. Developers can get a significant loan; which is a better deal than channeling your apartment through such a scheme (assuming selling is easy).
Right, this sort of scheme is a great way to get things done without a lot of formal banking & legal machinery. And it's pretty resilient: if building is interrupted by (say) political unrest, or there's an episode of hyperinflation in the middle, everyone understands the deal -- the landowner still gets his 2 flats when it's done.
