Chinese wealth flowing into Australia

This is taken from a SBS page. Nice feel good article :)

What is luring China's wealthy to invest in Australia - and what does it mean for the national economy?
By Primrose Riordan

Nine out of 10 applicants for the new special investment visas are Chinese
The Australian special investor visa program is gaining steam after a slow start in 2012. Analysts say 65, mostly Chinese, millionaires have brought over $440 million into the country so far.

The scheme - auspiciously dubbed sub-class 188 – fast tracks visas for those ready to invest over five million dollars into Australia. This is a whopping 26.5 million yuan. The cash needs to go into state government bonds, specific infrastructure and property investments. So far it’s mostly filled Victoria and NSW coffers.

After four years on a residency visa investors can add another lucky eight, convert to a subclass 888 visa and get an Australian passport. By the end of 2013, 601 people had applied and 65 visas had been granted according to the Australian Department of Immigration and Border Protection.
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They're everywhere. Look at Ashfield, Hurstville, Rhodes etc.

Chairman Mao has failed (you can no longer view his body as he has rolled over on the slab) Capitalism has won.
 
China's wealthy parking profits in Australia's real estate market

http://www.abc.net.au/news/2014-02-15/an-chinese-australia-housing-market/5262374 - Karon Snowdon /ANN

"Financial policies in China are driving an interest in the Australian real estate market.

Wealthy Chinese are looking for better returns than they can get at home, and the Australian housing market is now second only to the US in its attractiveness for investors.

In 2012, mainland Chinese buyers spent more than $AU4 billion in Australia, according to the Foreign Investment Review Board...

In the Sydney harbour suburb of Mosman, 30 to 40 per cent of sales over $3 million have reportedly been to Chinese buyers...

In Australia while the spotlight tends to fall on the Chinese, Andrew Taylor says the biggest group of foreign buyers are still from the US..."
 
Those visa numbers full of 8s are just a joke haha.
If in the future the Australian government is willing to stop Chinese investment they'd just have to renumber their visas with 4s.
 
the government could probably can the program but they will find other methods - business migration and pay heaps of money to get into the country

"money talks" unfortunately, same as it happens nearly everywhere around the world.

was watching the movie "limitless"by Bradley cooper, when he takes a drug which superimproves his concentration level- giving him the ability to train his body, trade shares and making millions. At one point he says, when you have "X" amount of millions cash - there isn't much you can't do

Which in reality, My friend who personally wanted to get into Australia 6 years ago, said he will bring in 5 mil open a business employ a minimum of 3-4 ppl, buy property and do some builds and the pay the 100k something fee etc - business visa was stamped faster than you take money out of your ATM machine.

that is the reality of the world.
 
You are talking about this as something 'bad' :confused:

If someone is willing to invest 5 mil then welcome them with open hands!
 
I'm with you Devank; its a global business world now so whether they are Chinese, Americans or whatever if they show us the money why would we say no? especially if you are keen to flog a d.a. approved block like me haha:p
 
If they're bringing in money not putting their hands out for welfare then bring them in I'd say. Who cares if Canada slammed their doors on their equivalent scheme.

Keep in mind the US/CA (when CA was still running theirs) they require a lower level of financial commitments as well.
 
I understand for a country like ours that runs continual trade deficits foreign investment is necessary or face a downwards revision in living standards.

However the problem with such an immigration system is since money is central to the reason of the visa being obtained, the question should be asked as to how the money was obtained? This should have to be proven to get the visa.

Not every Australian can make millions off slave labour or has an Uncle who is an corrupt official, yet we now have to compete with such new migrants for housing stock.

Sure we benifit $$$ for now but do our kids..Just sayin.
 
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that would be a question for the government on what they can or cannot do.
and what suburbs or houses you wish to purchase in.

I don't think many ppl would be competing with them as those migrants on the upper scale would go pretty high end. many years ago, when the rudd government opened the gates for foreign purchasers of property without any approval during the GFC, the period brought a whole bunch of investors with serious cash, there were buyers walking off Toorak making offers on mansions (although they require approval now - they still do it through business migration buying pizza shops, milk bars, video stores etc)
 
However the problem with such an immigration system is since money is central to the reason of the visa being obtained, the question should be asked as to how the money was obtained? This should have to be proven to get the visa.

I agree. I think luring people with good business skills and tonnes of cash is good, but it's also important HOW they made that cash. If all we're doing is bringing in a bunch of corrupt people who don't have any skills to offer this country other than how to network and leech your way to the top of a very dirty system, then that's not a contribution that's worth anything IMO.
 
I don't think many ppl would be competing with them as those migrants on the upper scale would go pretty high end.

But if MR Rich Aussie gets blown out of the water by Mr Vi$A for a 2 million dollar house he just moves into MR Well offs suburb and blows him out the water, and then Mr Well off moves to Mr Joe Average suburb and blows him out the water.

It trickles down you know.
 
I agree. I think luring people with good business skills and tonnes of cash is good, but it's also important HOW they made that cash. If all we're doing is bringing in a bunch of corrupt people who don't have any skills to offer this country other than how to network and leech your way to the top of a very dirty system, then that's not a contribution that's worth anything IMO.

just because they are rich doesn't mean all of them are corrupt. By generalizing is probably not right approach. it's like saying a certain race are gangs or thieves if only a select few have been found of committing the offence.

Many of the chinese investors made their money from being benefactors of government assets (mines etc) where as some were factory owners who through the opening of trade in china over the last 2 decades or so gave massive opportunities to these people to develop or produce products anything from clothing, building materials etc.

Some become instant millionaires by getting contracts by having networks in certain manufacturing areas. I had a friend who become a millionaire mainly coz he got a few contracts sourcing car spare parts in china for the middle east which made him an instant millionaire in less than a few months.

During the 1998 financial crisis and riots, there were also many chinese Indonesians who left their country, wealthy ones as well and some bought franchises like nandos whereby you see majority of the nandos in Melbourne are owned by people from Indonesia. these were legitmate business people who succeeded in their home countries.
 
But if MR Rich Aussie gets blown out of the water by Mr Vi$A for a 2 million dollar house he just moves into MR Well offs suburb and blows him out the water, and then Mr Well off moves to Mr Joe Average suburb and blows him out the water.

It trickles down you know.

yup that is true. the flow on effect.
 
just because they are rich doesn't mean all of them are corrupt.

I never said that.

But we DO know that there is a lot of dirty money coming out of there. Those are the people we should stop. Even the Chinese government is trying to put a halt on the outflow of corrupt money.

But the genuine businessmen - absolutely we should be attracting them. The ones that are savvy and will contribute enormously I think we should be welcoming with open arms regardless of race or country. It's the corrupt that I think we have nothing to gain from.
 
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