thats not even a question its a "given"!
Chinese wealth flowing into Australia
- Thread starter devank
- Start date
Australia should do what Canada has done and make some attempt to block this dirty money fleeing China. Beijing is trying to cooperate with foreign governments to track this money, but money laundering via real estate is more difficult to track than other investments that have reporting laws built in. It would be good to see a few high profile property confiscations.
Heheh the richer ones buy their tut work/assignment. The not so rich/povo ones go work on $8/hour cashies rate so they can afford to pay a mercenary to do their assessment. It usually unravel when they have to sit for the exam themselves...one of my 'client' had failed the same subject 3 times despite paying $$$ to get every single one of their submissions done.
Heck they've supplemented my income even after I've left uni because they keep on failing
Locals priced out by $24b Chinese property splurge
March 5, 2014 - Max Mason
http://www.theage.com.au/business/property/locals-priced-out-by-24b-chinese-property-splurge-20140305-346hd.html
"...Using data from the Australian Bureau of Statistics and the Foreign Investment Review Board, Credit Suisse estimates that Chinese buyers account for 18 per cent of new property purchases in Sydney, and 14 per cent of the supply in Melbourne. This does not include second-hand homes..."
"...There are currently 1.1 million millionaires in China who could easily afford properties in Australia's two most expensive markets, Credit Suisse says in a research note...."
March 5, 2014 - Max Mason
http://www.theage.com.au/business/property/locals-priced-out-by-24b-chinese-property-splurge-20140305-346hd.html
"...Using data from the Australian Bureau of Statistics and the Foreign Investment Review Board, Credit Suisse estimates that Chinese buyers account for 18 per cent of new property purchases in Sydney, and 14 per cent of the supply in Melbourne. This does not include second-hand homes..."
"...There are currently 1.1 million millionaires in China who could easily afford properties in Australia's two most expensive markets, Credit Suisse says in a research note...."
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as long as you stay out of the chinese targeted suburbs in melbourne like doncaster, doncaster east, balwyn, box hill, box hill south, burwood, burwood east, kew, brighton etc you should be alright, like i don't really see mainland ppl buying in clayton or frankston or dandenong.
The chart posted shows that North America combined (USA and Canada) still far eclipses the Chinese.
So what's the alarm? How come I don't see articles about North Americans driving up our home prices?
So what's the alarm? How come I don't see articles about North Americans driving up our home prices?
1. Nothing sell papers like sensational crap.
2. Put all the blame on a single nationality seems to be a national sport.
Yep.
Not seeing the issue here - especially considering the scorn whinges about first home buyers being priced out of the market by existing property owners get.
As for why Chinese investment is somehow bad but US/UK/Canadian investment is fine - can't see any other reason apart from race/culture.
Got proof of that?
It's pretty well known...corruption is rife over there.
This is just rubbish talking.
There is a real estate bubble in China - Any investor in Beijing / Shanghai sells one of their investment property there can easily buy $700k house here easily by cash.
My point here is due to recent exponential real estate growth in China, average investor can afford to buy real estate overseas to spread their risk profile. Brother in law just sold his 2 bed unit in Beijing for AU$ 1 mil and he is thinking of buy an off plan unit here.
Spot on.....th Chinese are worried the their govt is going to pop the bubble and limit price growth.
So what are they doing....they selling taking their money...like the below...they can sell their 3 brm unit in Shangai for say $2.5M a nice suburb and buy 3 units in nice suburbs in Sydney or Melbourne. The problem is a lot of Chinese don't understand new units off the plan are poor investments....so some will be burnt!
It also gives them an opportunity to remove risk from the Chinese govt!
Sure some of the money is dirty....but a lot of money from property sales...the Xenophobes should get used to foreigners buying. It is good for Australia.
So what are they doing....they selling taking their money...like the below...they can sell their 3 brm unit in Shangai for say $2.5M a nice suburb and buy 3 units in nice suburbs in Sydney or Melbourne. The problem is a lot of Chinese don't understand new units off the plan are poor investments....so some will be burnt!
It also gives them an opportunity to remove risk from the Chinese govt!
Sure some of the money is dirty....but a lot of money from property sales...the Xenophobes should get used to foreigners buying. It is good for Australia.
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It's not rubbish, it's established fact that a lot of corrupt Chinese money ends up in foreign real estate. Some countries have done something about it, Australia not so much yet hence is still a favoured destination for investment.
http://qz.com/143017/beijing-goes-hunting-for-overseas-real-estate-by-corrupt-officials/
Yes, and that makes it different from North Americans (the largest buyers in this market by far) driving up Sydney and Melbourne home prices because.........?
I don't want my country to become a money laundering destination like Switzerland used to be.
http://www.smh.com.au/business/prop...rty-splurge-20140305-346hd.html#ixzz2v5XsL1Qu
U.S./Canada tend to buy a lot of commercial property.
