*Report – Global Wealth Report – Credit Suisse
As Four Corners reported on Monday, the number of Chinese investors buying Australian real estate is skyrocketing, surging more than 400% in the past five years. Chinese buyers are buying property, sight unseen, trusting in local agents to find them profitable investments. But why is Australian real estate so attractive to the Chinese? Where are they hearing about it? And don’t we have laws against letting foreign buyers purchase land here?
Tax Commissioner Chris Jordan told Four Corners that a 21-year-old student buying a $5 million waterfront house was a clear breach of the rules. “So the obvious question for us is, where did the $5 million come from to buy that property?”
|What A Beauty - Pink Bottlebrush level 2 Sep 2015|
The answer to the last question is “yes, but they are for all practical purposes, completely unenforced”. The answer to the first question is directly related to the answer to the last.
There are stricter controls and ID requirements over having a punt with your Sportsbet account than there are over buying a house, and property exchanges are excluded from money-laundering laws.
by drsmithy on Oct 14, 2015 at 11:40 pm
Another seven properties go under the hammer next month as the controversial sell-off of government-owned properties in Millers Point continues.
The family of convicted drug smuggler Schapelle Corby has been awarded almost $1 million in damages after a book claimed they were part of a drug syndicate, The Australian reports. Fairfax media journalist Eamonn Duff wrote Sins of the Father which Allen & Unwin published but have since been forced to pulp. The book, published in 2012, claimed a fortnight before Schapelle’s arrest that Queensland police had received information that Mick Corby would be delivering drugs on a flight to Bali Explained Wealth ...
There are bad omens for Australia's record housing boom and, as one major bank raises its interest rates and others are tipped to follow, there's a warning that massive household debt means tough times ahead First signs the housing bubble is bursting and what that could mean for you
MPs to hold emergency debate over politicians’ communications being spied upon Western Daily Press