What is behind this 53% stake in the Australian NON-BANKING LENDER, Mortgageport?
Key Points …
-the mortgage arm of Far East Consortium now has 53% stake in Aussie non-banking lender Mortgageport
-to create new revenue streams and to allow the developer to earn more from provision of capital; create a new earning stream for the group and to unlock the significant value hidden within
the group’s property portfolio
-BC Invest (FEC’s mortgage arm) hopes to expand in Aust domestic mortgage market; that banks have not focused on
-this Hong Kong company provides non-resident mortgages, asset management and accounting
-it is anticipated that the new capital and funding support will allow Mortgageport to triple its assets within a few years; and establish it as one of the top three non-banking mortgage managers
in Aust. domestic market
-the plan to leverage growth in its existing markets; to use infrastructure and resources to capitalize in A$2 Trillion domestic mortgage market
-BCI maintains its non-resident mortgages to be supported by adding domestic mortgages; non-banking lenders account for 10% of the market share in Aust. Domestic mortgages
-a surge of Hong Kong buyers for property in the UK, Australia and Canada
.those buying Australian property mostly opt for non-banking lenders
WOULD that be because these lenders are not bound by the Banks Anti-Money Laundering Laws? (the second tranche of the AML Laws)?
Not surprising, is it? When on ABC Radio (news radio) heard an interview with the CEO of Transparency International about its submission to an inquiry about:
-money laundering particularly in property
-the failure of our controls legislation
-who’s doing it here?
View Related Article: ‘Widespread Money Laundering in Property Locking Out Australians from Owning Homes, Senate told’
The Senate is probing the strength of Australia’s money-laundering and counter-terrorism financing laws, and heard on Tuesday from anti-corruption group Transparency International Australia and its director, former Austrac general counsel Russell Wilson.*
Transparency International Australia’s chief executive, Serena Lillywhite, said Australia had become the “destination of choice” for the flow of illicit funds, particularly for “corruption-related proceeds, which too often do end up in the property market”.
THIS is very good from Transparency International, but whether any headway will be made is another question after all SCOMO said it today … he doesn’t believe in compulsory rules (unless it suits them) i.e. in his statement about electric vehicles and the comparisons being made to the SHORTEN Policy … that he’s now largely copying …