Cashed-Up Foreign Buyers still seek Aussie Property; A Big Factor in House Price Hike!

CAAN looks at “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

-Is the wool being pulled over our eyes?

The latest survey from the Foreign Investment Review Board (the FIRB) indicates that ‘overseas buyers purchasing activity has hit record lows’ … falling to 7,056 this year from 40,141 in 2015-16 … hm …

Foreign buyers already have their Onshore Proxies here whose clients have been flying in … in the hundreds of thousands for two decades …

So they are already here … they are ‘Permanent Residents’

During the Pandemic could real estate agents have been dealing with these Proxies, or negotiating sales online for first home buyers (FHBs) from South-East Asia? Eh?

As revealed in a number of reports shared on CAAN Australian home buyers including FHBs appear to have been set-up (wiped out) by a number of factors including the price push from this property sector, low interest rates, government grants, and wealthy foreign cash buyers pushing up prices for a very limited supply of housing!

… much of the Australian housing stock is investor-owned

CoreLogic says international buyer demand has dropped over the past six years yet Agents tell us that there is a lot of foreign money around … it does not stretch the imagination too far to figure that with the onshore Proxy that many sales appear to be Australian …(Chinese-Australian, Indonesian-Australian, Vietnamese-Australian, Indian-Australian)  … contemplate the possibility … the likelihood that through an onshore proxy that this has concealed the extent of foreign buying of what was Australian real estate …

Are International Buyers taking over?

Through visa manipulation a ‘Permanent Resident’ can buy homes for Family members

Initially having flown into Australia as a Student to purchase ‘a new home’, and gained their PR Visa, this visa holder then seeks to bring out their family through a ‘Family Visa’ and the like …

And here it is in ‘black and white’ from this article:

‘Many first-home buyers are migrants who recently acquired their PR (permanent residency), and they are highly motivated by their new access to the government’s support packages and benefits for first-home buyers.’  

It would seem they have gained this PR Visa as family migrant members.  And their adult children can then gain access to the government’s First Home Buyer benefits.

Looks like more special treatment for ‘new residents’ that Australian Taxpayers have worked to fund over decades

This decade Australians including the Tran-Smiths have had some bad experiences.

‘A real estate agent gave us a cold shoulder at a property viewing in Hurstville but treated foreign families with a completely different attitude,’ Mrs Tran-Smith said.

Others have informed CAAN where they have noticed agents engaging warmly with Asian buyers after they were dismissed … A woman told us that on arrival at an inspection the agent scowled at her, and rudely waived her to his junior.  This agent was later seen chatting warmly with a likely old Daigou …  

So blatant!  

Later this Australian buyer said she emailed this firm for a copy of the contract and Building/Pest Report the junior agent called her, and said they have been sent … with a follow up call from this agent he crazily abused her!  What is going on?

In another instance, a couple told us that one agent repeatedly wrote in his emails that he would forward the contract and link to the Building Report.  Neither document was received. They requested he forward the documents by return email.  To no avail!

Yet after the auction he then forwarded these documents!  So what is going on?

-‘Australia is the Swiss Bank of the Asia-Pacific Region’

Of course, agents and fellow Real Estate Gatekeepers blatantly prefer foreign black money because the Morrison Government made them exempt from the Anti-Money Laundering Laws in October 2018! 

And this has inflated house prices obviously … through cash side deals

Why are Aussie properties so attractive?

Of course, international buyers including South-East Asian buyers will have an amazing sense of ‘certainty and security’ when buying our real estate … it is a win/win for them as they gain ‘Permanent Residency’ on such a purchase!  And they can then go on a real estate buying spree

The FIRB advises that foreigners can only purchase a ‘new home’ and not our established housing … who took this seriously?

… So they buy a one-bedroom apartment … gain the Permanent Resident Visa … and can then purchase a number of established homes if they so desire … or more ‘new homes’ … indeed Australia is the Swiss Bank for South-East Asians. 

Desirable Foreign Buyers

It’s as though the stable economy, the legal system and safe haven for preserving wealth and comprehensive protection for property owners has been legislated for them!

Migrants from earlier programmes tell us there were no property deals like this for them!

Wealthy Chinese especially from the mainland, Hong Kong, and Singapore, investors from Indonesia and Vietnam … with Australia being the closest developed country to Asia, are lured, obviously by our blue sky, gum trees, beautiful beaches, public schools and hospitals!  Free!

And apartment blocks built especially for them … where they have been able to buy up a whole floor … with no real competition because Australians don’t have the cash to buy a floor!  Many cannot afford an apartment!  Locked out!!

Real Estate Agent, Mr Tran says he treats all clients equally yet he specialises in selling our real estate to South-East Asian buyers … it would appear that is because many of these clients are high-end, and cashed-up obviously willing to make quick decisions with the benefits attached to such a deal!

Buyers Lives are on Hold!

Taken up with exploring listings websites … in some instances driving hundreds of Kms a week  … medical and dental appointments are cancelled … gatherings with friends and family are postponed to fit in property inspections often during the week too! 

It is exhausting as these reports reveal as prices continue to rise! 20.3% over 12 months!  

It is bizarre with much of the housing on the market defective!  Buyers so pent-up … from the torture of years of a cooked market from overseas competition …

So many homes on the market with termite muddying up into the roof timbers, water penetration in lower ground rooms, loose-fill asbestos insulation, dodgy renos, and concrete cancer in the slab. 

Where will the money come from to carry out repairs after $6,000 – $8000 monthly mortgage payments?

-Prices are still Rising because Hot Money is awash in our Real Estate Market

Apart from money launderers gaining Permanent Residency, who else benefits from the price hikes?

It appears some are lawless in this sector hiding behind low mortgage rates alleging that Australians (who have been enduring the lowest wages growth) have more household savingssome may do … agree the Morrison Government incentives pushed up prices because for years FHBs have been locked out, and were desperate to take up any offer!

Why did some of these real estate agents in January 2021 pump up prices by $200,000 with $2M houses and not the guide of $1.5M as they did weeks previously with like properties?If it were not to set this price hike in train?

IT is obvious there is much foreign ‘hot money’ awash in what was Australian real estate …

Related Article: “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

https://www.abc.net.au/news/2021-10-26/international-buyers-role-in-rising-property-prices/100565494

What lies behind the Real Scandal in the Pandora Papers?

ALAN KOHLER writes in ‘The Real Scandal in the Pandora Papers’

‘The most disturbing part of the Four Corners program this week about the PANDORA PAPERS leak was the statement by Greens Senator Peter Whish-Wilson that lobbying and donations by lawyers, accountants and real estate agents have successfully blocked any action on money laundering in Australia.

CAAN:  Sadly this is true!

HOW did this ‘Pushback’ happen?  Lobbying by the Real Estate Institute and the Law Council!   

It appears the gatekeepers dodged the responsibility by passing the buck when then President of the Real Estate Institute of Australia, Adrian Kelly said that others should also bear the regulatory burden.

“We are working with government on an approach that minimises the impact on agents because much of the information can be sought from others involved in the transaction process, including the banks and their conveying process,” he said.

When it was unlikely that funds were being transferred through the Australian Banking system, but rather through black cash, shadow banking and wire transfer of the money to an offshore bank account in a tax haven to be laundered in Casinos and Australian Real Estate!

Experts say tens of billions of dollars would have been moved from China to Australia by Chinese kleptocrats, as corrupt officials attempt to park their funds in a safe jurisdiction. 

President of the Law Council of Australia Arthur Moses, SC, said their profession was already extensively regulated by the states and territories under a comprehensive and robust regulatory system.

“The Law Council is concerned that imposing the full AML/CTF regulatory regime may create conflicts with the lawyer’s duty of confidentiality and the principle of client professional privilege, as well as increasing the cost of legal services to the community,” he said.

IS that credible?

WHY is it with the purchase of real estate there should be some difference compared to buying or selling a vehicle, why is it different?

Why is it difficult to apply laws to the purchase of real estate?

Why is that compromising a lawyer?  Why should real estate be any different to any other matter?

If there are laws governing real estate so be it.  It should not make any difference to a lawyer. If lawyers have a matter before them that involves a crime they have two choices:

-do it for their client knowing their risk

-not do it

IT was the Morrison Government that exempted the Real Estate Gatekeepers in October 2018!

Read more!

‘Real estate agents, lawyers and accountants to avoid money laundering laws’

https://www.afr.com/companies/financial-services/real-estate-agents-lawyers-and-accountants-to-avoid-money-laundering-laws-20181008-h16dcd

IN fact the second tranche of the Anti-Money Laundering Laws applicable to the Real Estate Gatekeepers (real estate agents, lawyers, and accountants ) was shelved back in 2006 … so it sat there until October 2018 when the Morrison Government exempted these gatekeepers from the AML Laws unlike the Banks!

Alan Kohler writes …. ‘ …. and both major parties apparently complying, is both sadly believable and shameful.’

The Federal Labor Party failed to implement and enforce the second tranche during its term from 2007 to 2013.  But nor did the Liberal Coalition implement the second tranche for the gatekeepers from 2013 to date 2021! 

In the lead-up to the 2019 Election in February 2019 Shadow Treasurer, Chris Bowen promised to make cross-border financial crime a pillar of Labor’s election campaign in wake of the Hayne royal commission, including pledging to reverse cuts to the Australian Federal Police and Australian Securities and Investments Commission.

Treasurer Josh Frydenberg in response also flagged additional funding in the April 2 budget for the financial regulators including ASIC, and it is understood  they were to commit additional money and staff for the Australian Transaction Reports and Analysis Centre.

Labor’s pledge came amid concerns over private-sector “bounty hunters” acting for China to recoup the proceeds of financial crime and corruption funnelled into Australia’s property market.

The Morrison government promised to pass new anti-money laundering laws in 2018, but they were yet to pass Parliament, granting lawyers, accountants and estate agents a reprieve.!!

Mr Bowen promised to go further, but the industry signalled a fight.

“The government has completely dropped the ball on money laundering reform. According to the government’s own work plan, real estate agents should already be covered by our money laundering laws. The Liberals have done nothing to progress this,” Mr Bowen said.

“The Liberals aren’t interested in prosecuting serious financial crime,” he said. “They cut funding to ASIC, they planned to cut funding to the Serious Financial Crime Taskforce and they ripped hundreds of millions of dollars out of the Australian Federal Police, who work with our partners abroad to disrupt transnational organised crime,” the shadow treasurer said.

Read more!

‘Labor to Target Lawyers Accountants Real Estate Agents’

https://www.afr.com/companies/labor-to-target-lawyers-accountants-real-estate-agents-20190224-h1bnd3

The Liberal party pursued a very dirty ‘Labor Taxes’ Campaign … AND here we are now!

With a property BOOOM that has locked out both First Home Buyers and Sellers!

Alan Kohler writes ‘Inaction on both sides’. 

Last December, the government put forward a minor amendment to the AMLTCF law and the Greens used it to put up a further amendment requiring that second tranche to be legislated by July 1 this year.

Both major parties voted against it.

PERHAPS Labor has another plan … because it was so open prior to the 2019 Election it is not now going to follow the same path … ?

In announcing Labor’s vote, Senator Kimberley Kitching said: “While we support the intent of the additional designated services proposed by the Greens, Labor does not believe this is the right way to achieve considered law reform. We are concerned about the unintended consequences of this amendment and want to make sure our counterterrorism financing laws make it harder, not easier, for money launderers or terrorist financiers.”

According to the Greens’ Treasury spokesman, Senator Nick McKim, “Australia is now one of only six countries in the world not to have included the gatekeepers within the scope of anti-money laundering and counterterrorism financing laws”.

The others are the United States, China, Madagascar, Mauritius and Mongolia.

MANY of us question what benefits are there for us with a Foreign Investment Review Board running, it appears, contrary to our interests, with so much competition, and much of it hidden, for our Property (residential, commercial and agricultural)? 

The Morrison Government in exempting the Real Estate Gatekeepers from the AML Laws has allowed this competition to flourish locking out even more Australians from owning a home in their own country as the gatekeepers prosper even more.  With Agents working buyer against buyer, and some hidden, to bid up prices as Australian buyers are left to languish on the sidelines.

DESPITE there having been all too numerous reports on money raised in China through real estate and bank loan fraud …

And the AFP has alleged the proceeds of crime have been used to purchase or develop properties in Australia

The Paris based Financial Action Taskforce (FATF) found that Australian homes are a haven for laundered funds, particularly from China.

Transparency International ranked Australia as having the weakest anti-money laundering laws in the Anglosphere; failing all 10 priority areas.

The OECD Working Group on Bribery in International Business Transactions claimed the entire ecosystem for the buying and selling property using cross-border fund flows is beyond the reach of Australian regulators!

Read more!

AFP Melbourne Tasmania Property alleged Chinese Money Laundering’

https://mobile.abc.net.au/news/2019-10-31/afp-melbourne-tasmania-property-alleged-chinese-money-laundering/11657344?pfmredir=sm

IS it any wonder that the evidence for residential buying is more sketchy? 

THE solution would be not only to implement and enforce the second tranche of the AML Laws, but to stop allowing foreign investment in Australian property!
To put a stop to onshore Proxy buyers

All these international organisations have raised concerns about the proceeds of crime driving up property prices, and pricing legitimate buyers out of the market yet the Chairman of the House of Representatives Committee on Tax and Revenue, Jason Falinski, who is currently running an inquiry into housing affordability and supply, told Alan Kohler that he thinks that’s simply not true.

WHY?  Was Jason Falinski out of the room when the Morrison Government exempted the Real Estate Gatekeepers from the second tranche of the AML Laws in October 2018?

WHAT is possibly behind Falinski’s response?  Could it be something to do with …


‘The Big Ten Donors Property Developers Ratchet up their Spending on Politicians’

https://www.michaelwest.com.au/the-big-ten-donors-property-developers-ratchet-up-their-spending-on-politicians/?fbclid=IwAR3RgQkaY8z1xBNMWoitvJOlDyk2ZTb4-pJlMm35_7PgOmxzPLV-vzCtjwA

AND so with these big Ten Donors working both sides … and Labor severely hamstrung as are we!

Bill Shorten called for a stop to political donations … but of course that was overruled by the Liberals – for obvious reasons – as they are in receipt of the large share!

‘In 2019, disclosed donations reached an all-time annual high of $5.6 million in anticipation of the Federal election. Of this, 72% or just over $4 million came from a single source, Sugolena Ptd Ltd. Sugolena’s donation was exclusively to the Federal Liberal Party.

‘The Miracle’!

That year, Sugolena was the Liberal Party’s second-biggest single donor, behind the party’s fundraising arm The Cormack Foundation.’

Sugolena, owned by property tycoon Isaac Wakil, donated a staggering $4,162,448 to the Liberals and the Liberal National Party in Queensland. Mr Wakil himself donated $32,073 to the NSW Liberals.

Read more!

‘Property Industry Donations Favour the Coalition about Eight to One AEC Figures show’

https://www.domain.com.au/news/property-industry-donations-favour-the-coalition-about-eight-to-one-aec-figures-show-927046/

BACKGROUND

Scott Morrison wrote the policy for the developer lobby group, the Property Council of Australia before entering politics …

Transparency International Australia CEO says Mystery Foreign Buyers distort our Housing Market …

’Australians trying to crack into the property market are facing the extra hurdle of competing against mystery foreign investors, according to corporate transparency experts and the federal opposition.’

There have been calls for a public register of ultimate company owners since 2016 …

BUT is that enough?

The Morrison Government has not committed to such a register!

Labor has not yet committed to implementing such a register if it wins the next election … obviously it is keeping its powder dry following the dirty LNP coalition campaign in 2019 …


The Pandora Papers have revealed how offshore business structures are being used in Australia to conceal corporate ownership. 

This is impacting our Families … and YET we need to provide more proof of identity to get a library card than what is needed to register a company in Australia.

IT is not only about multimillion-dollar purchases, but Australians are unaware of who they are competing with when trying to buy a home because real estate agents, accountants and lawyers are not required to report a suspicious transaction like the banks! 

This is because the Morrison Government exempted these gatekeepers from the second tranche of the Anti-Money Laundering Laws in October 2018!

And this invasion really distorts the market!  Treasurer Josh Frydenberg only indicated that work was underway to establish a register in the future … why be so vague?

AND despite the Pandora Papers now being public there was nothing further to add!

Shadow Treasurer Jim Chalmers said:

“Every time a wealthy, powerful, influential person gets away with these kinds of practices, ordinary working people have to pay more.

“That’s why we need to do what we can to try and stamp it out. That begins with transparency.”

Help keep family & friends informed by SHARING our questions and this article!

READ AND VIEW: 

https://www.abc.net.au/news/2021-10-05/pandora-papers-show-impact-of-mystery-foreign-property-investors/100515630

How Australia has become a Haven for ‘Hot Money’ …

How Australia has become a Haven for ‘Hot Money’ …

APART from all those Aussie Homes that don’t get to be listed on Domain or RealEstate.com

where the neighbours have not seen a ‘For Sale/Auction’ Sign … but then the removalist turns up!

And home buyers and First Home Buyers wonder why there are so few homes advertised for sale?

Because it’s now been revealed … as we long suspected … that they have been sold online or through a Proxy here to High Net Worth, Ultra High Net Worth and Middle Class foreign buyers … seeking Permanent Residency in Australia for their extended family!

SO it now appears why some in the property sector have been so smug and repeatedly blaming the low interest rates and government grants alone for pushing up house prices.

EG Advisory managing director Shane Geha reckons that buyers should not hold out for the housing bubble to burst. And he predicts with dwelling prices having already increased by 20% in the past 12 months that there will be another 10% increase before year’s end!

Geha reckons that it is the Expats alone are coming back with Millions $ to settle or invest back in Australia with so much cash … and that Australians have found plenty of extra pocket money during the pandemic ... despite many on low wages … and how many thousands having lost jobs!

Published by News Corp: https://www.news.com.au/finance/real-estate/australias-property-prices-will-continue-to-rise-with-no-bubble-to-burst-expert-says/news-story/5451063177b4be140332f6ca519d9449

Sadly what more could we expect from Geha and Murdoch Family’s News Corp?

DESPITE the Four Corners programme on Sunday, 3 October 2021, ‘The Pandora Papers’!

READ this from The Saturday Paper!

‘Pandora’s Box of Tax Dodgers’

https://www.thesaturdaypaper.com.au/post/max-opray/2021/10/04/pandoras-box-tax-dodgers

‘Real Estate Corruption Exposed’

https://www.thesaturdaypaper.com.au/post/max-opray/2021/10/05/real-estate-corruption-exposed

SEARCH CAAN WEBSITE for more info about:

-the range of Visas including Family, Parent, Grandparent, Guardian etc;

-the second tranche of the Anti-Money Laundering Laws exemption for the Real Estate Gatekeepers (real estate agents, lawyers and accountants)

-buyers from Hong Kong and Singapore

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

The Chest Puffing Announcement about the Acquisition of Nuclear-powered Submarines

Relations with China have changed much from Prime Minister Whitlam’s establishment of diplomatic relations in 1972, and the 1973 diplomatic trip that paved the way for rapid expansion. 

By 2008 Australia’s two-way trade with China was worth some $68Bn.

However, with the reign of Xi Jinping China has rapidly grown as a World Power …  yet it has taken the Liberal Coalition a long time to come to terms with this! 

In delaying action to address our reliance on the PRC as our major market!

We have in fact exported Australian businesses and jobs to the PRC … we have lost much of our manufacturing to China so that now we are in short supply of cars, building materials, and more … much of which are imported from China!

WHAT about the IRONY of the sell-out of Australia … that has accelerated since 2013?

The TROJAN HORSE of fly in and buy-up of our property from the great behemoth above, Singapore and Hong Kong?

When last we looked there have been no changes to the FIRB Ruling allowing developers to sell 100% of ‘new homes’ to foreign buyers esp. in China; this accelerated from 2013!

And the Morrison government ‘Under the Cover of Covid’ quietly began prioritising visas for ultra-wealthy foreign investors late last year’ (2020!!!)

READ MORE!

AND …

The LIBERAL COALITION has not introduced the second tranche of the Anti-Money Laundering Laws for the real estate gatekeepers.  In fact they were made exempt in October 2018!   So that ‘Black Money’ from China is awash in our Real Estate!

The Irony of all this is, we must make sure we can rely on our allies, the USA and UK for protection because we are so hopelessly backward with our military capabilities, it’s laughable.

As CROOK as this government is on every policy under the sun with a prime example such as the sell-out of our property – residential, commercial and agricultural to these foreigners …

And Australia’s economy is based on Housing rather than investing in green jobs, artificial intelligence and robotics like China and the United States, our wall of money is wasted on Real Estate!

AS said by Economist Yanis Varoufakis recently on ABC Q & A!

Now given the constant bullying and threats of sorts from the great behemoth above and beyond, so that when it comes to border control and hard-line security, the LNP make much of their stance now through the media that they are doing something … but at the Taxpayers expense

Who are buying this?

SO we must remind ourselves and others that the ScOmO government have not earnt another shot at winning the next election!

Following daily reports of rising Covid-19 victims and the everlasting lockdowns … with  loss of life for too many … enormous stress and strain for medical professionals, many Australians suffering Long Covid, businesses and livelihoods destroyed … the devastating impact of this may live on for decades. 

Why did ScOmO Government fail to order the Pfizer when documents reveal that Pfizer reached out in June 2020 for a meeting with federal Health Minister Greg Hunt, but he did not take up the invitation! Inadequate supplies slowed the rollout. This government failed to build quarantine stations hence the spread through the hotels, and the wider community!

Why did ScOmO seize on this AUKUS Pact with much media fanfareis there an election coming up?

On Tuesday, 14 September 2021 ScOmO greeted the media … it looks like they were all there …

‘G’day’ he said, and announced that the ‘relatively benign security environment’ is now behind us, and that Australia is now a party to a partnership with the United Kingdom and the United States to maintain peace, stability and security in this our region!’

Apart from this binding Australia to a US war on China … it has led to France recalling their diplomats from Australia … today we heard a news report that ScOmO talked with the French a day ahead of this announcement, and that allegedly there had been problems with the French submarines that had not been resolved.

WHO will foot the BILL to compensate the French, and Who will foot the bill for these very expensive nuclear submarines through this partnership with the US and the UK?

TAXPAYERS … not the wealthy investor class who eliminate taxation, but the pay as you earn taxpayer mugs

… who are looking to a future of life long tenancy … with very little prospects as they have insecure work and low wages …

This was all set in train with the policies of the Howard Government in the late 1990s and ScOmO counts the former prime minister John Howard as his political inspiration.

In the Abbott Coalition Government ScOmO was unflinching in the plan to “stop the boats”. With a policy of turning back boats that attempted to reach Australia. “If people seek to get here the wrong way, they won’t get here,” he said. 

YET foreign money launderers can fly in and buy our homes!  And gain a Permanent Resident Visa!!

There are too many other failures of this government to mention … as we are subject to this latest CHARADE!!!

READ MORE!

About Money Laundering … DownUnder in 2020 … 2021

Crimes Legislation Amendment (Economic Disruption) Bill 2020

Second Reading

2020: Key Points from Senator Kitching:

Labor supports the reforms; has consistently argued that Australia’s AML and counterterrorism financing framework must evolve; money laundering and terrorism financing remain significant global problems

-threaten to undermine Australia’s national security and destroy the integrity of our financial system if left unchecked

-however Australia lags behind our international counterparts; our laws have lagged behind; a target for nefarious actors

-the Report on the Statutory Review of the Anti-Money Laundering and Counter-terrorism Financing Act 2006 called for these changes in March 2016; this legislation fails to implement many of the 2016 recommendations

-unlike other countries the Morrison Government has left the door open for illicit capital to flood into Australia

FATF has expressed concerns about the Morrison Government failure to implement reforms; its report found that Australia is ‘an attractive destination for foreign proceeds of crime, particularly corruption related proceeds flowing into real estate’ *

-with growing risks to Australia from the failure of this government to fully implement either the FATF or statutory review recommendations

DESPITE THIS …

IN MAY 2021 a report in the Daily Telegraph, and others since including from Georg Chmiel from Juwai it looks like hot money continues to be awash in our real estate with the gatekeepers exempt from the second tranche of the AML Laws (October 2018)!!

Offshore Chinese swarm Aussie real estate as prices boom’

28 May 2021 — Cashed-up Chinese homebuyers and investors have been swarming back into Australia’s booming real estate market with this year’s inquiries …

Suburbs China property buyers are targeting

Our booming real estate market has fallen back into the crosshairs of cashed-up property buyers in China, especially in some key suburbs not traditionally on their radar.

Paywall:

https://www.dailytelegraph.com.au/subscribe/news/1/?sourceCode=DTWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.dailytelegraph.com.au%2Fnews%2Fproperty%2Foffshore-chinese-swarm-aussie-real-estate-as-prices-boom%2Fnews-story%2F99e1fd225c1b7f0378fdeb685fedc10f&memtype=anonymous&mode=premium

RELATED ARTICLES:

‘The Morrison government quietly began prioritising visas for ultra-wealthy foreign investors late last year’

https://www.businessinsider.com.au/australia-signficant-investor-visas-wealthy-property-market-2021-3

‘India-Australia Free Trade talks set to reopen following Tony Abbott’s visit to New Delhi’

https://www.abc.net.au/news/2021-08-12/india-australia-free-trade-talks-to-resume-abbott-tehan/100373390

With more questions from CAAN:  https://bit.ly/3yvjmRT

Under the Cover of Covid 15,000 Wealthy Foreigners given Australian Visas!

DURING the Pandemic 15,000 wealthy foreigners have been given Australian Visas!

WE did tell you so! 

Martin North, principal of property research firm Digital Finance Analytics, also notes ‘there’s been a swing away from foreigners looking to invest to people wanting to move here.’  And that they are more interested in buying land and larger properties!

Overseas Buyers are tipped to Return!

https://www.abc.net.au/news/2021-07-02/chinese-overseas-buyers-australia-property-housing-investors/100259470

Little-known property investor quietly secures $32m housing parcel in Vaucluse

https://www.domain.com.au/news/ying-yu-sister-in-law-of-wilson-shoe-king-xue-buys-8m-house-as-part-of-32m-vaucluse-consolidation-1073532/

MEANWHILE tens of thousands of Australians remain stranded overseas!

This latest report:

https://www.abc.net.au/news/2021-07-28/australians-want-to-flee-coronavirus-hit-indonesia/100323264

IS this not the ultimate betrayal by the Morrison Government through its business innovation and investment visa programme?

Under these visas:

Business Innovation Stream applicants can buy or start a business, and have $1.25M in either business or personal assets

Investor stream, applicants have to be recommended by a state or territory agency and invest $2.5M on authorised investments

Significant investor stream, applicants must invest $5M, with a minumum $1M in venture capital or private equity

In September 2016 in its final report the Productivity Commission called for these visas to be scrapped because they are channels for money laundering!

WHY hasn’t there been a response from the Morrison Government to a public inquiry into “Migrant intake into Australia”?

https://www.pc.gov.au/inquiries/completed/migrant-intake#report

With the ‘Significant Investor and Premium Investor Visas’

no English language requirements

no upper age limits

-a risk they might be an avenue for ‘dirty money’

Most business and investment immigrants are often older, buy retail and hospitality businesses, so how can this add to Australia’s innovative and entrepreneurial capacity?

View this AFR report about migration agents enabling Chinese investors to gain Significant Investment Visas!

https://www.afr.com/companies/financial-services/vc-funds-concoct-fraudulent-visas-for-wealthy-chinese-investors-20200729-p55gii

HOW can this be of any benefit to the Australian people and our Nation with more competition to buy our businesses from overseas with ‘black money’?

AND even more competition for a limited supply of housing, and inadequate infrastructure as these VISAS allow ‘Permanent Residency,’ and the benefits of parking ‘their family’ in Australia as they can continue to run their business in another country?

These families have access to our MEDICARE, and FREE EDUCATION as their business is predominantly overseas! 

WT ****!

READ MORE!

https://www.smh.com.au/national/15-000-rich-foreigners-given-visas-to-australia-during-the-pandemic-20210721-p58bky.html

When we Looked at News Videos of the Maguire ICAC Hearing …

WHEN WE LOOKED AT NEWS VIDEOS OF THE MAGUIRE ICAC HEARING …

The reports we had seen on the news only featured Scott Robertson ICAC Assisting Counsel, examining.

However the camera then crossed to Arthur Moses SC seated there, and we were wondering what role he had in this inquiry?

We now see that Arthur Moses SC was there representing Gladys Berejiklian!

This is interesting … what a tangled web of property developers, real estate gatekeepers, the Law Council of Australia and MPs … because back in February 2019 a report appeared in the Australian Financial Review that REAL ESTATE AGENTS with the backing of the LAW COUNCIL OF AUSTRALIA were able to weasel their way out of the Anti-Money Laundering legislation allegedly on the basis that imposing the full AML/CTF (the second tranche of the AML Laws) may create conflicts with the lawyer’s duty of confidentiality, and the principle of client professional privilege!

‘President of the Law Council of Australia Arthur Moses, SC, said their profession was already extensively regulated by the states and territories under a comprehensive and robust regulatory system.

The Law Council is concerned that imposing the full AML/CTF regulatory regime may create conflicts with the lawyer’s duty of confidentiality and the principle of client professional privilege, as well as increasing the cost of legal services to the community,’ he said.

At the time CAAN asked these questions

WHY is it with the purchase of real estate there should be some difference compared to buying or selling a vehicle, why is it different?

Why is it difficult to apply laws to the purchase of real estate?

Why is that compromising a lawyer?

Why should real estate be any different to any other matter?

If there are laws governing real estate so be it. It should not make any difference to a lawyer. If lawyers have a matter before them that involves a crime they have two choices:

-do it for their client knowing their risk

-not do it

View: ‘Labor to Target Lawyers, Accountants, Real Estate Agents’

https://www.afr.com/companies/labor-to-target-lawyers-accountants-real-estate-agents-20190224-h1bnd3

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Photo: Gladys Berejiklian’s lawyer Arthur Moses SC

The Head of Multi-Million Dollar Money Laundering Ring Arrested!

Yi Zhong, seen in a file picture, has been arrested in Sydney.
Cybercrime squad detectives made the arrest on Monday.

WHAT a corrupt little Nation we have become whereby SO much ‘Black Money’ is awash here!

AND that it appears to have been encouraged with laundering facilitated by the growth of Casinos until recently …

and Our HOUSING MARKET is AWASH with it!

WHY was it that the Real Estate Gatekeepers were made exempt from Anti-Money Laundering Laws back in

October 2018 by the Morrison Government?

Whose interests does the Morrison Government represent? … Cough … cough …

‘$1m in cash seized as man arrested over alleged money laundering via cryptocurrency’

Police have arrested in Sydney’s Inner West … the Head of a MultiMillion dollar money laundering ring and seized $1M cash from his vehicle

READ MORE!

https://www.smh.com.au/national/nsw/1m-in-cash-seized-as-man-arrested-over-alleged-money-laundering-via-cryptocurrency-20210222-p574sb.html

‘Locked Out’ … Again!

No photo description available.
CAAN PHOTO FEBRUARY 2021

‘Locked Out … Again!’ A whole Cohort of Australians from X Generation, Millennials, Z …

CAAN suggests it is not only the impact of Mum and Dad Investors returning to the market … low interest rates … the limited supply of houses BUT the return of the Onshore Proxy … at Open Home Inspections messaging on Smart Phones … who do you figure they are buying for?

-the Middle Kingdom and or Hong Kong, Singapore …

Why not copy and paste the VIDEO link and share in an email to your Contacts?

THEN Invite others to Search CAAN WEBSITE for how this dire predicament has in fact been contrived to benefit the few here, like those on the AFR Rich List, and largely their overseas wealthy clients who can gain a Permanent Resident Visa following property purchase!

HINT they can buy a ‘new home’ as an entry e.g. a studio apartment in woop woop, and gain this PR Visa … to then fly here and buy up more real estate including Heritage Homes, suburban bungalows, a whole level of an apartment development …

IT would seem they knew about this long before many of us …

VIEW AND SHARE this video!

What does the real estate price surge mean for home buyers?

https://www.abc.net.au/7.30/what-does-the-real-estate-price-surge-mean-for/13181150

SEARCH CAAN Website for …

-Anti-Money Laundering Laws

.Real Estate Gatekeepers made exempt in October 2018 by Morrison Government

-Black Money

-Developers Buy Access in NSW

-Foreign Property Buyers

-Foreign Investment Review Board (FIRB)

.FIRB Ruling following the GFC that allowed developers to sell 100% of ‘new homes’ to overseas buyers … up from 50% particularly in China ….

.

DEVELOPER LOBBY GROUPS:

-Urban Taskforce

-Property Council of Australia (PCA) and …

.When Scott Morrison skipped out the doors of the Property Council of Australia (PCA) in 1995, where he had spent six years cutting his teeth as a spinner, lobbyist and propagandist, he landed in the tourism sector. 

-Visa Manipulation

.with a vast range of Visas including those for students, PhD Student, 457 Visa now revised for Skilled Workers, Family, Grandparent, Guardian, Significant Investor, Investor Stream …

CAAN Website:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/