Our wander in Lindfield continued on both the western and eastern sides of the railway line.
IN Lindfield Avenue on the East side … where there have been recent $6M home sales to mega rich buyers from Hong Kong, Taiwan … more major residential apartment developments are underway including ‘Refined’ by the Mayrin Group.
This developer has appointed Northpoint as the builder of this project.
WHEN one searches to find out more about the Mayrin Group the following information appears on their website:
‘Propelled by our vision, Mayrin Group reshapes and revitalises communities. … ‘
‘An inspirational and leading property development company working in Australia and internationally, Mayrin Group creates harmonious spaces for living, working and relaxing that are planned in an integrated manner to create vibrant and sustainable communities.’
BUT no link providing company information? No information about the Board, the company management …
HOWEVER, there is an invitation … it reads:
You can contact us or browse our projects”
With a phone no. and/or email address provided …
SO we looked further, and found this article from the Australian Financial Review, ‘Sydney developer Mayrin pays $35M for townhouse site’ where in fact we found more of what we were looking for!
Reporter, Larry Schlesinger describes Mayrin Group as a Chinese-backed Sydney developer. In this report we learn about a group of Roseville home owners uniting to sell out to an overseas developer to make a motza!
William Wu, director said the development would deliver 40 townhouses close to the (CCP) Chatswood!
In 2017 Mayrin had three high-rise developments underway in Parramatta, Rouse Hill and Sydney Olympic Park (1000 apartments); the company is owned by Jing Wang.
The nine home sites in Roseville were sold through ‘SAVILLS Australia’ … Savills has an agency in Lindfield.
THUS the ‘Silent Invasion’ is well underway …
Read more … note also reference to JQZ closing a deal in St Leonards (the developer of Prime in Macquarie Park) …
COME join us for a wander around Lindfield in the NSW Seat of Davidson.
CAAN Photo: Redevelopment underway in Milray Street behind O’Dea’s office
ONE may well ask what has brought about the big changes in Lindfield and neighbouring Roseville and Killara?
WHEN Jonathan O’Dea has been the NSW Liberal MP for Davidson since 2007, and he again retained the seat in 2011 with the O’Farrell Government, and to date!
‘Building for Tomorrow … And ‘Delivering for Today’ is the current NSW Liberal Party Motto
DESPITE the protests from this Electorate concerning the demolition of beautiful Federation Homes and gardens for residential apartments … it continues … as O’Dea resides in Lindfield with his family.
With a look at O’Dea’s Home Page it notes his Masters Degrees, and Bachelor Degrees along with two Diplomas in Legal Practice and ‘Mastering the Boardroom’ … no doubt this skills base has been very useful in Davidson for this MP …
BECAUSE all it seems the established residents can look forward to is a new underground carpark. Was this to placate them because their streets were being parked out? With the apartment developments housing X times the number of people as they replace detached homes on large grounds?
Fences have been built to protect the street trees while construction is underway …
We continued with our wander in Lindfield and noticed among the real estate agencies there were Belle, Savills and First National. The sign read for ‘First National Real Estate Lan – Dom’ … quite unusual don’t you think?
With a google search it revealed that Lan Zhangand her husband started their own agency in 2015. Behind them were 26 years sales experience for Dominic Smith and Lan’s 20 years in trading throughout China and Europe. And her extensive reach to mainland China, her language skills, and full understanding of Chinese culture …
Perhaps this along with some other Real Estate Agencies access to WeChat, Ray White’s Chinese ‘Home Link’ … could explain why there has been such a demographic change and population growth for the North Shore particularly in Lindfield?
AS the CCP expand out from their city of Chatswood!
In case you missed Parts 1 and 2 of this CAAN Report view them here:
THIS Killara property sold prior to the beautiful Lindfield home to a Taiwan buyer for $6.3M … it comes as no surprise, does it, with much overseas interest targeted through WeChat and Ray White’s Chinese Home Link connection?
IT would seem that the CCP expansion from Chatswood is well underway … with these North Shore home sellers keen to maintain their local ‘home values’ …
While across Sydney house prices continue to fall …
HAVE the wealthy Upper North Shore community contemplated that as they maintain the Shore’s ‘home values’ by selling to this overseas market … and move onto Byron Bay … that with more foreign buyers particularly from China, Hong Kong, and Taiwan that these exclusive locations are being acquired?
THAT as the new ‘Permanent Residents’ move in they are also buying and setting up business …
WHAT opportunities will there be in turn for the established North Shore Families to live and work in the ‘North Shore’ as more and more of these new overseas buyers move in? As their Familes are priced out by overseas UHNW and HNW?
VIEW PART 1: ‘Foreign Buyers from Hong Kong Taiwan are buying Prestige Aussie Property Online!’
AS this was an established home the buyer in such case must have already gained ‘Permanent Residency’ through buying a ‘new home’ or even a level of a residential apartment development earlier.
HOW many of these foreign buyer housing transactions involve ‘Money Laundering’ …. ‘Black Money’ aka ‘Hot Money’ … ?
HOW likely is it that there is a high percentage purchased through this means when the Morrison Government exempted the Real Estate Gatekeepers from Anti-Money Laundering Laws in October 2018 … if this wasn’t so why would the Government have made this exemption?
WITH a whole Cohort of Australians locked out of home ownership including Professionals why hasn’t the Morrison Government withdrawn this exemption? Or is there some benefit in this exemption for the Liberal Party? Its politicians?
IT might be a good idea for the people of Lindfield to ask their MP about these matters?
CHINA IS BACK IN BUSINESS AHEAD OF THE WORLD … AND CHINESE PROPERTY BUYERS ARE BACK IN AUSTRALIA … further confirmation from this report on ‘A Current Affair’
CAAN has been sharing the truth with you through Expert Reports since November 2014 …
NOW it appears it has taken the frightening consequences of the WUHAN PANDEMIC … to bring home the message to our politicians and even some of those who have prospered so much from Chinese buyers in the Australian Property Market …
WHAT will it take for the Morrison Government to implement and enforce the second tranche of the Anti-Money Laundering Laws for the Real Estate Gatekeepers?
-having exempted these gatekeepers in October 2018
WHEN the ‘flying pegasus’ presents a major security and financial risk to Australian Society … ?
ASK why has it taken so long for NINE … a major media network to tell it as it is?
CAAN will go even further than the closing comment of Robert Klaric, Real Estate Industry Advisor especially concerning Chinese property buyers …
‘They have a lifestyle, they have freedom, and they can protect their wealth from the CCP, from the Chinese Communist Party.’
Because the CCP controls all its citizens … it has been so easy for the Party not having to conduct military warfare but simply for Party members to arrive on a Flying Pegasus … in a Silent Invasion … and buy Australia’s National Estate … who can we thank for this?
Who has had the greatest hand in this?
Also view these related articles:
‘Juwai predicts Chinese Investors remain keen to buy Australian property: Are they seeking cheaper prices?’
TRANSCRIPT: FOREIGN BUYERS: ‘THEY’RE BACK’: A CURRENT AFFAIR
As our borders closed, local house-hunters thought the competition would ease. And It did for a while. But foreign buyers with deep pockets are back. #9ACA
Brady Halls, Reporter: Estate Agent James Crowe is finally back doing what he does best. (Morton Real Estate)
And Nicki and Jay have been chomping at the bit to get back into the race. The couple have been house hunting for a year now, and the Covid shutdown made their search even slower.
Nicki: It did a lot, a lot of the properties actually dropped off the market we saw; so things that we had been watching to see the prices fall were no longer on line.
Halls: But now another obstacle has popped up.
(Chinese buyers occupying auctions)
Nicki: We don’t need any more competition than there is already. We want to find something as soon as possible before the rest of the World!
Halls: And that competition is coming from where Covid began!
Lulu: We are actually busy.
Michael Pallier: Yeah, we just sold this house to a Chinese buyer, and they specifically bought it to use when they are not in China. *
Georg Chmiel, Executive Chairman at Juwai-IQI: China is back in business much earlier than the rest of the World.
Pallier: (As he looked over a balcony he indicated to Brady Halls)
New Chinese owners there, Chinese owners here, and the whole of this area is, you know, Chinese population.
Robert Klaric: What we will see is that the wealthy mainland Chinese will look towards Australia now to secure their wealth and secure their health*
CAAN: As shared previously with you … when foreign buyers buy our residential property they can gain a ‘Permanent Resident Visa’ with MEDICARE benefits thrown in!
And through Visa Manipulation, and able assistance from Migration Agents they can access a vast range of Visas including: student, investor stream, Family, Parent, Grandparent, and Guardian … the whole Family Clan may come to Australia!
Halls: Chinese money is starting to flow back into Australian property.
These new apartments in Sydney and Melbourne have reportedly seen unprecedentedsales and enquiries from wealthy Chinese taking advantage of our Covid-19 affected real estate market.
Chmiel: Chinese enquiries were only down 14% in the first quarter versus 40% for local buyers so much, much less than the local buyers.
Halls: Georg Chmiel is from Juwai, a Chinese property portel. So the demand from China has not fallen?
Chmiel: Definitely for a number of reasons on the one side Australia managed the Covid crisis really well; Australia is very attractive for students, investors and retirees, and also the market, the Australian property market is very resilient.
Halls: Michael Pallier and wife Lulu from Sotherby’s Realty in Sydney’s east vouch for that.
Michael Pallier: We have had quite a bit of interest from people from Asia.
Halls: This apartment is generating much foreign interest. And he sold another one below to a Chinese buyer only last month.
Pallier: They can’t get enough of it – clean air, clean food, great education, safe environment … it’s, it’s paradise for them.
Halls: What’s the appeal here in terms of Aussie property?
Chmiel: Chinese buyers like Australian real estate especially over UK and US real estate given the Covid Crisis has hit the UK and US much, much stronger.
Klaric: A lot of the mainland Chinese are seeing this as an opportunity to exploit a great deal because that’s what they are going to see in a property market for the next six months.
Halls: Robert Cleric is a real estate industry adviser, and he has had his share of dealings with Chinese buyers now keen to buy up our properties during this Covid crisis which he says has seen prices drop by ..
Klaric: Probably seen 10% during this period
Halls: And then there’s been the fall in the Aussie dollar making our property far more attractive to overseas buyers.
Chmiel: That’s absolutely true. It’s the Australian dollar is down 10% against some of the currency so that’s a nice buffer which people can include in their budgets.
Halls: Lulu is fielding many Chinese inquiries ..
Lulu: Yes, there’s always demand.
Halls: On this house with its lovely harbour views –
Lulu: And the Chinese people will always like Australia.
Halls: And across town James at Morton Real Estate is much the same.
Crowe: We have got lots of those clients who are certainly still in the market, and still keen to buy.
Halls: This three-bedroom terrace he is marketing just walking distance to the city has caught the eyes of both domestic and international buyers prompting frustration from this local onlooker.
Australian Buyer: The Australian property is treated as an investment not as somewhere you live; so unfortunately that has affected the market extensively.
Halls: Robert Cleric believes it’s time Australia didn’t sell its property but long term leased it like Asian countries do.
Until then he says Australia offers Chinese buyers a wonderful security blanket.
Klaric: They have a lifestyle, they have freedom, and they can protect their wealth from the CCP, from the Chinese Communist Party.
SEARCH FOR ‘FOREIGN BUYERS THEY’RE BACK’ ON ‘A CURRENT AFFAIR’ 12 MAY 2020
LAST NIGHT ON 7.30 PwC Chief Economist, Jeremy Thorpe … at about 4.30 minutes into the report … talked about:
-creating a growth economy not fortress Australia -that the growth economy largely based on immigration will put us back on track quicker, and will generate billions more
ISN’t it a shame these so-called policy influencers seem to still …
-believe in the ‘trickle down’ economy -believe in the forever growth economy
These rusted on capitalists seem to have failed to understand it is:
-not always about them and their precious never-ending desires for more
–the Earth’s resources are finite despite their best efforts to deny this reality
IT was quite clear the battle-lines are already being drawn to counter some of the prevailing views following the failures of our current structures to deal with a major health, social and economic problem caused by an imported virus
These opportunists see it as their duty to warn against Australia turning … to pivot in a direction:
–away from being completely open to the whims of foreign markets, companies and foreign governments
-that differentiates us, that we can chart a course that is about doing things for ourselves
-and not being so reliant on overseas supply chains for just about everything!
They infer dangers lie ahead if we do, even using the label ‘fortress Australia’ links any such thoughts -with a negative sentiment
–suggestive of xenophobia
-less valuable…and so on
BUT what about those who think otherwise?
THE 7.30 report didn’t cover a point of view that explained what would happen if Australia did more for itself, that there may be merits derived from having a more modest immigration intake, where was the balance?
-earlier reports about a wealthier smaller Australia
–a clever Australiainvesting in itself, that it’s not just about
.digging holes in the ground .educating foreign students .selling our domestic housing to foreigners .selling anything and everything we once owned to foreigners; the money that flows in .not being clean and our government not showing any interest in knowing about it .that our real estate continues to be an international hotspot for money launderers and still it seems THAT is being tolerated … (Real Estate Gatekeepers exemption from Anti-Money Laundering Laws October 2018)
THAT IT CAN BE ABOUT DOING … MAKING … CREATING HERE IN A SUSTAINABLE WAY!
View7.30: ‘How life might look after lockdown’ … where the discussion begins with Jeremy Thorpe, PWC Chief Economist at about 4.30 minutes in
JUWAI predicts Chinese Investors want to buy Australian Property … are they seeking cheaper prices?
BECAUSE Chinese real estate firm Juwai IQI said they expected foreign buyers to Australia’s capital city markets where prices are expected to stagnate or fall.
EXTRACT from Juwai website:
‘39-year-old Boris Mei works in the Chinese export industry. He is one of the more and more Chinese people who want to buy real estate overseas.
He said: “I am thinking of Los Angeles or Melbourne because we have relatives in both cities. We hope that our 14-year-old daughter can study in these two universities and experience the overseas lifestyle. In the future, we may emigrate the whole family.’
FURTHER, that currently inquiries from China are down 14%, and that demand from local Australian buyers has fallen further.
Marketers are pushing more buyers to look at Australia instead of the U.S. and the U.K.
Juwai and others continue to peddle the myth that these buyers are only permitted to buy ‘new homes’ under foreign investment regulations … however once they gain a Permanent Resident (PR) Visa following real estate purchase, they can buy established homes too!
And/or another loophole while on a Temp Visa if they buy an established home (allowed for the time of the Temp. Visa) they can demolish it for a ‘new home’.
It is reported that auction clearance rates have halved to 33.8 per cent in the week to 19 April due to the shutdown of in-person auctions on 24 March, and the closure of our border to Chinese tourists; enacted on 1 February.
However, the property sector has clout and the restrictions are to be eased this Saturday 9 May in NSW.
Prof. James Laurenceson (the Acting Director of the Australia-China Relations Institute at the U.T.S. ) (ACRI) said ‘cashed-up’ (is that ‘hot money’?) property investors obviously are likely to maintain their interest in Australian apartments. Why wouldn’t they with a PR Visa and medicare benefits following purchase … and the ability to bring out the whole family through a range of Visas including: Family, Student, Parent, Grandparent and Guardian?
To top it off he said that the Chinese economy would better resist the CoronaVirus … giving the Chinese more money to spend overseas, and that …
-China’s wealth has not disappeared
-no property price collapse in China
-one common form of asset for Ch households
With friends like the FIRB and the ACRI what more do they need?
With the oversupply of off the plan apartments perhaps developers are pushing for the floodgates to be opened to offload their defective dwellings to the money launderers?
LET’s hope in the process that Australia is not beset with a second deadly wave of Covid-19?
WHY the push to fast-track more development for Chinese buyers when there is an urgent need for social housing for Australians? 200,000 Social Housing dwellings!
Perhaps it is too late for the FIRB to keep its guard up? Time for it to go!
However, Martin North from Digital Finance Analytics contrary to Laurencenson said the Chinese economy is not strong. And that China is encouraging its people to invest in China …
Read more: ‘Chinese investors are waiting to snap up Australian property at cheap prices once travel restrictions are lifted’
-the Foreign Investment Review Board, (FIRB), David Irvine and Phil Gaetjens
-the second tranche of the Anti-Money Laundering Laws shelved; the real estate gatekeepers made exempt in October 2018 by the Morrison Government
IS it WorkChoices by Stealth alone that is at the core of the loss of Home Ownership? Or is there more to it?
… FINALLY a little truth is revealed in this article but what is at the core of the rotten apple is again overlooked!
‘How Australia’s casual workers and investors are behind the decline in home ownership‘
IT is not only the inflated price of housing but new research reveals that the casualisation of the workforce and the growth of property investors together have led to the decline in home ownership ….
HOWEVER what is not revealed here is that it is not only homegrown property investors but a World-wide market particularly from China with a resource of some 1.4 BILLION People including millions of High Net Worth!
That is perhaps where ‘the growth in property investors’ stemmed from … a consequence of the ‘FIRB’ ruling allowing developers to sell 100% of ‘new homes’ overseas
-by 2040 those aged 25 to 55 will have only a 51 per cent chance of owning their own home
– down from 60 per cent in 1981
–home ownership will fall to 63 per cent; down from 67 per cent in 2016
QUESTION: How many of that 67% in 2016 are Australian born compared to new ‘Permanent Residents’ from overseas?
Swinburne University of Technology undertook the research on behalf of the Australian Housing and Urban Research Institute. (AHURI)
-in the 1950s, ‘60s and ‘70s the majority had stable incomes in full time work
-a change occurred in the 70s;now more than 24% have casual work
-casual work locks out these workers from gaining a mortgage
No refererence to where ‘the demand’ for Australian housing came from?
Which caused the price hike …
Professor Burke came close with this comment:
“The financialisation of housing is an international factor and is best understood as the process where housing is treated as a commodity to be invested in rather than a home, meaning more and more money flows into housing but without any necessary improvement in housing supply or quality,” he said.
Professor Burke conceded that:
-renters needed greater security and quality housing
-policies to enable them to build wealth
-more social housing was needed
BUT THEN rather than laying the blame at the feet of very pooor government policies written to benefit developers and their overseas buyers particularly from China the Professor laid the blame at the feet of ‘older home owners’ having acquired wealth … often over 40 years or more to buy the ‘family home’ … it is alleged wealth through home ownership … aside from the cost of maintenance, rates, taxes …
Forgetting that if one sells, it is at a loss with the cost of real estate sale, legal expenses, stamp duty, moving etc etc
-that the inflated price is due to the foreign demand particularly from China
–the Morrison Government exempted the Real Estate Gatekeepers from the second tranche of the anti-money laundering laws in October 2018
IT would seem these are the reasons that we will have long-term social problems until AUSTRALIANS jack up and demand a stop to these policies!
AND a thorough investigation of the FIRB! Disband the FIRB!
AND VOTE FOR A PARTY THAT WILL ADDRESS THIS!
READ more from Melissa Heagney, ‘How Australia’s casual workers and investors are behind the decline in home ownership’