AFP seizes $17.3 million of Australian real estate

Discussion in 'Property Market Economics' started by Redwing, 8th Nov, 2019.

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  1. Redwing

    Redwing Well-Known Member

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    AFP seizes $17.3 million of Australian real estate

    The Australian Federal Police has seized $17.3 million of real estate as a part of its investigation into Chinese nationals accused of money laundering.

    The properties, restrained on Tuesday, include a newly built "supersized" mansion, three new apartments, a townhouse and a commercial building – all in suburban Melbourne.

    Over in Tasmania, more than 1200 hectares of farmland on the north-east coast were seized.

    The investigation, codenamed Operation Gethen, was started in 2017 after the Chinese Ministry of Public Security (MPS) requested assistance in catching two people accused of real estate and bank loan fraud in China.

    The two Chinese citizens are alleged to have used $23 million made from those crimes in China to purchase the Australian properties.
     
  2. C-mac

    C-mac Well-Known Member

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    Why we allow any foreigners (criminal or otherwise) to buy o7r farmland, is beyond me.
     
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  3. Car tart

    Car tart Well-Known Member

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    Because its great for our country, all Australians, farmers, the economy, the local areas, government coffers and everything in the country.

    What people seem to forget is that when real property investment is made by a foreigner, not only does the $$$ from OS stay in the country being spread amongst Aussies, BUT (here is the catch) the property still remains in Australia too.
    YES, they don't actually take the property overseas, they cant employ people who are not applicable to be in the Australian workforce, they are paying more for the property than any Australian entity would pay, and only a % of the profits (which are negligible anyway leaves the country)
    That's why many countries like China are trying to stop the purchase of Real Estate in other countries. Its win/win for Australia and lose/lose for the OS entity. Recently a Chinese based company walked away from $89 million dollars in options and deposits paid on Sydney property. That's $89 million in the hands of Aussie Bogans like me and my neigbours, being spent on investments, luxury, lavish houses, holidays and Toranas.
     
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  4. dragon

    dragon Well-Known Member

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    No, you miss the important part here. When they pay more, the expectation for you / you children/ and rest of us want to pay higher for other properties which create bubble. The demand created by them is unnecessary. Without enough supply, price goes up as they will be happy to pay top $$ which cannot be done by our next gen people.
     
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  5. paulF

    paulF Well-Known Member

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  6. Car tart

    Car tart Well-Known Member

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    I don’t think you read my post right. My post was in reply to the purchase of large agricultural sites by overseas concerns, if you read it again you will see that is what I am replying too, not the OP. It is unlikely that your children and mine will be major rural land holders.
    I don’t see how your reply makes any sense in relation to rural farmland. Do you believe that we should devalue Australian farmland so that our kids can afford it?