Carnage in NW Sydney.

Getting money out from China is very difficult these days, even for sums as little as $50000, even via shady paths. So you are absolutely right that you go to the lawyers path. They may not be able to get any money at all.

 

depends on the people you work with ?
the ones i've been dealing it, be it on a corporate level, seem to pay pretty well and on time. you have to ask for it but just a simple email is usually more than enough.

 

Plenty of stories from the agricultural sector of Chinese not paying where possible.. Eg shiploads of Australian Wool just being left at the port with the receiving company disbanded if the price turned quickly enough.

 

I'm dealing with a prestige car manufacturer which is owned by China. A lot of money involved and payment comes from China. It was disgusting the way they stalled payments, Asked us to send contracts by post, didn't reply to emails to a good 3 weeks even though Aus post had confirmed that the contracts were delivered, then asked for original tax invoices to be sent by post, again didn't respond for about 3 weeks, then asked for other ****...you get the point.

 

It's a country under very serious levels of capital controls. It sounds like it is government related delays to protect them from business over-invoicing capital outflow scams.

 

No unfortunately these nefarious business practices have been a feature of Chinese companies for decades, well before the recent capital controls were in place.

 

aussie car industry is no better lol.
let me guess.. volvo?

sorry thats wrong. its been century rather than decades..
countries like india etc. no better lol

 

Now that’s hard to disprove

 

The ridiculous part is that they can’t fund purchases etc but are happy to use the most expensive lawyers in town to do their day to day discussions. Plus they seem to “drip feed” information to their lawyers so that they’re never aware of the full story.
Anyway I have now appointed a barrister. It seems they are over eager to stop me from reselling the premises.

 

Well it’s barristers appointed to both sides now.
They have had legal objections to everything and have not complied with any of the notices to complete.
They have given me the option of holding the property for them till 1 September for free and they will pay for the property only and no penalties. Or;
They will sue me for $2.6 million which is what they paid into the property as deposit, legals, DA and CC.
How the hell does the son of a poor immigrant farmer get this involved in legal combat?
My instructions to Barrister were skinny cap no sugar.
No actually, let’s get this finalised ASAP

 

Have a good barrister if you need one.
Please let me know. Case is up his alley. (PM if needed)

 

Finally.
I now have my property back. The purchaser Sunglow has relinquished all claims, they say they are in Voluntary Liquidation and have moved out of their prestigious Barangaroo accommodation.
Final result is that we relieved Sunglow from all additional payments, each party pay their legals, I get novation of the 30 presales and all DA and CC drawings. I keep what they have paid me to date.
This has been an exhausting exercise in futility, I can appreciate the many millions they are out of pocket on my property alone and the scores of millions on others. But poor planning, bad management and over commitment on their behalf does not warrant the constant legal baulking, outright mistruths and delaying tactics.
As late as last week they were looking to settle this week, how I don’t know?
Even in recent news reports they advised they were still going ahead.
Chinese developer Sunglow abandons Macquarie Park project
So now to decide on what to do next.
One of the two new cars was ordered yesterday.

 

Thanks for sharing.

 

Wow!!
Developments are always a roller coaster ride, and there's a lot of new red tape been introduced last 3 years.
I would expect the DA approval process to take a while.
Maybe there were some issues that delayed them.
I would also suggest look at breaking off if you're part of a group and getting your own DA.
Though you did mention selling in bulk.
Thanks for sharing

 

DA approval and financing issues most likely... lot harder to source international funding in a falling market.

 

How does the new car go?

 

Doesn’t arrive until September/October. You order online, they make it and send it to the dealer nearest you. Not buying the sports car till I finish the development.

 

so you ordered a Tesla?

 

Black S Performance p100d with white vegan leather and ludicrous mode. SS 0-100 in 2.6 SS 400 metres in 10.6
Vegan Leather = Fake Leather

 

AFT 6 June 2019 Sydney apartment sold for 30pc less than the OTP price