An interesting article by Michael West in the Sydney Morning Herald today describes how some financial experts are predicting $60Billion of new Chinese investment will be spent on Australian housing in the next six years!
The article warns of new money laundering legislation aimed to crimp the influx of Chinese funds where the money was improperly obtained in China. Real Estate agents are currently exempted from the requirements of Australia's Anti Money Laundering and Counter Terrorism Financing Act. So investors from abroad are buying houses to avoid having to comply with that act, rather than risking putting dirty money into Australian savings funds, where the act applies and penalties could be imposed.
The consequence of removing the Real Estate exemption would be a significant increase in compliance paperwork by estate agents.
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