The Great Wall of Money - Four Corners

Monday 12th October 2015 Whether it's waterfront trophy homes or apartments off the plan, or even massive commercial developments, Chinese investment in our real estate has surged by more than 400 per cent in just five years, with as much as A$12 billion spent in the previous financial year alone. Property is now the number one Chinese investment in Australia. So who are these investors and what do they see in Australia? On Four Corners you'll meet members of China's super rich, the new generation of global property investors who call Australia home: "I think this is the best period of time in Australia's history. The vast capital from China, including entrepreneurs like us, have been looking for investment opportunities worldwide." Chinese multi-millionaire property investor And they're clear about what they want: "The priority is view ... so waterfront with a view, with a nice house on it and preferably with a boat marina. You know, it's something money cannot buy in China." Real estate agent There are also Chinese middle class buyers looking for a holiday home, a place to retire to, or just a good investment: "Compared to Shanghai property, Sydney property is not that expensive." Chinese investor And developers: from a billion dollar megaresort on the Gold Coast; to Melbourne's tallest residential tower; marquee sites in Sydney and whole city blocks in Perth - they're shaping our city skylines. "I came over 17 years ago, my parents send me to here to study high school, university. After my graduation I fall in love with the country, loved the lifestyle, decided to stay, make something good out of it." Chinese property developer Some are the progeny of China's political elite, known as 'princelings', whose links here begin with an Australian school or university: "You'll find at the top universities across this country, a whole influx of young people of Chinese background who have been sent here by parents. Safe investment, they don't live in fear of the State taking their assets from them." Former Australian Federal Minister and China business specialist But there are hidden dangers in doing business with China: endemic corruption; a lack of transparency in both business and the legal system, and questions about where the money is coming from and whether ill-gotten gains are being laundered. "China (is) by far the biggest exporter of illicit capital." International money laundering expert With billions of dollars flowing out of China, international money laundering experts are warning that some of it is making its way into Australia: "Real estate is recognised internationally as one of the means by which people will launder money." Former money laundering investigator THE GREAT WALL OF MONEY, reported by Linton Besser and presented by Kerry O'Brien

Comments

1. G 0 0 k $
2. doesnt talk about the average chinese man .. 1.3bn people could get quite an angry mob tee hee
3. Chinese Nationals should not be allowed to buy anything here in Australia and immigration from China should be capped. It is getting out of control. Some suburbs in Sydney are now wall to wall Chinese with nothing else. The thing that annoys me the most is "this relationship" with China is not recipricol. It is very hard to become a citizen in China or to even buy property or do anything. And yet they can come here or even sit at home behind their computer back in China and buy the whole country out and the government rolls out the red carpet like.
4. The building shown at 23:30? Looks like the Goldman Sachs building in Jersey City and then less than 30 seconds later, Goldman Sachs is mentioned by name.
5. 240p in 2016? FAIL!
6. Look at all the butt hurt racists getting mad that Chinese people are buying up Australia. lol.
7. Australia is selling its soul
8. What a fuckin joke Australia has become
9. Buying up Canada too, Asian invasion
10. Haharrrr. If they want to pay $50 million for a piece of shit in north sydney, no problem. Now is a very expensive time to buy property in Australia.
11. Australia sold out to the fucking Chinese..... CUNTS
12. http://www.domain.com.au/news/are-you-a-foreign-property-investor-in-australia-what-you-now-need-to-know-20151201-glck5c/
    
    "
    Time has run out for foreign buyers who illegally own Australian real estate.
    
    In May 2015, the government announced an amnesty of sorts for foreign investors who had breached Australia’s residential property rules.
    
    Foreigners who illegally acquired an Australian home had seven months – until December 1 – to voluntarily come forward and disclose ownership.
    
    In return, foreign investors were allowed a prolonged 12 months to sell their property and were protected from criminal prosecution.
    
    But strict new rules around foreign property investment in Australia came into effect on Tuesday, and those who don’t abide by them now face tougher penalties."
    
    "Treasurer Scott Morrison said that as of Tuesday, foreign property investors would be more closely monitored and stricter rules were now in force for foreign investors who don’t get approval before buying property in Australia.
    
    In general, non-resident foreigners are limited to buying new property in Australia, but without permission, they face large fines.
    
    “Existing criminal penalties have been increased to $135,000 or three years’ imprisonment, or both for individuals,” Treasurer Morrison said."
13. Wish these 'immigrants' would all f*** off and stop pushing Australians out of their own city. So many Australians have moved to Brisbane, Perth or even overseas because of all the Chinese moving here, pushing the prices to crazy levels and generally taking over. I'm Aussie and I'm sick of it!
14. Ruin, over populate your own country, then by everyone else's land from the profit you made from them selling them so much 'Made in China' junk and knock offs using of cheap labour. There are just so many things obviosuly wrong there its not funny...this needs to be stopped. Feel sorry the people in Canada and Australia and the rest of the countries that were sold out by their rich and politicians.
15. These areas should be available to the middle and lower class who actually work in the area. It's sad that such abundant land that could house so many people and solve so many infrastructural problems that plague our city is being siphoned off to very small minority of people.
16. i really admire chineese entrepeneurs, they want something and do their best to get it, they are hardworking full of ideas and have a bright idea of the future.
17. Chinese millionaire can buy Aussie residency no problem. Australian govt have no idea how to run a country.
18. they are thief , steal people s money , run away to oversea
19. good luck this Australia never change
20. China now is a full blooded capitalistic country and just like the west, money is king, or, maybe even more so. Strangely enough, the property law in China, pushed by its leaders, like the old premier Wen Jiao Bao got defeated by populist sentiment in the society. Coupled with the checkered political history, it created a high sense of insecurity for the rich. As long as the inherent contradiction stays, the Chinese money will flow around, probably not only in Australia.