$2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
This is a relatively big problem in Australia - there has been talk of a housing bubble in Australia for the last few years which in part has been propped up by Chinese grey money buying whole apartment buildings for investment, which drives up prices (they can just dictate prices) and keeps young locals out [1]. I cannot afford a house and I have a well-paying job.<p>The government looks the other way since building is one of the last big job creators now that the mining boom is over.
For example, there is a government body for foreign investment breaches (rules like you&#x27;re not allowed to buy &#x27;used&#x27; property if you don&#x27;t have permanent residency, but I&#x27;ve personally talked to quite a few Chinese students whose parents did that for them) but it has never once initiated court action [2].<p>So everybody profits in the short term - Chinese corruption can move &#x27;dead&#x27; money out of the country, Australian government gets to present itself as a job creator. Except young Australians, who have to rent and cannot rely on real estate property for their retirement.<p>In the long term, the bubble is going to pop and then you have dead cities with empty high rises falling apart (but then again, people have been saying for at least 10 years that the bubble is going to pop any day now and it&#x27;s still inflating)<p>[1] Contains no numbers: <a href="http:&#x2F;&#x2F;www.smh.com.au&#x2F;comment&#x2F;grey-money-from-china-helps-blow-our-property-bubble-20140928-10n7a8.html" rel="nofollow">http:&#x2F;&#x2F;www.smh.com.au&#x2F;comment&#x2F;grey-money-from-china-helps-bl...</a><p>[2] <a href="http:&#x2F;&#x2F;www.abc.net.au&#x2F;news&#x2F;2014-11-27&#x2F;foreign-buyer-rule-enforcement-needs-to-be-strengthened&#x2F;5921518" rel="nofollow">http:&#x2F;&#x2F;www.abc.net.au&#x2F;news&#x2F;2014-11-27&#x2F;foreign-buyer-rule-enf...</a>