China Busts a $3B Underground Bank
So is this one mechanism of how Chinese nations get their money out to afford million dollar properties in Australia?<p>&gt; Australia&#x27;s money laundering watchdog investigated more than $3 billion in suspicious transfers by Chinese investors last year, including $1 billion in property transactions. [1]<p>Considering they can only take out 50k USD per year [2]<p>I&#x27;m sure many can agree it&#x27;s disgraceful that the Australian government is turning a blind eye to an incredible amount of money laundering... which some may argue is contributing to the incredibly high housing prices in Melbourne and Sydney. There are no median house prices left in Sydney under half a million dollars. [3].<p>A friend witnessed a Chinese national at an auction try to pay their deposit with a suitcase of cash. The real estate agent had to explain (through a translator) that they can&#x27;t accept that amount of cash in a suitcase. Sorry can&#x27;t give a reference here, but other HN&#x27;ers who have witnessed the auction frenzy in Australia may attest that this scenario is plausible.<p>Note, I&#x27;m not implying the Chinese are the direct contributor to the current situation, I am simply suggesting there is contributory related forces at play...<p>Australian Financial Review - &quot;Of China&#x27;s $47.3 billion (investments in Australia in 2016), $31.9 billion will go into real estate mostly in residential development assets.&quot; [4]<p>[1]
<a href="http:&#x2F;&#x2F;www.news.com.au&#x2F;finance&#x2F;economy&#x2F;australian-economy&#x2F;chinese-investors-pumping-billions-of-dodgy-cash-into-australian-property&#x2F;news-story&#x2F;cdab9af854d70d805a5b51cf881e40c9" rel="nofollow">http:&#x2F;&#x2F;www.news.com.au&#x2F;finance&#x2F;economy&#x2F;australian-economy&#x2F;ch...</a><p>[2] <a href="http:&#x2F;&#x2F;www.cityweekend.com.cn&#x2F;china&#x2F;article&#x2F;how-to-get-your-money-out-of-china" rel="nofollow">http:&#x2F;&#x2F;www.cityweekend.com.cn&#x2F;china&#x2F;article&#x2F;how-to-get-your-...</a><p>[3] <a href="https:&#x2F;&#x2F;www.domain.com.au&#x2F;news&#x2F;there-are-now-no-suburbs-left-in-sydney-with-a-median-house-price-under-500000-20171016-gz1sxj&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.domain.com.au&#x2F;news&#x2F;there-are-now-no-suburbs-left...</a><p>[4] <a href="http:&#x2F;&#x2F;www.afr.com&#x2F;real-estate&#x2F;chinese-investment-in-real-estate-grows-to-32bn-firb-20170509-gw0sla" rel="nofollow">http:&#x2F;&#x2F;www.afr.com&#x2F;real-estate&#x2F;chinese-investment-in-real-es...</a>