Quote:
Originally Posted by Franco Cozzo
In China you can only have 20 or 70 year leases, you don't 'own' residential properties which is why they buy in Australia so they can get money out of the system and pass something down to their children.
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Yep it is a completely different system. China is not Australia, UK or US. China is China.
They are also about to end "extreme poverty" by end of this year.
When I lived in the UK about 10 years ago, there were over 1m children living below the poverty line.
We had Chinese paying over the odds for property in Australia because they needed to "hide it". When Xi took office, he set up a number of anti corruption bodies to crack down on bribery and corruption. Those that financially benefited from corruption in the past or present had to get their money out of China ASAP and "hide it". Property in Australia was the perfect choice, and they didn't care if they had to pay 30% over the market value. In their eyes, at least they got to keep it.
https://www.abc.net.au/news/2015-10-...estate/6841816