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· The Chinese billions flooding into Australian real estate.
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The Great Wall of Money. Monday 1. 2th October 2. 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 4. A$1. 2 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 .. 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 1. 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, goes to air on Monday 1.
October at 8. 3. 0pm. It is replayed on Tuesday 1. Watch The Counterfeiters Download on this page. October at 1. 0. 0. Wednesday 1. 4th at midnight. It can also be seen on ABC News 2. Saturday at 8. 0.
ABC iview and at abc. Transcript. 12 October 2. The Great Wall of Money. KERRY O'BRIEN, PRESENTER: Tonight on Four Corners: China's massive shopping list for Australian real estate. Who's buying it and where does their money come from? Watch Kiki Putlocker# there. LULU PALLIER, SOTHEBY'S INTERNATIONAL REALTY: They come to this country, they want to buy something special..
So waterfront with a view, with a nice house on it: it's something money cannot buy in China. Yeah. MATTHEW KHOO, FINANCE DIRECTOR, ICD PROPERTY: A- at the time it was actually the, the fastest, ah, tower to sell. We sold 1. 00 per cent of the, the tower within eight months. LULU PALLIER: This is sold two years ago to a Chinese businessman, Mr Wong, for $5. RAYMOND BAKER, GLOBAL FINANCIAL INTEGRITY: A lot of governments don't want to ask the questions. They simply want the money flowing in.
Well, I'm sorry. You do that and you expose yourself to a great many risks, not only in your own country but you're also damaging the countries out of which that money is coming. KERRY O'BRIEN: Whether it's waterfront trophy homes, apartments off the plan or massive commercial developments, Chinese investment in Australian real estate has surged by more than 4.
Property has now eclipsed mining as the number one Chinese investment in Australia. It's part of an extraordinary flight of capital out of China, estimated in the trillions of dollars, which may be the biggest exodus of money from a single country in financial history. While Chinese investment has been a boon for Australia - and much of it is legitimate - according to money laundering agencies there are also billions of dollars in ill- gotten gains being illicitly siphoned offshore and Australian authorities are doing precious little to investigate the source or the destination of these funds.
Our investigation has revealed that one source of investment is a Chinese firm involved in international arms dealing and another is the riches amassed by relatives of China's political elite, known as 'the Princelings.' You're about to meet some of them in this report by Linton Besser. LINTON BESSER, REPORTER: Lulu Pallier is in Shanghai on business. It's China's financial capital, where bicycles have given way to Bentleys and revolutionary slogans have been replaced by designer labels.
But what Lulu is selling is not here in China: it's on the other side of the world. LULU PALLIER, SOTHEBY'S INTERNATIONAL REALTY: I'm meeting potential clients who are willing to in- have investment in Australia.(Footage of Lulu holding meeting of potential investors around large round table)LINTON BESSER: Lulu Pallier is spruiking Sydney real estate.
LULU PALLIER (translation): Feel free to ask me any questions about purchasing property in Australia. LINTON BESSER: For Chinese buyers like Huang Cheng, an Australian property is the perfect investment. HUANG CHENG, POTENTIAL INVESTOR (translation): Compared to Shanghai property, Sydney property is not that expensive. JENNY HU, POTENTIAL INVESTOR (translation): I have not bought yet and am still looking. I want to have a house for my holiday in future. I like Australia as it has good weather and quality food.
LINTON BESSER: Iris Huang is here to sign the contract on a Sydney apartment she has only ever seen on the internet. IRIS HUANG, INVESTOR: I haven't seen it. But I've been living Australia, so I'm kind of like familiar with that area, so I don't need to see. I think most.. Most of the investment: if they trust somebody like Lulu, the real estate agent, I don't think they need to see. It's just sign and email it. It's very convenient. Yeah.(Footage of Liu Qi leading Jenny Hu to a table at one of his restaurants)LINTON BESSER: Across town, Lulu visits another client.
Liu Qi owns a chain of restaurants: a thriving business that celebrates the founder of China's communist state. He bought his Sydney apartment in June with an eye to the future. LIU QI (translation): My daughter got her bachelor's degree in the US and she is studying her master's degree in Sydney. I asked her to study in Sydney as the time difference is two hours and the weather is good. I think after I retire, I can live there.
LINTON BESSER: Liu Qi's investment is part of a huge wave of Chinese money pouring into the Australian real estate market. In just five years, it's surged more than 4. Back in Sydney, Lulu Pallier is not just selling humble apartments. For the growing ranks of China's super rich, the aim is a trophy home.(Lulu Pallier is showing potential clients a large house overlooking Sydney Harbour)And there is nowhere more desirable than the waterfront suburbs around Sydney's world- famous harbour. POTENTIAL CLIENT: Fish tank.
Oh. LULU PALLIER: They want to buy something special. They come to this country, they want to buy something special.
They want: the first priority is view. So waterfront with a view, with a nice house on it and, ah, preferably with a boat marina. You know, it's something money cannot buy in China. Yeah. LINTON BESSER: For overseas investors, there are strict rules about buying Australian real estate like this $2. It's become a hot- button issue amid a public crackdown on illegal sales launched by the former treasurer, Joe Hockey.