Australia To Ste Up Probes In To Illegal Foreign Home Buyers

Australia To Ste Up Probes In To Illegal Foreign Home Buyers

Investigations into foreigners in Australia who are purchasing residential properties illegally are being beefed up, said Treasurer Joe Hockey on Wednesday, in a move which many analysts see as a way of cooling down one of the world’s hottest property market.
The Wednesday announcement by Joe Hockey comes just days after a Chinese owner was ordered by the Australia government to sell his mansion in Sydney which is valued at $31 million within 90 days or face legal measures.

Chinese money in the Australian real estate market is not a new topic but the recent increase in the number of Chinese investors who are investing their money in Australia just as Beijing starts cracking down on corruption seems suspicious.

In Australia, foreigners are only allowed to buy new properties which have been recently build, but a widespread abuse of the system was discovered by a parliamentary committee inquiry.
When speaking about the matter, the country’s Treasurer said that he will be stepping up investigations in areas where there is strong evidence of wrong doing.

"I mean, we are not going on a witch-hunt and we don't want to create an atmosphere of xenophobia or anything else," Hockey told reporters.

"We want to be in a position where ... Australians, wherever they go, any Australian that goes to an auction needs to know that they are competing on a level playing field with people that are lawfully able to acquire the property."

 

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