Australia too. Reportedly 70% of Chinese buying property in Sydney and Melbourne pay in cash [1]
Exempted from our anti money laundering KYC laws are realestate sellers, lawyers, and accountants (setting up corporate structures to circumvent foreign ownership review board scrutiny) [2]
The median house price in Sydney is now greater than $1,000,000 while the average gross wage is $82,000 per annum.
It's way out of whack, and unfettered money laundering into realestate purchases is partly to blame.
Chinese people are equally upset with those criminals who looted and parked money overseas. Please consider supporting Australia-China extradition treaty.
Exempted from our anti money laundering KYC laws are realestate sellers, lawyers, and accountants (setting up corporate structures to circumvent foreign ownership review board scrutiny) [2]
The median house price in Sydney is now greater than $1,000,000 while the average gross wage is $82,000 per annum.
It's way out of whack, and unfettered money laundering into realestate purchases is partly to blame.
[1] https://www.propertynerd.com.au/news/chinese-laundering-mone...
[2] https://www.macrobusiness.com.au/2018/10/australia-worlds-we...