Chinese Millionaires Swamp Australian Property Market; What Happens to Dispossessed Aussies? By James Reed
Australia continues to be sold off, and sold out by our political class. Australia is being swamp by Chinese millionaires who are profoundly impacting upon the property markets.
Australia’s Significant Investor Visa (SIV) program had allowed wealthy foreigners to purchase Australian citizenship by investing $5 million into qualifying assets or ventures, but the program is to be axed, due to concerns about money laundering and “dirty money” flows into Australia. It is hard to see how the present open border migration for the rich avoids any of the past problems. Where is the money coming from? Does the political class care? Answer; no.
Young Australians are also having a future denied to them, as the property market explodes. That is supported with enthusiasm by the sharks in the real estate business, who have treated Australia as a commodity to be flogged off at least since the end of World War II, aided by a Great Replacement immigration program.
It is shameful that there are not tens of millions of people in the streets protesting all of this, but the elites have been working on hosing down resistance to replacement immigration for at least the last 78 years or more, and the population has been culturally and genetically changed. It is not the Australia of the ANZACs anymore, but conservatives have trouble facing such stark realities, and what they mean for various political policies.
Today, while travelling on a bus into the city, I saw, upon entering the CBD, among the homeless folk camped on the street, a man who had slept rough with his young son; it was 6.30 am, and they were packing up their gear before, I suppose, the next police round. A sign of the homeless times in what was once the lucky country. But, lucky county no more.
“The Visual Capitalist has mapped the migration of the world’s millionaires in 2023.
High Net Worth Individuals (HNWIs) are defined as individuals with a net worth of at least $1 million USD.
Australia received the most millionaire migrants (+5,200), while China (-13,500) and India (-6,500) lost the largest number of millionaire migrants:
Most of Australia’s millionaire migrants would have come from China.
The impact has been felt in Australia’s property market.
According to recent research from Juwai IQI, Australia has surpassed Canada as the top destination for Chinese property buyers seeking education and migration prospects in Australia.
“Education and quality of life for full-time residency is what makes Australia and the other top countries so desirable”, Juwai IQI co-founder and group managing director Daniel Ho said.
“They are buying here because they intend to live here. They are looking at houses and townhouses and larger apartments”.
Australia’s Significant Investor Visa (SIV) program – affectionately named “Golden Ticket Visas” – allowed wealthy foreigners to purchase Australian citizenship by investing $5 million into qualifying assets or ventures.
These visas had been used primarily by the Chinese, who have accounted for nearly 90% of SIVs issued:
The Albanese Government announced last year that the SIV visa program would be axed.
This followed a raft of other developed nations that had already shut such “golden ticket” visa schemes down.
Australia’s Productivity Commission (PC) had for years also called for golden ticket visas to be axed, arguing they are conduits for money laundering and ‘dirty money’ flows into Australia.
Closing the SIV program down is a good move since there were few checks and balances in place with these visas. There was no rigorous background checks performed on the person applying or whether the source of their money was legit. There was also also no requirement to speak English, work or contribute to society.
With the scheme’s axing, we may also have seen the high water mark for migrant millionaires arriving in Australia.
That said, the Chinese bid on Australian property, that reached a fever pitch in 2016/17, was largely cut off by Chinese capital controls, not Australia any measures by Australia. China is now busy opening loopholes:
China is taking steps to loosen strict capital-control measures in its two most important cities amid efforts to win back foreign companies as overseas investment slumps and the economy slows.
In Shanghai’s pilot free-trade zone and Lingang area, foreign investors are now allowed to freely transfer their investment-related funds in or out of China without any delay should the money be “real and compliant,” authorities in the financial hub said in a set of rules that took effect on Sept. 1.
Beijing has also proposed similar regulations for the whole city, according to drafted rules published Wednesday that are now seeking public feedback.
The long-suffering of Australians without a roof over their heads shows no sign of abating.”
What Chas Caledon says about the surrender of Canada, and its Great Replacement, applies in many respects to Australia:
https://www.eurocanadians.ca/2023/09/tolerance-of-the-intolerant-why-canada-will-become-chinese
“In the important book “Hidden Hand: How the Chinese Communist Party is Reshaping the World,” the authors Clive Hamilton and Mareike Ohlberg say:
“In our judgement, so entrenched are the CCP’s influence networks among British elites that Britain has passed the point of no return, and any attempt to extricate itself from Beijing’s orbit would probably fail.”
Just imagine how far down this red track Australia is?
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