▲ 848 ▼ Australia to triple fees on foreigners buying existing homes, penalise them if they leave properties empty (www.scmp.com) submitted 2 years ago by filoria@lemmy.ml to c/world@lemmy.world 64 comments fedilink hide all child comments
[–] kerrypacker@lemmy.world 28 points 2 years ago (1 child) Chinese and boomer investors. permalink fedilink source parent hideshow 2 child comments replies: [–] Mothra@mander.xyz 6 points 2 years ago (4 children) I'm aware of who but not why. Are they just letting them sit there until the prices rise ( I know that doesn't take too long)? Or is there another reason? permalink fedilink source parent hideshow 8 child comments replies: [–] set_secret@lemmy.world 29 points 2 years ago yes ,becuase the house prices in Australia rise so fast it's actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars. The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits. permalink fedilink source parent [+] Cyberjin@lemmy.world 8 points 2 years ago [deleted] permalink fedilink source parent [–] Kecessa@sh.itjust.works 4 points 2 years ago (1 child) That's usually the reason and the possibility of getting a citizenship (depending on what country the property is in it can help). permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 9 points 2 years ago (1 child) I’ve a friend in Taiwan. She says it’s common for rich Chinese people to buy homes in Taiwan as a way of locking down that money in a way the government can’t access it. permalink fedilink source parent hideshow 2 child comments replies: [–] Kecessa@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 child) Fairly common scheme with Canada, rich Chinese buy a house in Canada, declare their taxes as being paid in Canada to Chinese authorities and being paid in China to Canadian authorities... The different levels of Canadian governments get criticized for letting them buy properties and companies here when Canadians would never be allowed to do the same in China... permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent [–] prole@sh.itjust.works 2 points 2 years ago Money. The reason is always money. permalink fedilink source parent
[–] Mothra@mander.xyz 6 points 2 years ago (4 children) I'm aware of who but not why. Are they just letting them sit there until the prices rise ( I know that doesn't take too long)? Or is there another reason? permalink fedilink source parent hideshow 8 child comments replies: [–] set_secret@lemmy.world 29 points 2 years ago yes ,becuase the house prices in Australia rise so fast it's actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars. The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits. permalink fedilink source parent [+] Cyberjin@lemmy.world 8 points 2 years ago [deleted] permalink fedilink source parent [–] Kecessa@sh.itjust.works 4 points 2 years ago (1 child) That's usually the reason and the possibility of getting a citizenship (depending on what country the property is in it can help). permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 9 points 2 years ago (1 child) I’ve a friend in Taiwan. She says it’s common for rich Chinese people to buy homes in Taiwan as a way of locking down that money in a way the government can’t access it. permalink fedilink source parent hideshow 2 child comments replies: [–] Kecessa@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 child) Fairly common scheme with Canada, rich Chinese buy a house in Canada, declare their taxes as being paid in Canada to Chinese authorities and being paid in China to Canadian authorities... The different levels of Canadian governments get criticized for letting them buy properties and companies here when Canadians would never be allowed to do the same in China... permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent [–] prole@sh.itjust.works 2 points 2 years ago Money. The reason is always money. permalink fedilink source parent
[–] set_secret@lemmy.world 29 points 2 years ago yes ,becuase the house prices in Australia rise so fast it's actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars. The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits. permalink fedilink source parent
[–] Kecessa@sh.itjust.works 4 points 2 years ago (1 child) That's usually the reason and the possibility of getting a citizenship (depending on what country the property is in it can help). permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 9 points 2 years ago (1 child) I’ve a friend in Taiwan. She says it’s common for rich Chinese people to buy homes in Taiwan as a way of locking down that money in a way the government can’t access it. permalink fedilink source parent hideshow 2 child comments replies: [–] Kecessa@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 child) Fairly common scheme with Canada, rich Chinese buy a house in Canada, declare their taxes as being paid in Canada to Chinese authorities and being paid in China to Canadian authorities... The different levels of Canadian governments get criticized for letting them buy properties and companies here when Canadians would never be allowed to do the same in China... permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent
[–] dojan@lemmy.world 9 points 2 years ago (1 child) I’ve a friend in Taiwan. She says it’s common for rich Chinese people to buy homes in Taiwan as a way of locking down that money in a way the government can’t access it. permalink fedilink source parent hideshow 2 child comments replies: [–] Kecessa@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 child) Fairly common scheme with Canada, rich Chinese buy a house in Canada, declare their taxes as being paid in Canada to Chinese authorities and being paid in China to Canadian authorities... The different levels of Canadian governments get criticized for letting them buy properties and companies here when Canadians would never be allowed to do the same in China... permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent
[–] Kecessa@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 child) Fairly common scheme with Canada, rich Chinese buy a house in Canada, declare their taxes as being paid in Canada to Chinese authorities and being paid in China to Canadian authorities... The different levels of Canadian governments get criticized for letting them buy properties and companies here when Canadians would never be allowed to do the same in China... permalink fedilink source parent hideshow 2 child comments replies: [–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent
[–] dojan@lemmy.world 1 point 2 years ago My friend in Taiwan is experiencing something similar. Their bank was all “oh yeah you can absolutely get a loan as a foreigner with us as long as your Taiwanese parent is willing to cosign”. They already own the home, they’re just trying to restructure the mortgage after a breakup. It’s ridiculous. permalink fedilink source parent
[–] prole@sh.itjust.works 2 points 2 years ago Money. The reason is always money. permalink fedilink source parent