The Chinese attack upon the dodgy money inflating Western property markets looks set to turn more serious. From CTV:
Chinese authorities are urging officials who have fled abroad to avoid corruption charges to turn themselves in before Dec. 1 in exchange for leniency or face stiffer punishment.
Corruption is rampant in China, and a large number of government officials and executives of state-owned companies have absconded overseas for safer havens of their ill-gained wealth because China lacks extradition treaties.
The Friday notice was jointly issued by the ministries of public security and foreign affairs, the supreme court and the supreme prosecuting office. It says those who should return willingly could get leniency and even get exonerated if they can help recover the financial losses.
Buying an Australian property may be about to cost some folks their heads. BS also reports that:
Foreign investors looking to secure Australian visas will have to target their money at areas of priority to the Australian economy, The Australian Financial Review reports.
…The move comes ahead of the government’s National Industry Investment and Competitiveness Agenda, which is to be released on Tuesday. The newspaper says the areas to be targeted include agribusiness, energy, mining technology, medical technology and advanced manufacturing.
That, rather stupidly, seems more likely to hit property supply than demand.
