SYDNEY, Feb 25 – Australia plans to charge fees to foreign nationals buying residential property and fine those who break foreign investment laws, in an attempt to improve housing affordability amid some of the world's highest property prices. The scheme could raise about A$200 million a year by charging foreign home-buyers A$5,000 for properties valued under A$1 million and an additional A$10,000 for every additional A$1 million, Treasurer Joe Hockey said on Wednesday. Hockey said a register of foreign nationals buying real estate would be established and those who break the law would face a fine up to a quarter of the value of the property and could be forced to sell. Australian property has long been a popular choice for Chinese money – both legitimate and illegitimate – but the flow of investment appears to have accelerated. Australia's foreign investment review board says China was the No.1 source of foreign capital investment in real estate in 2013, … [Read more...] about Australia plans to charge fees to foreigners buying real estate
Foreign investors real estate
Hanoi Times - According to Richard Leech, Director of CB Richard Ellis Hanoi Branch, Vietnam's real estate market will only see big changes in two or three years, not in 2008, in an interview with Thoi bao Kinh te Vietnam. Many asked Mr. Leech if he thought 2008 will be the year of banks and real estate, he says that 2008 will certainly be the year of banks, but not property. 2008, like 2007, will witness the groundbreakings of a series of major real estate projects, including Vincom City Tower 2, BIDVTower, CrownPlaza, the KeangnamHanoiLandmarkTower, The Landmark, CEO Tower, IndochinaPlaza, and these are just those in Hanoi. The projects will only be completed and become operational in two or three years, and the real estate market will see big changes by that time. Vietnam's real estate market, like other markets around the world, is influenced by many factors: the rule of supply and demand, the oil price increases, Vietnam's WTO membership and the stock market … [Read more...] about Director thinks real estate has a few years to go
Hanoi Times - The big difficulties domestic real estate firms are facing prove to be big opportunities for foreign investors to jump into Vietnam's real estate market. This has sparked concern that the domestic real estate market could be swallowed by foreigners. Swallowing real estate market? Not so easy! It now seems to be the most difficult period for real estate firms, which are seriously lacking capital due to banks' policy on tightening real estate credit. Pushed against the wall, domestic real estate firms have to either seek foreign partners to develop projects, or transfer the projects to foreign investors, who are more financially capable. Foreign investors now have the chance to buy 'commodities' at low prices, but they are not hurrying to do so. Dang Hoang Vu, General Director of Thanh Binh Real Estate Company, said some domestic investors still cannot transfer projects at cost, as foreign investors believe that real estate prices have not yet dropped to their deepest … [Read more...] about Real estate market in danger of being taken over?
The Hanoitimes - The real estate service market (marketing, distribution, assessment, investment consultancy and real estate project management) is now in the hands of foreign companies. Foreign control Real estate developers can generally sell products only when they use distribution services provided by foreign companies. According to the director of a real estate firm in HCM City, there "Big Three" are CBRE Vietnam, Savills Vietnam and Colliers, which together hold some 90 percent of the market share. The rest goes to the handful of Vietnamese service providers, such as Megagroup, Eden, Him Lam and VietRees. Most recently, Knight Frank, the leading British real estate consultant firm (207 offices in 43 countries) announced its presence in Vietnam. Though a newcomer, this is a redoubtable rival with many advantages. The companies have long-term experience in real estate. Colliers has been in Vietnam for 14 years, Savills has been around for 15 years, while CBRE has achieved … [Read more...] about Foreigners hold 90 percent of real estate service market
The Hanoitimes - A resource crunch has been creating a favourable opportunity for mergers and acquisitions in the property sector, an industry insider has said. "Vietnam's real estate market is observing an unprecedented period of M&A activity, with both foreign and Vietnamese buyers and sellers active at this time," Neil MacGregor, deputy managing director of real estate services provider Savills Vietnam, said. "While deals have been scarce in recent years, there is now a growing range of opportunities available to investors." The Vietnamese real estate market was critically short of capital and developers were therefore seeking new sources of finance. "Despite the recent clampdown on new lending to real estate, credit growth over the period from 2008 to 2010 has left many developers facing the pressure resulting from high interest rates, slow rates of residential sales and rising construction costs." There were a number of options open to developers requiring capital to … [Read more...] about Real estate sector grows ripe for mergers, acquisitions