In August, the closure of the Australian residential project sales agency (Ausin Group) `s office in Shenzhen, China, caused the transfer of 130 separate homes and apartments to be improperly rehoused, and the company lost A $360 million. And corporate executives insist on being kept in the dark.
Screenshot of Australian media coverage after "Australia credit china" accident
In the wake of the collapse of China, a large number of payments made by Chinese buyers had disappeared for no reason. According to the first Financial report, at that time, the housing and other customer fees arrears totaled more than 200 million yuan. Although the China office has been closed, the Australian headquarters of the Australian trust group is still in normal operation.
A contract for Australian Credit to transfer to lease property.
Within three months of the collapse of the Australian Financial Review, the Aussie Group has found a suitable alternative to a Sydney-based rental property, according to a new report from the Australian Financial Review.
Since September, it is believed that ASIC has been looking through Real Estate Dynamics, a real estate agency, for about 100 of its agency leases. The vast majority of these leases belong to rental properties owned by Chinese buyers.
While Aussie China`s main business is to sell new homes to Chinese buyers (including apartments and single houses), the former also represented a number of rental properties during the 2012-2017 real estate boom.
According to industry sources, this Aussie Group rental contract for more than 1 million Australian dollars.
ASIC: negotiations are still under way with developers and Chinese buyers
In August this year, China closed down. The disappearance was accompanied by hundreds of millions of Australian dollars in down payments and settlement payments involving more than 130 homes on 15 projects in Sydney, Melbourne, and Brisbane.
It is alleged that after the successful sale of the houses to Chinese buyers, Credit Australia China charged the buyers all down payments and settlement payments on behalf of the developers. Rather than helping developers and buyers to establish direct sales contracts and transfer channels.
In the Chinese market, Australian credit used to be synonymous with Australian property sales. Many Chinese buyers trust this brand and reputation. But that changed in August 2018. The Aussie China office in Shenzhen has also been labeled a "liar" newspaper.
Although Credit Australia China has been closed, the Australian company is still in normal operation.
Asked about the latest developments in the incident, a company spokesman said: "the group is currently negotiating with affected developers and buyers to find a solution, depending on the circumstances."
In addition to asking for commissions from buyers, the collapse of Aussie China revealed another truth. Australia`s offices in China have become an "underground channel" for Chinese buyers to send remittances to Australia, circumventing China`s restrictions on capital outflows.
Chinese citizens, for example, exchange $50,000 a year, forcing many buyers to look for "underground banks" to move money and invest in stable markets, such as Australia, in a moveable way.
Australian trust group said the Chinese office was once ordered to ban fund-raising. But the head of the China office, Jin Tianyou (Harry Jin), has privately pooled down and final payments from clients, and ASIC has reported the case to New York police.
