A Chinese buyer bought a similar project for a separate house with land while participating in the Australian Credit Free viewing Group. (photo by the Australian Financial Review)
According to the Australian Financial Review and SBS, the closure of the offices of (Austin), a leading real estate agency, in China last week made it impossible to transfer many of its independent housing and apartment projects in Australia, and a number of home purchase deposits "evaporated".
Australian Credit China is an entity independent of Australia`s (Ausin Australia). The company is accused of embezzling "tens of millions of Australian dollars" of deposits and the balance paid by buyers when they hand in their homes, involving 15 new housing projects in Sydney, Melbourne and Brisbane.
A buyer from Wuhan, China, said she had joined Aussie`s free "house-watching group" to visit Melbourne and earlier this year decided to buy a (House and Land Package) flat in southwestern Melbourne for A $600000. she
The deposit was handed over to Aussie China to transfer the money from China to Australia.
"the reason for giving the money to Australia is that it is not easy to transfer money from China to Australia. Australian Credit will help us to give the money to the developers. " She said: "Australian credit is very popular in China, is a strong brand. His offices are located in the best parts of the city. Importantly, they also have offices in Australia, and it feels like a reliable company. "
It is not difficult to see from the collapse that, in addition to collecting commissions from buyers, its offices in China have also served as a channel for Chinese buyers to bypass Chinese capital outflow controls and transfer money to Australia.
According to the regulations, China`s citizen can only transfer up to $50, 000 a year overseas. This has forced many Chinese to look for ways to divert money out of China and invest in more stable markets such as Australia.
Australian trust group said the Chinese office was specifically banned from raising funds, but the head of the office, (Jin Tianyou, also known as Harry Jin), allegedly collected deposits from buyers, among other things. Aussie Group then reported the matter to the new state police.
Kim has disappeared, but public documents show that he is still a shareholder in Australia, although he no longer serves as a director in February.
While other project marketers and apartment agents said the incident would not affect Chinese demand for Australian real estate, the Wuhan buyer said she would no longer buy a house in Australia after dealing with Australian credit. "I am so angry. My hard-earned savings and wages are gone. My only option now is to try to force the liquidation of Aussie`s (China) assets and see if I can get my money back. "
In addition to the Wuhan buyer, panic is spreading among Aussie`s customers in China. Unconfirmed online video shows the company`s offices in Shenzhen splashed with paint and written in black bulletins. In addition, a voluntary maintain legal rights group organized by Aussie`s Chinese customers spoke on social media asking for a refund of home purchases.
