(Ausin Group), the Australian real estate intermediary, was bogged down by the collapse of its business in China some time ago.
And the founder of Aussie`s China branch, Jin Tianyou (Harry Jin), was also detained by the victim buyer!
And was put under house arrest to recover the loss of buying the apartment!
According to the Australian Financial Review, a Chinese contact said:
"Jin Tianyou has been placed under house arrest and detained against his will."
Although Joseph Zaja, the chief executive of the Australian company and group of credit Australia, reported the case to the Australian and Chinese police,
But Chinese buyers who have suffered losses are reluctant to co-operate with authorities because they are afraid to be asked about the transfer of their funds.
Because, according to Chinese regulations, it is prohibited to transfer large amounts of cash overseas for the purchase of real estate.
So most buyers, are not willing to participate in this matter.
It is understood that Jin Tianyou was detained in a secret location in China.
Zaja told Financial Review, he didn`t know where Kim was because the Australian company had cut off contact with him.
"Credit Australia continues to work with developers` clients and supports damaged buyers on a case-by-case basis, but does not interact further with Kim Tin-you," he said.
So why is China`s CEO being detained? This will have to take place before a series of events at Australian Credit China.
Self-proclaimed Australia`s largest real estate intermediary funds ruptured, facing bankruptcy.
Some time ago, a burst of news was revealed! One of them claimed to be
Australia`s largest real estate intermediary
Aussie Group!
Because the capital chain broke down!
According to insider sources, the Australian agency`s China-based branch has failed to issue salary and brokerage commissions.
There are even a lot of customers rushing directly into their company. Write in ink!
Shock video exposure
↓↓↓
Australian credit money laundering!
Australian letter black agent!
Australian Credit Fraud Group!
This is not the first time, however, that there has been an accident at the Australian Credit Group.
The 600 million loans were rejected and the entire real estate industry was in earthquake.
As early as 2016, after Australia`s biggest banks tightened their lending to foreigners, the company was also revealed to have been rejected by the Westpac.
According to Australian authoritative financial media AFR report:
Westpac divestments A $600m from Australian Credit Australia
This article is probably about:
In fact, the main business of Australian Credit Group is selling Australian real estate to the Chinese at a high price! Not only sell house, but also help people get visas and immigrants!
At least 3000 house units can be sold every year!
It can be said that at that time, Australian credit was an Australian real estate industry brother, even a lot of real estate developers rely on it!
In 2016, however, when the Australian Credit Group submitted a total package application to Westpac, it was strongly rejected!
Westpac withdrew its A $600m loan from Credit Australia.
A flat loan equivalent to A $900 million.
It was expected that more than 1200 sets of real estate would be affected!
After this news report came out, the whole Australian Chinese real estate industry earthquake!
However, the Aussie Group soon issued a statement indicating that there was no problem with its business at all, and that many of the reports were false news.
Insider exposure! Australian Credit Group`s China Branch has been hit by 100 people, maintain legal rights.
Then a video of what seemed to be a splash of ink at Aussie`s China branch pushed Aussie to the forefront of public opinion.
If the news is true,
Well, Australian letter is in the cold winter tide of real estate,
The first to fall.
Giant real estate!
(photo source: Ozreal)
According to people close to the situation, the main reason for the collapse of Australian credit group is the broken capital chain, many customers can not return the money paid.
Involving hundreds of millions of dollars,
Even more!
When a lot of customers got the news, they rushed directly to ask for an explanation, the China office of ASIC, and there was the scene in the video.
According to witnesses,
There are more than 180 customers gathered on the scene,
Because of the gravity of the situation,
The local government even sent out armed police.
Keep order at the scene!
At the beginning of the year, Australian Credit Group
Organize Chinese buyers to visit Australia
The client paid a deposit of $ six hundred thousand.
There is no way back now.
Meanwhile, a letter of apology from Kim, suspected boss of the Australian Credit Group, was revealed.
↓↓↓
The picture is not clear? That`s all right, Impression. let`s pick a point for you:
There have been mistakes in the development and management of ASIC;
Serious financial difficulties due to errors;
Inability to repay customers;
The future will look for sources of funding to make up for losses and pay off debts;
But hope the client gives 2 to 3 years time to rise again.
Summarize:
For business reasons,
Causing problems with funds,
I can`t pay back the money at the moment.
If you want money, you can wait 2 years ~
The abuse of authority`s private fare increase led to credit bankruptcy.
The collapse of the company and the break-up of the capital chain may be sudden, but many things are foreboding. Long before this incident, a former staff member of the letter had written about the crisis the company was faced with:
Described in great detail,
You can read it carefully and feel it.
And all these expose
All around May 2017,
It`s been a year since ~
Who knows,
This expose, on August 15, 2018,
Suddenly updated the post!
Just a few words:
The money chain is broken. Run!
We can see the seriousness of this incident,
Maybe far beyond everyone`s imagination!
Combined with the rejection of Westpac borrowing in 2016 and the former employee`s expose, Impressionist received an important message. One of the most important reasons for the collapse of the group as a whole was:
The Australian credit group took advantage of the exclusive agency`s prerogative,
Hiding the developer,
Secretly "price increases" to Chinese customers,
Led to a very low valuation of the loan bank,
Lost credit!
And the "private fare increase",
It is the "fuse" of the Westpac needle`s refusal to lend!
Westpac is Australia`s largest and most specialized lending bank, once rejected by the Westpac, it is generally difficult from other banks to finance such a large sum of money!
After that, the Australian credit group has also been very difficult to find the pick-up man!
If house had been bought a few years ago, and it was at the time of the house handover, the vast amount of real estate, Australian Credit could not afford such a high debt situation.
In addition, according to insider + expose, almost all of the real estate transactions at ASIC are done by the same lawer firm.
Google rating has only one star, you can go to see the customer`s comments.
This time about the break in the fund chain of Aussie, all overseas home buyers have sounded a wake-up call!
Take a look at some of the comments:
Impression conclusion
The collapse was due to the company`s embezzlement of "tens of millions of Australian dollars" of delivery and deposit funds used by customers to buy new homes for 15 projects in Sydney, Melbourne and Brisbane.
During the 2012-2017 boom, the hot Chinese market invested hundreds of millions of Australian dollars in the Australian apartment market.
"middle" agents such as Aussie have thrived, while hundreds of Chinese buyers have lost their money in the investment.
The Australian Credit incident once again proves:
There`s a lot of risk in investing overseas,
Everyone be careful!
Don`t be blinded by the high-end office.
By accident,
You`ll probably lose your money,
Life`s savings will be lost.
Choose a reliable Australian real estate intermediary,
There are also lawer lines that are truly customer-friendly,
It`s really important!
Please tell your domestic friends,
Be careful.
