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Shouldn't SG also control the buying of properties by foreigners?

LITTLEREDDOT

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Foreign Buying of Australian Homes Needs Policing, Lawmaker Says

<cite class="byline" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 11px; vertical-align: baseline; color: rgb(111, 111, 111); display: block; font-style: normal; line-height: 1.3em; width: 350px; background: transparent;">By Nichola Saminather and Narayanan Somasundaram - Sep 15, 2014</cite>
Australia needs to properly enforce restrictions on foreign investment in housing, a lawmaker chairing a parliamentary committee on the issue said, amid concern overseas buyers are stoking a bubble.

The Foreign Investment Review Board, which oversees rules governing such property purchases, “has demonstrated that they have not been doing their job in that regard,” Kelly O’Dwyer, chairwoman of the House Economics Committee, said at the Bloomberg Summit in Sydney today.

“In order to give confidence to people you have to have a regime that will be properly enforced,” O’Dwyer said. “FIRB said that we think everybody is complying a little bit better. I think that defies credibility.”

O’Dwyer’s committee is conducting an inquiry into foreign buying of Australian residential property and is expected to report on its findings by Oct. 10. Chinese buyers are leading a surge in foreign demand for Australian homes as they seek to mitigate political and economic risk at home, educate their children overseas and live in a clean environment, according to an August report by CLSA Asia-Pacific Markets.

Australia
tightened rules on foreign investment in real estate in 2010, requiring offshore buyers to purchase only new properties, and introduced penalties to enforce the changes. It also said temporary residents must obtain approval from FIRB to buy homes, and must sell when leaving the country.

Civil Penalties

“We are looking at a civil penalty regime that would apply to people who contravene the rules,” O’Dwyer said. “We are actually looking at a sliding scale that would attach to the value of the property when people contravene the current rules in place.”

Australia is the No. 1 destination for Chinese seeking to emigrate after Canada, which in February implemented restrictions on foreign investment and immigration, according to the CLSA report. Australia approved almost A$25 billion ($23 billion) of home purchases by foreigners in the nine months through March, 45 percent more than permits granted over the entire previous fiscal year, the Treasurydepartment said in a submission to the inquiry.

Soaring Prices

House and apartment prices surged 11 percent in August from a year earlier, led by gains of 16 percent in Sydney and 12 percent in Melbourne, according to the RP Data CoreLogic Home Value Index. The nation has the third-most overvalued housing market on a price-to-income basis, after Belgium and Canada, according to the International Monetary Fund.
O’Dwyer, announcing the inquiry in March, cited concerns that “foreign investment in Australian real estate is causing a distortion in the market and making housing less accessible and affordable.” The inquiry is examining the economic benefits of foreign investment, whether it’s helping to increase supply, how it compares with other countries and if the nation’s foreign investment policy can be improved, according to the statement.

 

mojito

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No! That would reduce the demand and selling price of the ones already bought by our affluent PAP minions. Why would we want that?
 

sochi2014

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Majority 80% of Singaporeans owned HDB properties. If you stop PRs from buying flats. The housing market will collapse.
 

iluvgst

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PAP will never do what the Aussie government is doing. The rule that foreigners can only buy new property will kill the Singapore property market.
 

palden

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Loyal
Majority 80% of Singaporeans owned HDB properties. If you stop PRs from buying flats. The housing market will collapse.
Agreed. This stupid suggestion is fronted by a lazy loser in life who rent flat and wished that price would drop to $1 so he can own his flat. Typical oppo loser.
 

laksaboy

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Majority 80% of Singaporeans owned HDB properties. If you stop PRs from buying flats. The housing market will collapse.

What's wrong with that? If you have bought the iPhone 5S at launch, why begrudge Apple for slashing prices when iPhone 6 is about to be released?
 

Unrepented

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HDB is suppose to be low priced and controlled anyway, so that every Singaporean can have a roof over their heads and not stressed out paying for the time limited right.... private housing can go their own way...:rolleyes:

Majority 80% of Singaporeans owned HDB properties. If you stop PRs from buying flats. The housing market will collapse.
 

ginfreely

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HDB is suppose to be low priced and controlled anyway, so that every Singaporean can have a roof over their heads and not stressed out paying for the time limited right.... private housing can go their own way...:rolleyes:

I think even private housing should have controls like foreigner ratio to prevent foreigners from overwhelming any condo project or area like East coast now so many Indians. PAP really useless; even msia govt know how to control better with such foreigner ratio.
 

frenchbriefs

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singapore is not a country,singapore is a corporate entity.....capitalism works best under free market conditions......regulation will only lead to communism and poverty.
 

eatshitndie

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I think even private housing should have controls like foreigner ratio to prevent foreigners from overwhelming any condo project or area like East coast now so many Indians. PAP really useless; even msia govt know how to control better with such foreigner ratio.

although i'm a fan of free global capitalist economics, real estate and property speculation, flipping, and bubbles created by the exploitation of supply and demand dynamics to jack up prices across borders by the law of large numbers need to be curbed and controlled. otherwise, you encourage predatory behavior, fearlessness and arrogance among international "criminal" syndicates out to make a quick buck by amassing cash and funds on a grand scale to outwit local and regional markets. that's what's happening to stocks on wall street, and the same is evident in hot real estate and property markets in choice places where "corrupt" and ill-gotten money from china and russia is being leveraged. personally, i stand to gain from the property bubble in the bay area, but like all bubbles in the past, it will come crashing down with a giant burst, and these foreign syndicates who inflated the bubble with full cash buyouts are the first ones to run with zero accountability on the devastation caused when they liquidate. only the folks who are committed to live and die in the devastation are left to do the cleanup.
 

frenchbriefs

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thats cause ur bay area and government do not have the marvellous system of CPF to guard against any predatory exploitation of supply and demand dynamics and provide a wall of jericho like cushion against any property crisis of a international syndicate scale.....i would like to reccomend to Obama to implement the CPF system in United States w.e.f. immediate so that americans might enjoy the security and peace of mind that Sinkies have long

although i'm a fan of free global capitalist economics, real estate and property speculation, flipping, and bubbles created by the exploitation of supply and demand dynamics to jack up prices across borders by the law of large numbers need to be curbed and controlled.
 
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eatshitndie

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thats cause ur bay area and government do not have the marvellous system of CPF to guard against any predatory exploitation of supply and demand dynamics and provide a wall of jericho like cushion against any property crisis of a international syndicate scale.

yes, washington d.c. and all state governments should be totally cleaned up and replaced by the pap. cpf will do much good for americans considering that social security is crap.
 
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frenchbriefs

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yes, washington d.c. and all state governments should be totally cleaned up and replaced by the pap. cpf will do much good for americans considering that social security is crap.

i agree.....can u imagine the size of the gambling fund?60 times 300 billion,thats 18 trillion.....enough for USA to conquer the world from Iraq to Jordan to Chile to Mexico and over.
 
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