Investigative Journalism is alive and well

Channel 4 in London has done an experiment on estate agent reactions to potential buyers using obviously ill-gotten gains. The results were predictable:

In a documentary called From Russia With Cash, to be broadcast on Wednesday, two undercover reporters pose as an unscrupulous Russian government official called “Boris” and his mistress “Nastya” whom he wants to purchase an upmarket property in London for.

The couple – Russian anti-corruption campaigner Roman Borisovich and Ukrainian investigative reporter Natalia Sedletska – view five properties ranging in price from £3m to £15m, on the market with five different west London agents, in Kensington, Chelsea and Notting Hill.

Despite being made aware they are dealing with ill-gotten gains, the estate agents agree to continue with a potential purchase. In several instances the estate agents recommend law firms to help a buyer hide his identity.

One estate agent names a “very, very good lawyer … the last person I put them was another minister of a previous Soviet state” in a deal worth £10m.

The estate agents suggest that in the capital secretive purchases of multimillion pound houses are common. One claims that 80% or more of his transactions are with international, overseas-based buyers and “50 or 60%” of them are conducted in “various stages of anonymity … whether it be through a company or an offshore trust”.

Read the full article here.

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Westside Realtor
Guest
Westside Realtor

And they say Crime Does Not Pay…

This whole mess is disgusting.

Massive debt fueled corruption gains running to the hills and distorting our lives. Regular Joe’s taking out million dollar mortgages :to keep up with the Jones’ and to try to get rich just mowing your lawn and waiting for someone to buy your place for 30% more than you paid, tax free gain and probably a double on your down payment…

How can this not end badly? And soon.

WSR

Oracle
Guest
Oracle

patriotz
patriotz
July 8, 2015
@89: “Our analysis last year indicated that roughly one-third of buyers in Vancouver had some connection to mainland China”

Yet another go-round for this one. Is it at all surprising, giving the demographics of the city, that “roughly one-third of buyers had some connection to Mainland China”?

I will also note that in regard to China in particular last year was so, well, last year.

Hot debate. What do you think? Thumb up 5 Thumb down 5

Exactly! It’s immigrants who have assets back home (protected from cra) who are driving RE. CRA doesn’t seem to care as everyone I know has assets overseas and laughing at born and bred Canadians.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

chinese are preparing the biggest liquidity injection seen by human kind. are you ready for it?

flaneur
Guest
flaneur

Realtors are salesmen. Their action is quietly condoned to financially crippled unfriendly regimes…..
or to facilitate corrupt regimes thus sustaining status quo and to garner bargaining chips for future negotiations as well as supports.

How many Ex- or current ministers, prime-ministers, presidents, sultans, princesses and crown-princes own or once owned a property(ies) in GVRD? I heard of one, the only one who died without a state funeral.

flaneur
Guest
flaneur

Do not understimate the authorities.

“China want the US to hand over about 100 or so high level Chinese government officials who are living in the US. but are wanted in China to face prosecution for corruption charges.”
“Chinese Americans with criminal backgrounds and on deportation lists are pawns of both governments.”
“As a tradeoff, the US is asking China to accept all of these other (non-chinese speaking) people who have no ties to corruption or bribery or anything like that for deportation.”
http://tinyurl.com/qgeqmaf

Mexico is not an enemy of the State.
http://tinyurl.com/o5zkuxx

Yunak
Guest
Yunak

Speaking of investigative journalism…

Here is an example concerning Sidney but it sounds so Vancouver. One can just imagine what kind of “imported shit” we have going on here, but nobody dares to publish it.

http://tinyurl.com/pnjgmny

patriotz
Member
@6: “When Joe Hockey shocked the real estate world by forcing Chinese billionaire Xu Jiayin to sell his $39 million Point Piper mansion Villa Del Mare in March, the Treasurer wanted to demonstrate that he was serious about stopping foreigners from evading ownership restrictions and inflating the bubbling market.” By “evading ownership restrictions”, he means going in though the back door, rather than the front door, which Oz leaves wide open. Last month, as Sydney’s elite real estate agents were scratching their heads at the absence of any marketing campaign, Xu Jiayin’s palazzo-style harbourfront residence was quietly sold to an Australian citizen, Lola Wang Li, who told the treasurer in a statutory declaration that she was “not associated” with the previous owner “in any way”. As for “inflating the bubbling market”, here’s what the PM himself says: Prime Minister Tony… Read more »
patriotz
Member

Canada’s hot housing markets clearly detached from reality

The average price of detached homes in Toronto and Vancouver has topped $1-million, and that should make you wonder. Detached from what, exactly?

I’d say reality. From Canada to China and Greece, the financial and economic news this summer is worrying. Only if you have gold-plated financial security in your life should you jump into an entanglement like buying a house in a hot market.

This advice applies especially if the Bank of Canada lowers interest rates next Wednesday, as some people expect it will. Ask yourself this: Do soaring house prices make sense in an economy so weak that it can’t gain traction even with rates that are already the lowest many people have ever seen?

w
Guest
w

Is Vancouver in a real estate bubble?
The Globe and Mail-Nov 25, 2010

Signs point to a severe housing correction in Canada
Globe and Mail-Apr 10, 2011

Storm clouds forming over Vancouver’s real-estate market
Globe and Mail-Mar 16, 2012

Does Canada have a housing bubble?
The Globe and Mail-Sep 6, 2013

BMO expects ‘some correction’ in Toronto, Vancouver home prices
The Globe and Mail-Nov 13, 2014

Canada’s housing market shows signs of cooling from frothy pace
The Globe and Mail Dec. 15, 2014

Investor bets Canadian housing is a bubble set to burst
The Globe and Mail-Mar 6, 2015

paulb
Member

New Listings 252
Price Changes 66
Sold Listings 146
TI:12914

http://www.paulboenisch.com

China
Guest
China

Lotsa listing as a result of the China market crash. …just the beginning

fanaticallybroke
Guest
fanaticallybroke

$9 Million big ones plunked on a house in West Van..

I am sure they paid their taxes on the money and it came here legitimately without any shenanigans from our solid local banks or local lawyers…..

No it is not April 1st.

fanaticallybroke
Guest
fanaticallybroke

Investigative journalism lives.

But unfortunately so does spineless greedy politicians who are padding their post politics resume

franko
Member
franko

I actually feel embarrassed that Poloz does not understand the futility of his job when he rambles on for half an hour in the belief that anybody really cares. Unlike his predecessors, Carney and Dodge, who understood the limitation of their influence, and their only choice was basically to follow the FED.

The old adage that lower rates would spur borrowing by corporations to expand and grow the economy just doesn’t work any more. They already have all the cash they need. Nor does our currency need any help to go lower as it is achieving that without any help from Poloz.

Obviously, the only people to be swayed by another rate cut are the poor sucker who are already stretched to the very limit.

history
Guest
history

there is a ‘flip side’ to selling your commodities to China,,, an invasion of non-working, money tranfer experts. And a banking system addicted to fees.

they rolled out Christy today.. a eulogy to a glorious fire fighter, who got a little crispy protecting’Living The Dream’
thats right Hamster.. protecting your lazy hazy Vancouversunshine!! epic fail,,,!!!

Christy wants you to know we got a lot of Dead Wood in this province, which burns exportly.
http://www.spaceweather.com/

joe
Guest
joe

China’s latest stomach-churning food scandal: Frozen meat from the 1970s

(CNN)Some 800 tonnes of smuggled frozen meat have been seized by Chinese authorities, including one batch dating from the 1970s, state media reported.

The meat was bound for restaurants, retailers and supermarkets in Hunan province, where it was found, and other Chinese provinces and major cities, according to a report from Xinhua, China’s state news agency, on Tuesday.

http://us.cnn.com/2015/06/24/asia/china-smuggled-meat/?iid=ob_article_footer_expansion&iref=obnetwork

I guess there’s no drowning your stock market sorrows, even by sitting down to a nice fresh burger.

Corrupt in Canada
Guest
Corrupt in Canada
History
Guest
History

http://apnews.myway.com/article/20150708/as–china-stock_market_slide-ebe59b4a24.html

Bizarre edict from China that have traders scratching their heads…. “looks like it was made at the same time as the “no selling” demand, and is getting absolutely no mention here as far as I can tell. And it is the craziest one yet, the stuff of nightmares”

History
Guest
History

Crazy,

“In a separate order, the securities regulator told directors, executives and senior managers of publicly traded companies who have sold shares in those companies within the past six months to buy them back and said they are barred from selling. It said they are required to buy more if the price falls by more than 30 percent in the next 10 days. “

Best place on meth
Member
Best place on meth

Nice dead cat bounce in china’s stock market today.

So far, nobody has tried to eat the deat cat.

lost in vancouver
Member
lost in vancouver

Hi all –

First time poster here. I think I agree with 99% of the folks here who suggest that buying in Vancouver is not the best idea right now given a) Chinese market pullback, b) heavily indebted Canadian buyers, c) expected rise in interest rates.

What are your thoughts on purchasing in Vancouver suburbs (e.g., PoCo / Burke Mountain, Delta, Langley, Maple Ridge, maybe even Sunshine Coast?). Sure, the same downside risks apply as in Vancouver. But aren’t you going to get a steady flow of families that are tired of their 2-bdrm condo in Vancouver and looking for something bigger? Just curious what others think about that.

himwhat
Guest
himwhat

suburbs won’t get hit too hard, far less over-leveraged buyers there , they’re a pretty safe bet

Ulsterman
Member

I bet the London estate agents make very little in percentage terms selling those 3-10 million pound homes compared with the greedy little cartel makes selling homes in Vancouver.

1% over in the UK is common.

fanaticallybroke
Guest
fanaticallybroke

Garth and our stupid politicians keep denying the truth.

Every media outlet has now reported this and only the die hard ‘deniers’ remain.

Even Robertson has accepted, even Rennie has accepted it but says suck it up and get into a sky box

https://ca.finance.yahoo.com/news/soaring-vancouver-home-prices-spur-anger-toward-foreign-052644854–sector.html

fanaticallybroke
Guest
fanaticallybroke
“Residents also have questions about the source of Chinese money being invested in Vancouver property, a concern that came to the fore last year when a prominent developer in the city, Michael Ching Mo Yeung, was named as one of the top 100 fugitives wanted by China as part of ‘Operation Skynet’.” No fears we are such whores we will take anyone’s money. any time Even the realtors are getting pissed off “But even those who benefit from the housing boom have mixed feelings. At a recent open house in Vancouver, real estate agent Fatemeh Nouripour watched group after group of prospective buyers, most of whom appeared to be from mainland China, trudge through a fixer-upper listed for C$1.58 million. “As an agent, I want to sell to whoever will pay the most,” Nouripour said. “But I’m also a mother.… Read more »
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