All My Hard-Earned Savings Are Down The Drain!
A report from the Australian Financial Review. “One of the first victims of collapsed Chinese residential agent Ausin said she would not buy real estate in Australia again after her experience with the company, which promised to navigate complex Chinese capital transfers in order for her to buy a house and land package in south-west Melbourne. Sales agency Ausin Group’s offices in China collapsed leaving behind missing deposits and failed settlements of houses and apartments in Australia.”
“Ausin’s China business, which is a separate entity to Ausin Australia, has allegedly misappropriated ‘tens [of] millions of dollars’ of settlement and deposit monies for new homes acquired across 15 projects in Sydney, Melbourne and Brisbane. A buyer from Wuhan, one of the biggest cities in China, told The Australian Financial Review she bought a house and land package at a south-west Melbourne estate at the start of the year for just over $600,000 after taking a ‘free real estate tour’ with Ausin to see houses in Melbourne. She was unwilling to reveal the name of the developer and requested anonymity.”
“‘The reason for giving the money to Ausin is the difficult capital transfer from China to Australia… so Ausin helped us send the money to the developer,’ she said. Along with referring buyers for a commission, the collapse last week has revealed the Ausin offices in China have also become ‘conduits’ through which Chinese buyers send their money to Australia, circumventing restrictions placed by Beijing on capital transfers out of China.”
“‘I am very angry … all my hard-earned savings and wages are down the drain. My only option now is to try and force the liquidation of Ausin [China] assets to see if i can recover my funds,’ she said. ‘I am sceptical about investing overseas now. Even if the location and developer are great, I am still concerned that there are ‘black holes’ with the middle person or agent who can run away with the money.’”
’so Ausin helped us send the money to the developer’
Well, you wanted to get your money out of China. It’s out!
‘I am very angry … all my hard-earned savings and wages are down the drain’
I wonder if she’s still on the hook for the loan? Good luck chasing down Ms Anonymous for the balance.
The fraud comes out after everything falls apart.
“The fraud comes out after everything falls apart.”
And everything falls apart after the fraud comes out.
‘I am sceptical about investing overseas now. Even if the location and developer are great, I am still concerned that there are ‘black holes’ with the middle person or agent who can run away with the money.’
If enough Chinese real estate investors learn similar tough lessons, perhaps they will stop bidding up U.S. residential housing to prices that American families cannot afford to pay.
She should have listened to Chopper and hardened the f up
Language warning
https://www.youtube.com/watch?v=unkIVvjZc9Y
There are some funny clips of this comedian as a guest on comedy shows. He plays the part of a notorious aussie thug and frames everything that way - think Mick Dundee but more raw. I think hes actually a kiwi though.
Sad panda!!
Santa Monica, CA Housing Prices Crater 22% YOY As California Recession Accelerates
https://www.movoto.com/santa-monica-ca/market-trends/
’she bought a house and land package at a south-west Melbourne estate at the start of the year for just over $600,000 after taking a ‘free real estate tour’ with Ausin to see houses in Melbourne’
I’ve heard of those tours. You mean you got to sit on that bus for free? And it only cost you what, tens of thousands of Australian pesos!
It could be worse. You could be these poor bashtards:
August 19, 2018
The Australian Financial Review. “All eyes have been on Sydney where the softness has been most apparent as investors are forced from the market by curbs on lending. Sydney prices have dropped 5.4 per cent for the year. SQM Research’s Louis Christopher said auction volumes are beginning to pick from the winter lows and clearance rates so far haven’t deteriorated further, in Sydney and at a national level.”
“‘The pick-up for the spring selling season is now upon us. The market is going to be very much tested,’ he said. ‘We’ll know from this whether we’re going to experience a deep crash or whether it’s going to be an orderly downturn that will last a period of time but won’t be anything at panic levels.’”
“Anecdotally, sellers are showing more signs of capitulating and a willingness to meet where the market is now at, according to Mr Christopher. ‘I’ve been hearing this more and more from sellers: ‘I just want to get out. I’ve been holding too long, I want out.’”
http://thehousingbubbleblog.com/?p=10556
‘I’ve been hearing this more and more from sellers: ‘I just want to get out. I’ve been holding too long, I want out.’”
Sorry, greedheads, should’ve bailed when the bailing was good. Now evidence of bursting bubbles abounds and the once plentiful supply of Greater Fools has slowed to a trickle as the herd is spooked. But hey, drop your price enough and you might get lucky and snare a knife-catcher.
repent for your sins against homeowners!
Portland, OR Housing Prices Crater 14% YOY As Private Equity Initiates Multi-Year Housing Liquidation Strategy
https://www.zillow.com/portland-or-97209/home-values/
*Select price from dropdown menu on first chart
‘Ausin’s China business, which is a separate entity to Ausin Australia, has allegedly misappropriated ‘tens [of] millions of dollars’ of settlement and deposit monies for new homes acquired across 15 projects in Sydney, Melbourne and Brisbane.’
‘the collapse last week has revealed the Ausin offices in China have also become ‘conduits’ through which Chinese buyers send their money to Australia, circumventing restrictions placed by Beijing on capital transfers out of China’
Ausin Chinese agency collapses, 130 housing settlements lost | afr.com
https://www.afr.com/…/ausins-china-business-collapses-130-housing-settlements-lost-2...
5 days ago - Residential project marketer and sales agency Ausin Group’s offices in China have collapsed leaving behind a trail of 130 failed settlements of …
Ausin is a property and investment services business, providing a suite of specialist offerings to the Australian and overseas markets. With 9 offices across the …
Contact Us - Ausin Group
https://ausingroup.com.au/contact-us/
Choosing Ausin Group gives you entrance to an extensive network of … that suits the scope and scale of your needs, then Ausin is the team for you. … China …
Suspicions Confirmed as Ausin Notifies Police of Suspected Fraud by …
https://theurbandeveloper.com/…/suspicions-confirmed-as-ausin-notifies-police-of-sus...
5 days ago - Ausin Group’s Chinese partner is alleged to be responsible for the misappropriation of ‘tens of millions’ of dollars of buyer funds.
‘Residential project marketer Ausin China has collapsed leaving a trail of 100s of failed property settlements in Australia. Ausin China sold off-the-plan apartments and houses to buyers in China, with an investigation now underway into the whereabouts of the deposits along with settlement monies.’
‘Jin Tianyou, aka Harry Jin, who was in charge of running the Ausin China offices, is allegedly being sought by authorities.’
‘Video of hostile graffiti painted on the lobby walls of its Shenzhen office on Wednesday (below) have been circulated on WeChat, alleging “Ausin money launderer” and “black intermediary.”
‘The confirmation of the official investigation came after Chinese speculation that “the funding chain has broken.” An August 15 letter to staff and others affected suggested “seven solutions” after the so-called “rogue” behaviour.’
‘Staff were told “because the company faces serious financial difficulties, the salary of the colleagues in July needs to be delayed.”
‘It has been advised the collapse leaves a trail of 130 failed settlements of houses and apartments in Australia across 15 projects in Sydney, Melbourne and Brisbane. There have also been reports in China of “disguised exchanges.”
“There will be some initial concerns from Chinese buyers because Ausin is the biggest known Australian apartment agent in China,” project marketer CLG Group Real Estate managing director and former McGrath Asian business development manager Allen Yan said when asked about the likely fallout. “A lot of people believed them and trusted them.”
‘Video of hostile graffiti painted on the lobby walls of its Shenzhen office on Wednesday (below) have been circulated on WeChat, alleging “Ausin money launderer” and “black intermediary.”
I wonder who painted that graffiti?
The Chinese individuals who were utilizing Ausin were straight-up laundering money by going through this third party. And those individuals knew full well they were breaking the law. “Difficult capital transfers” = evading laws intended to prevent sending capital overseas.
Mukilteo, WA Housing Prices Crater 10% YOY As Failing China Economy Thrashes Seattle Housing Market
https://www.movoto.com/mukilteo-wa/market-trends/
Meanwhile, in China, the RE firesales have begun as cash-strapped, over leveraged enterprises start jettisoning their “investments.”
https://www.scmp.com/property/hong-kong-china/article/2160464/struggling-chinese-firms-offloading-assets-means-property
A slowing economy and a deleveraging campaign has caused a cash squeeze that has pushed many Chinese firms to sell assets and equities they would not normally be selling. The most high-profile case is HNA Group, which besides its overseas sales frenzy, has put up nine properties worth 14 billion yuan (US$2 billion) in China for sale.
That’s ok. Losing $200k is no big deal.
Yeah, this Hong Kong situation is very interesting. I posted an article showing a big Chinese firm trying to ditch some condo towers in LA the other day. One wasn’t even finished.
But…but…if these over leveraged Chinese firms are trying to offload their overseas “investments” to raise liquidity, who’s going to prop up the West Coast housing and commercial real estate bubbles?
Oh dear…in this environment, it seems entirely plausible that someone might’ve overpaid….
I think it’s too early to conclude that interest rates alone have caused these US markets to seize up. Even if it’s just the notion that the Chinese are bailing, that would spook local speculators.
Along with referring buyers for a commission, the collapse last week has revealed the Ausin offices in China have also become ‘conduits’ through which Chinese buyers send their money to Australia, circumventing restrictions placed by Beijing on capital transfers out of China.”
Oh, so Chinese “investors” trying to wittingly circumvent Chinese capital controls got burned by shady accessories to such illicit activity. So much for honor among thieves.
Sorta like Vancouver. Is it real estate or money laundering? Or money laundering that just happens to involve real estate because governments have made it easy to do?
I dunno. But I do know that watching speculators get burned is deeply satisfying.
u need help buddy.
Despite all the REIC “experts” assuring us there’s no cause for panic, it seems that over-leveraged speculators are doing just that.
https://www.afr.com/real-estate/residential/vic/melbourne-land-speculators-panicking-as-settlements-loom-20180815-h13zhu
Speculators who hoped to get rich on a boom in Melbourne land prices are “panicking” as settlements loom and they can’t find developers to on-sell their sites to, according to Resi Ventures’s Khurram Saeed, who has been developing for 15 years.
Mr Saeed said he was getting one call a week from panicked speculators, including one buyer who had put down $21 million in deposits on a number of sites and risked losing all their money.
“One of the first victims of collapsed Chinese residential agent Ausin said she would not buy real estate in Australia again after her experience with the company, which promised to navigate complex Chinese capital transfers …”
“navigate complex Chinese capital transfers” = cheat
“… in order for her to buy a house and land package in south-west Melbourne.”
Bahahahahahahahahahahahahahahahahahahahahahahahahahahahaha.
“Sales agency Ausin Group’s offices in China collapsed leaving behind missing deposits and failed settlements of houses and apartments in Australia.”
Bahahahahahahahahahahahahahahahahahahahahahahahahahahahaha.
Forgive my misty eyes as I consider the plight of this poor swindled money launderer.
It would take a heart of stone to read this bagholder’s tale of woe and not laugh.
“A buyer from Wuhan, one of the biggest cities in China, told The Australian Financial Review she bought a house and land package at a south-west Melbourne estate at the start of the year for just over $600,000 after taking a ‘free real estate tour’ with Ausin to see houses in Melbourne.”
Bahahahaha … by far the most expensive tour she will ever take in her forever miserable life is THE FREE ONE she took in Melbourne.
“I am very angry … ”
… as well as very stupid …
“… all my hard-earned savings and wages are down the drain.”
A moment of silence, please.
Okay, moving on …
“My only option now is to try and force the liquidation of Ausin [China] assets to see if i can recover my funds.”
Dream on.
“‘I am sceptical about investing overseas now.”
What? Is some sort of a lesson really being learned here?
“Even if the location and developer are great, I am still concerned that there are ‘black holes’ with the middle person or agent who can run away with the money.’”
No sh1t.
Wasn’t a troll just telling us we were insulting peoples decisions on the last thread?
‘all my hard-earned savings and wages are down the drain’
Not just her savings but her wages! All those hours slaving away. And we’re insulting them!
“I don’t give people hell. I just tell the truth about them, and they think it’s hell.” - Harry Truman
The poor donks. The poor poor donks.
🤣
In defense of those currently buying houses at prices which doom them to choose between a future foreclosure or a house-rich life of penury, the system is rigged to brainwash the masses into believing this is a financially prudent choice.
Suzanne researched it!
And the hits just keep coming.
https://www.afr.com/real-estate/developer-sunlands-housing-lot-and-apartment-sales-fall-20180821-h14agm
Housing sales have slipped for ASX-listed developer Sunland Group as it posts a 26 per cent fall in revenue to $299 million and an 11 per cent slide in net profit to $31 million.
While gross margins across the group’s mix of housing products - mainly housing lots and apartments along the eastern seaboard - remain steady year on year, the number of projects have fallen reducing total settlements, sales and pre-sales.
Why, it’s … it’s … it’s American Homes 4 Rent!
Say it ain’t so!
Tenants frustrated with large national rental company.
https://www.abcactionnews.com/news/tenants-frustrated-with-large-national-rental-company
This article is two years old. Go here for a peek at the latest complaints (and the pile is indeed high).
https://american-homes-4-rent.pissedconsumer.com/review.html
How can use manage single family homes efficiently?
I give online reviews some credence if they include pics/videos.
Oh dear. The UK’s largest real estate firm, Countrywide, has been monkey-hammered by investors as the UK housing bubble has started to burst.
http://www.dailymail.co.uk/money/markets/article-6084749/MARKET-REPORT-Investors-deal-fresh-blow-embattled-estate-agent-Countrywide.html
Countrywide’s shares fell by 6.8 per cent, or 0.98p, to 13.5p, making up steeper losses earlier in the day. A massive £724million, or 91.1 per cent, has now been wiped off the company’s market value since the beginning of the year.
Do truth and facts still matter in an America dominated by real estate hawkers?
Just wondering…
this economy is so dependent on debt that they will do or say anything to keep the show going.
Stock market is the longest bull run in history. The haters have gotten hammered for 10 years.They know people dont believe in the rigged recovery and have used and abused them for years.
How can u believe when you aren’t seeing the benefits? In a real recovery most everyone participates, even the worker bee.
With computers and an electronic printing press, the potential for centralized government manipulation of stock prices is at the highest level ever in history.
California teachers’ fund and Miami REIT launch $200M fund https://therealdeal.com/miami/2018/08/21/california-teachers-fund-and-miami-reit-launch-200m-fund/
Just to show how silly it’s gotten over the last couple of years even in my podunk neck of the woods, here’s a zillow listing for a flip that was half-hearted at best. Comedy gooold.
https://www.zillow.com/homes/for_sale/11486468_zpid/globalrelevanceex_sort/40.543597,-79.936116,40.516099,-79.98225_rect/14_zm/
that is a million dollar home in bay area.location, location, location
It hasn’t gotten *too* silly. If it were really silly, some bagholder would have caught this falling knife for the $150K wishing price.
This is a good example of why these flips only work in California and bubbly areas. Repairs just cost too much in relation to the price of the house. Buy for $60K, needs at least $40K of work for roof, HVAC, plumbing, cleanup and paint. Only worth $100K, if that. And it’s still on a block of crappy houses. Not worth it.
If this were HGTV Tarek and Christina in SoCal, this would be the dump on the block. They could buy for $370K, put ~$100K total into this and sell for $600K.
On those shows (fake)everyone works for free.
Prices my friends….
Arlington, VA Housing Prices Crater 11% YOY
https://www.zillow.com/arlington-va-22201/home-values/
https://snag.gy/m5EzRB.jpg
the lord must want higher home prices.