China Cracks Down on Dirty Money in Foreign Real Estate Purchases

by Admin on August 7, 2014

According to Breitbart, China has launched an investigation after an undercover segment of a Chinese bank executive admitting to money laundering for wealthy nationals to buy foreign real estate was televised.

The 20 minute segment, aired by China Central Television, must have reportedly had approval to be broadcast to the public, as CCTV is state-owned and under strict supervision, reports Breitbart.

The undercover footage showed, according to Breitbart, a Bank of China executive asy that the bank would wire money over the legal limit to off-shore accounts, allowing customers to invest in foreign real estate.

Chaninat & Leeds’ property attorneys in Thailand advise local and foreign clients with real estate and land purchases and acquisitions in Thailand.

Recently, prices of high-end real estate properties, especially in California, have sky rocketed as prospective Chinese buyers put down all-cash offers, says Breitbart. This idea is supported by the 2014 report from the National Association of Realtors which states that “China is the fastest growing source of clients” and accounts for 16 percent of international buyers in the U.S.

Read the full story here.

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