Australia too. Reportedly 70% of Chinese buying property in Sydney and Melbourne pay in cash [1] Exempted from our anti money laundering KYC laws are realesta

Australia too. Reportedly 70% of Chinese buying property in Sydney and Melbourne pay in cash [1] Exempted from our anti money laundering KYC laws are realestate sellers, lawyers, and accountants (setting up corporate structures to circumvent foreign ownership review board scrutiny) [2] The median house price in Sydney is now greater than $1,000,000 while the average gross wage is $82,000 per annum. It's way out of whack, and unfettered money laundering into realestate purchases is partly to blame. [1] https://www.propertynerd.com.au/news/chinese-laundering-money-via-real-estate https://www.propertynerd.com.au/news/chinese-laundering-mone... [2] https://www.macrobusiness.com.au/2018/10/australia-worlds-weakest-anti-money-laundering-laws/ https://www.macrobusiness.com.au/2018/10/australia-worlds-we...