4 ms·

Here in Australia, it's a giant issue too. There are plenty of houses which are Chinese-owned but unoccupied. They are effectively "banks" for storing cash. The

• fuzxi 6y ago
  It's the same in Canada, too.
• six2seven 6y ago
  Similarly in Spain. In large cities like Madrid or Barcelona these guys are owning properties, running both small and large businesses and very often avoiding taxes (try to ask in one of small venues for a bill and be sure then to check it). Moreover, quite some properties are Chinese-owned winding up the rental prices for local population, which were already pumped up by popularity of short-term holiday rentals such as AirBnB. These have been pretty well known problems to local population, but nobody up is doing anything about it, since it is an easy and quick money.
• tgsovlerkhgsel 6y ago
  I believe Switzerland has a relatively elegant solution for this: You get taxed on the expected rental income if the house is empty unless you can prove that you couldn't rent it out.
  • mthoms 6y ago
    Same here in Vancouver.