SYDNEY, Feb 25 – Australia plans to charge fees to foreign nationals buying residential property and fine those who break foreign investment laws, in an attempt to improve housing affordability amid some of the world's highest property prices. The scheme could raise about A$200 million a year by charging foreign home-buyers A$5,000 for properties valued under A$1 million and an additional A$10,000 for every additional A$1 million, Treasurer Joe Hockey said on Wednesday. Hockey said a register of foreign nationals buying real estate would be established and those who break the law would face a fine up to a quarter of the value of the property and could be forced to sell. Australian property has long been a popular choice for Chinese money – both legitimate and illegitimate – but the flow of investment appears to have accelerated. Australia's foreign investment review board says China was the No.1 source of foreign capital investment in real estate in 2013, … [Read more...] about Australia plans to charge fees to foreigners buying real estate
Foreigners buying property in australia
"The new law that came into force on July 1 made me confident to bring money from Australia to Vietnam to buy property here for my family. Now I feel safe with the future here," Michael Kart, an Australian living in HCMC, said after visiting Happy Residence projects at the Phu My Hung real estate transaction office. Living environment is the most important Foreigners will expect a green and clean living environment plus beautiful landscape and safety when they look for a home in Vietnam. They also pay attention to educational and healthcare facilities. "We have visited several areas in my search for a home. Phu My Hung has infrastructure facilities like school and hospital that I am used to in my home country, and meets international living standards. This gave me the confidence to buy a house in Phu My Hung," Kart said. The master plan for Phu My Hung urban area, which covers 409 hectares in HCMC’s District 7, was drawn up by U.S. firm Sidmore Owings and Merill while its … [Read more...] about What do expats expect when buying homes in Vietnam?
Australian-owned Gloria Jean’s Coffees recently decided to close its last store in Vietnam, ending a 10-year stint in Ho Chi Minh City and Hanoi due to slow expansion, high rents and an unsuitable business model.Gloria Jean’s Coffees arrived in the country in 2006 after a local firm signed a franchise contract with it expecting the business would develop well like it did in Thailand and Malaysia.This was based on the fact that the chain served Arabica coffee, a relative novelty in Vietnam where the robusta bean rules.Việt Nam, the world’s number two coffee producer after Brazil, is known to have one of the fastest growing coffee retail markets, along with Indonesia, Turkey and India.However, the Australian coffeehouse chain was only able to open six outlets in Hồ Chí Minh and one in Hanoi in the first six years.Nguyễn Phi Vân, the first franchisee of Gloria Jean’s Coffee in Vietnam, told Vnexpress that the demise was due to the … [Read more...] about Foreign cafes’ struggle in Vietnam
Australian-owned Gloria Jean's Coffees recently decided to close its last store in Việt Nam, ending a 10-year stint in Hồ Chí Minh City and Hà Nội due to slow expansion, high rents and an unsuitable business model. Gloria Jean's Coffees arrived in the country in 2006 after a local firm signed a franchise contract with it expecting the business would develop well like it did in Thailand and Malaysia. This was based on the fact that the chain served Arabica coffee, a relative novelty in Việt Nam where the robusta bean rules. Việt Nam, the world's number two coffee producer after Brazil, is known to have one of the fastest growing coffee retail markets, along with Indonesia, Turkey and India. However, the Australian coffeehouse chain was only able to open six outlets in Hồ Chí Minh and one in Hà Nội in the first six years. Nguyễn Phi Vân, the first franchisee of Gloria Jean's Coffee in Việt Nam, told Vnexpress that the demise was due to the adoption of a business model that had been … [Read more...] about Foreign cafes’ struggle in Việt Nam
Next Week Do you want a trade centre near Hoan Kiem Lake? A plan to build an eight-story building with offices, a shopping centre and a hotel at the corner of Tran Nguyen Han and Ly Thai To streets near Ha Noi's central Hoan Kiem (Returned Sword) Lake has been given the go-ahead by the municipal People's Committee. Some have raised worries that the building could affect the view of the millennium-old lake, which sits at the heart of the capital, because of its height and modern design. But Government officials said the project had been carefully planned so it would not affect the area's landscape. What do you think about this plan? Would you prefer for the cultural areas surrounding Hoan Kiem Lake to contain predominantly historic buildings? Or do you want more modern facilities, such as this projected centre? Does your own country have strict regulations about building near cultural and historic sites? If so, what are they? Please reply by email to: [email protected], or … [Read more...] about Foreigners call for changes to VN home ownership law