VietNamNet Bridge - A Vietnamese corporation has reportedly spent $14 million at an auction to buy a shopping mall in the suburbs of Marrickville in Sydney, Australia, taking the first step in its plan to penetrate overseas markets. Vietnamese spend more money to buy properties overseas Some months before, another business acquired an apartment project on Racecourse street in Kensington in Melbourne in a deal worth $6 million. Vietnamese businesses and individuals began looking for properties overseas some years ago. That has recently increased as the real estate price in Australia has fallen as a result of the Australian government’s moves to cool the market. European countries are also destinations that many Vietnamese investors are interested in, especially individuals who seek opportunities to get permanent residential cards. One of the reasons is that they want to have homes for their children who study at prestigious schools in Europe, especially in France and … [Read more...] about Vietnamese spend billions of US dollars to buy properties overseas
Foreigners buying property in australia
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
"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?
(VOV) -A Construction Ministry recent proposal on creating more favourable conditions for foreigners to buy property is considered a step in the right direction to attract stronger foreign investment inflows. Thousands of foreigners are living and working in Ho Chi Minh City, and most of them are forced to rent a house because they fail to meet the strict regulations to own a house. In Vietnam those regulations require a foreigner to have a 6-12 month visa, be married to a Vietnamese citizen, have a university degree, and make significant contribution to the national development. The Construction Ministry, in its recommendation for the draft law on housing submitted to the National Assembly's ongoing 8th session, has removed a number of hurdles, allowing foreigners who immigrate into Vietnam to buy houses. Living in Vietnam for more than four years, Troy Griffiths from Australia, who is a deputy executive director of Savills Vietnam, has to rent a house in Thao Dien ward, HCM … [Read more...] about Allowing foreigners to buy houses likely to revive local market
Vietnam, Japan cooperate for high-yield cassava Vietnamese and Japanese scientists have agreed to study genetically modified cassava to produce a high-yield variety, helping reduce soil erosion or depletion in cassava-growing areas. A document to this effect was signed in the Japanese city of Yokohama on May 22 between representatives of the Japan Institute of Physical and Chemical Research and the Vietnam Institute of Agricultural Genetics. Addressing the signing ceremony, Deputy Prime Minister Nguyen Thien Nhan said that he hopes the project will be a success to pave the way for future agricultural cooperation between the countries. In the coming time, a joint laboratory will be set up in Vietnam to facilitate both countries' scientists to strengthen cooperation in research.- First int'l sea-tourism fair attracts foreign businesses Eighty foreign businesses will attend the first international thematic fair on sea and island tourism in Vietnam, slated for early June in the … [Read more...] about BUSINESS IN BRIEF 28/5