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New Era Estate Scandal: Families At The Mercy Of International Speculators

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http://www.theguardian.com/society/2014/nov/19/new-era-estate-scandal-london-families-international-speculators

A snippet from the article;

Earlier this year a colleague and I spent months visiting a huge private development on the other side of the borough from New Era. Called Woodberry Down, it was a huge overhaul of an old council estate. In the showroom, the saleswoman pointed at the reservoir outside and said: “That water outside: very attractive to Asian buyers.” One of the new private tenants, Paul O’Neill, told us that he’d never met the man to whom he paid his rent, because he lived in Singapore. He added: “All of my neighbours rent from foreign absentee landlords.”

Going through the Land Registry, we traced O’Neill’s invisible landlord. He did indeed live in Singapore – in a public-housing block, in an area carpeted with public housing. That’s hardly unusual for the island state: about 85% of all Singaporeans live in public housing. So O’Neill, who desperately wanted to buy somewhere in London but could barely afford even the remotest suburbs, was paying rent to a landlord who lived in public housing.

Moreover, since 2009, the Singapore government had done everything possible to clamp down on speculation in its own housing market: clamping down on loans, raising taxes and punishing flippers of property. Most notably, it had imposed punitive levies on foreigners buying homes in Singapore.

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I notice that the article correctly highlights the additional restrictions placed around non-natives buying in Singapore, to protect the interests of the Singaporeans.

And yet whenever the same is suggested in the UK - jobs, housing, etc - the Guardian screams racism. So they can F&&k off with their false concern for the average working man and woman.

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Singapore resident here: Incredibly, the Singapore Government forecasts and welcomes further price declines in re-sale of properties and sales of new ones. Very good if you ask me.

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Moreover, since 2009, the Singapore government had done everything possible to clamp down on speculation in its own housing market: clamping down on loans, raising taxes and punishing flippers of property. Most notably, it had imposed punitive levies on foreigners buying homes in Singapore.

Another difference with the UK is that Singapore is a successful economy.

Edited by billybong

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Dito Australia x10, vast tracts of leafy green suburbs are being bought up by wealth Chinese money launderers, not technically legal but Aus govt dont care as it pushes prices up and that is good for the nation (and their individual massive property pork folio's). Also mega blocks of flats built close to the cities sold almost exclusively to Chinese and SE Asians looking to buy a visa sometime up the track. Recently a Cricket personality has teamed up with an Indian cricketer to set up a sales scheme to get rich Indians to get in on the act. Government, just like the UK is not for the people, unless they fall into the 1%ers.

Amazing that both countries have had 3 generations of politicians of both flavours that believe we need ever higher house prices and far far less job security. This is nothing less than the road to having a 3rd world structure to the economy, which is in fact what extreme right wing think tanks have been advocating since the 1950's.

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Dito Australia x10, vast tracts of leafy green suburbs are being bought up by wealth Chinese money launderers, not technically legal but Aus govt dont care as it pushes prices up and that is good for the nation (and their individual massive property pork folio's). Also mega blocks of flats built close to the cities sold almost exclusively to Chinese and SE Asians looking to buy a visa sometime up the track. Recently a Cricket personality has teamed up with an Indian cricketer to set up a sales scheme to get rich Indians to get in on the act. Government, just like the UK is not for the people, unless they fall into the 1%ers.

Amazing that both countries have had 3 generations of politicians of both flavours that believe we need ever higher house prices and far far less job security. This is nothing less than the road to having a 3rd world structure to the economy, which is in fact what extreme right wing think tanks have been advocating since the 1950's.

+1

Sure it wasn't DA socialistz?

No matter, deflation will know it's own.

Edited by PopGun

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