Chinese Investors spending up big in NZ

[Davo36]

Another Chinese crook, not a good look for Chinese immigrants:

Police investigating alleged money laundering seize millions in assets from controversial multimillionaire

Regular SkyCity VIP gambler William Yan denied any illegal activity after the raid on his 35th-floor apartment in the Metropolis tower. Photo / Brett Phibbs
Police have raided the luxury penthouse of a multimillionaire businessman granted citizenship in controversial circumstances and seized his assets because of alleged involvement in money laundering.
William Yan - also previously known as Bill Liu, Yang Liu and Yong Ming Yan - lives on the 35th floor of Auckland's Metropolis tower. Residents saw detectives removing items from his home on Thursday.
Millions of dollars worth of assets the police allege belong to Mr Yan - although officially registered in other people's names - have been seized, including the apartment, worth more than $2 million, a Mercedes-Benz, and shares and bank accounts.
Mr Yan has spent millions of dollars as a high roller in the SkyCity Casino VIP lounge.

Link

[speights boy]

Winston Peters points at 'laundering scheme'

New Zealand First leader Winston Peters claims he has discovered a migration based money laundering scheme in Auckland housing.

A housing sub-division on Auckland's outskirts has, he says, sold 22 properties all for the same price and all too foreign investors.

Peters said something suspicious was happening and the Inland Revenue Department should look at it.

"What it points to is money laundering, GST avoidance and cash top-ups," he said."They will not be selling it in total for $500,000; there will be behind the scenes and under the table payments.

"Foreign owners have tax advantages not available to New Zealand investors.
"The buyers, who he hinted were Chinese, could get into New Zealand with low interest Chinese mortgages not available in New Zealand.

"They cannot lose and we cannot win."

http://www.stuff.co.nz/national/politics/10418387/Winston-Peters-points-at-laundering-scheme

[Davo36]

Man it's been well known for years Chinese and other foreigners are laundering money in this country.

Not sure why it's news now.

Oh wait, it's election time.

[speights boy]

Not sure why it's news now.

Because the Prime Minister tells us foreigners buying in this country is very small and not a problem.
Move along, nothing to see here.

[Davo36]

Because the Prime Minister tells us foreigners buying in this country is very small and not a problem.
Move along, nothing to see here.

Yep, I agree.

[PTILoveYou]

Blame on those politicians who like to 'help' people above and beyond, even bypass laws and regulations, right after campaign donations have arrived.

[speights boy]

We need far more stringent regulations, crosschecks and data matching.

The OIO regulations are pathetically weak ; basically a rubber stamp.
The Anti money laundering regs should be tightened far more than they have been to encompass ALL aspects of property transaction.
We need an ICAC (independant commission against corruption) as they have in other countries.
The 'good character' test for immigration needs to be strengthened AND enforced.
Higher penalties which are actually enforced for those operating immigration scams.
We need more more extensive data matching between agencies, LINZ, IRD, Banks, DBH, LGA.
The wave of money from countries known for high levels of corruption has started and is growing fast.


Yes, there will be cries of anguish from the many anti regulations folk here.
However, next to our environment, or reputation for low levels of corruption is probably one of our most valuable resources.

Lose that, and it will be gone for the next 50 years.
Mark my words.

[elguapo]

Another Chinese crook, not a good look for Chinese immigrants:

Police investigating alleged money laundering seize millions in assets from controversial multimillionaire

Assets which include a large shareholding in Mega.....

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11313978

[mortgage broker]

There is a wave of money but not sure if hitting money laundering is going to slow it down. The facts are

1. Our global fiat based money system fused with fractional banking will create more money
2. China manufacturers produce a lot of things we need - we pay them money for it, they want to spend that money

We can slap together all the regulation we want but at some stage we have to decide - do we want to take part in the global economy? And do we really want less money to head back here?

[speights boy]

We can slap together all the regulation we want but at some stage we have to decide - do we want to take part in the global economy? And do we really want less money to head back here?

Yes, I do want less money heading back here .....see if below;

....if the alternative is having our assets here priced higher and higher, by a wave of corrupt money being laundered through our weak regulations.

[speights boy]

2. China manufacturers produce a lot of things we need -

Name your top three.

[Davo36]

'Need' is the operative word.

Another Chinese crook: http://www.nzherald.co.nz/nz/news/ar...ectid=11314007

Claimed earthquake repairs that never took place - under her cat's name lol.

[speights boy]

Mr Johnson said Ye is offering to pay reparation of $2000 immediately, and from then on $100 per week.

So she, her mother, her partner own 12 houses between them and THIS is the offer ?

I wonder how much in taxpayer funded landlord subsidies....oops, I mean tax breaks....oops, I mean legitimate business expenses they have claimed over the years ?

[Davo36]

Well they have to go to the casino 4 times a week SB, crikey mate, you cold hearted taskmaster you!

[speights boy]

Inquiries by the Herald have discovered the Metropolis raid stems from an ongoing financial investigation into a friend of Mr Yan, Yingzi Zeng, from whom $9 million in assets were seized in December.

Property seized, but owner not charged - National - NZ ...

Millions of dollars in assets have been seized from an Auckland woman even though she faces no criminal charges.

A late-model Porsche and Maserati, a $3.9 million lifestyle block, an apartment, a large Auckland home, bank accounts and businesses are among the assets of Yingzi Zeng which were frozen by a High Court judge.

The court order was made alongside six others affecting people who face serious charges of importing and supplying the Class B drug pseudoephedrine following the record-breaking Operation Ghost investigation.

Hundreds of charges have been laid against more 38 people in an inquiry where nearly 600kg of drugs have been seized.