Foreign Ownership on a Commercial Scale

[Black Orchid]

Sydney's most valuable hotel room has smashed through the $1.5 million value barrier because of a critical shortage of tourist accommodation throughout the city.

Rooms at the Park Hyatt Sydney, sitting on the harbour between the bridge and the Opera House, are now estimated to be worth well over the sum that could buy a decent-sized three-bedroom house in most areas elsewhere.

The value of hotel rooms has surged so strongly, the 414-room Westin Sydney on Pitt Street at Martin Place which sold in 2015 for $445 million has become the first large-scale hotel in Sydney to have exceeded the value of $1 million per room.

The third and fourth-placed most expensive hotel rooms in the city are the Sheraton on the Park, with its 416 rooms worth $830,000 each, and the Hilton Sydney, whose 577 rooms cost more than $766,000.

"It's hard to say exactly how much each room is worth because, as well as the overall value of the building and the number of rooms, we need to know what a hotel is making in terms of profit and the facilities," says Peter Harper, ‎ executive vice-president at Jones Lang LaSalle Hotels & Hospitality group, responsible for hotel investment sales.

"But the prices in Sydney per hotel room have gone up considerably over the past couple of years. It's a complicated calculation, but rooms at the Park Hyatt would now be worth considerably more than $1.5 million."

That's led to self-proclaimed Sydney hotel tsar Dr Jerry Schwartz, who has six hotels in the city worth close to $1 billion, keen to invest further in hotels.

The other major owners of rooms in Sydney are the Abu Dhabi Investment Authority (ADIA), Meriton Serviced Apartments, China-based developer Greenland which own the Primus Hotel and the Nanshan Group, run by one of China's richest men, who emerged as the buyer of the Pullman Sydney Airport hotel, Chinese insurer Sunshine and Chinese property and hotel group Dalian Wanda.

http://www.smh.com.au/nsw/sydneys-most- ... tqil2.html

So most of our Sydney hotels are owned by the ME and the Chinese. Way to go!

Put that together with our ports, farmland and the majority of housing in Sydney and we have the absolute inadequate and dumbest 2 party governments in the world.

[Black Orchid]

Chinese billionaire Chau Chak Wing was one of the biggest political donors in the past year, contributing $710,000 to the Liberal Party and $150,000 to the Labor Party.

Kowloon-based Hong Kong Kingson investment, an offshore company owned by the influential Chinese businessman, was among the Liberal Party’s biggest private donors.

The 63-year-old property developer, who dropped off the 2016 Forbes China rich list after being number 319 in 2015, chairs the Kingold Group, which is based in Guangzhou in China.

Its business interests includes real estate, hospitality, and education.

Chau has been a long time donor to Labor and Liberal parties and purchased Australia’s most expensive home with his $70 million deal to buy James Packer’s Sydney mansion, La Mer, in 2015.

But, despite his connections with politicians including former Prime Ministers John Howard and Kevin Rudd, and former NSW Premier Bob Carr, he maintains a studiously low profile.

http://www.theaustralian.com.au/nationa ... 8ce4add37e

And in return for his political donations to both sides Sydney is the loser.

[Redneck]

Good reason to ban all political donation of more than $1000 from other than those on the electoral roll.

[Black Orchid]

Good reason to ban all political donation of more than $1000 from other than those on the electoral roll.

Agreed. There is only one reason that both parties accept foreign donations and that's for political favours. Neither side is exempt and it needs to be stamped out.

[Outlaw Yogi]

An article in yesterday's Australian claimed AUSTRAC investigated $3.3bn of potentially illegal financial transfers from China last year and that over $1bn of that was used to buy property, mainly in Sydney and Melbourne. Apparently that $3.3bn is more money from one country that the next 10 combined.

So when someone asks "Why are homes so expensive in Sydney?" I typically reply "Because of mass immigration" (200,000+ per year). But if someone was to lay the blame at "Wong Chong Chinaman" I'd have no argument to dispute it.

[AnaTom]

.
we are losing to foreign interests. Communist or Islamic, take your pick.

My war is over, Im here announcing it.

Two things in the pipeline, one is explosive, the other the Monarchy (between May & November, enlightenment).

Get real people.

(not)

[Black Orchid]

The NSW state government is CONSIDERING limiting foreign ownership to only 50% of new developments in Sydney to allow room for first home buyers. Apparently foreigners can buy up to 100% of new developments now.

Considering it? What other country in the world allows this? None!

[lisa jones]

The NSW state government is CONSIDERING limiting foreign ownership to only 50% of new developments in Sydney to allow room for first home buyers. Apparently foreigners can buy up to 100% of new developments now.

Considering it? What other country in the world allows this? None!

We heard this on the news last night and were left gobsmacked!

I mean what's to fucking consider?

And why has it taken so long to act on this fucking disgraceful issue?

Grrrrrrrr

[Black Orchid]

Now we are selling off one of our last historic buildings to the Chinese. I don't even have the words to express how utterly stupid this is.

The historic GPO building in Sydney's Martin Place is set to be sold to foreign buyers, despite concerns from heritage consultants.

Australia Post has confirmed the sale of the remaining freehold title has been approved by the Foreign Investment Review Board and is pending signoff from Commonwealth Heritage.

About half of the building was sold in 1997 and a 99-year lease put in place for the remainder.

That lease is held by Hong Kong-based developer Sino Group and its sister company, Singapore-based developer Far East, which also owns businesses on the existing freehold title, including a hotel.

The ABC understands a deed for the sale of the freehold title was reached in March with Sino and Far East in a deal worth about $150 million.

The heritage-listed GPO was opened in 1874 and a post office will continue operating there under a lease until 2096.

[Black Orchid]

National Trust says 'don't sell'

The sale has been described as "outrageous" by president of the National Trust in New South Wales Clive Lucas.

Dr Lucas is a consultant with Lucas, Stapleton and Johnson, which compiled a 300-page heritage report for Australia Post ahead of the sale negotiations.

The report warned against selling the GPO to overseas interests saying it was a significant loss from a heritage perspective.

Dr Lucas said the post offices were a principal building of significance to cities and towns.

"I think lots of people are very against us selling our heritage, selling the family silver and there's nothing more important to Sydney than the Sydney GPO - it's the heart of the city," he said.

"The report done by the office, we were told we had to keep it secret and perhaps fair enough, but the report clearly said they shouldn't do it and of course they've done it."

The report recommended higher levels of mitigation measures to protect its heritage value although it is not clear what that would include.

Australia Post said the heritage measures would be maintained.

"The entire building remains heritage protected, an important factor when considering the sale," it said in a statement.

And to top it all off?

It is understood the sale will not have any impact on the salary or bonus scheme of CEO Ahmed Fahour who is stepping down in July.

He was criticised over the size of his salary which is worth $5.6 million.

Good old AHMED won't lose a cent. Unbelievable!!

http://www.abc.net.au/news/2017-06-01/h ... ns/8578782