FOREIGN – AUSTRALIA – REGULATION

Chinese investors wary on house buying

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 8 : 25-Aug-15

Chinese real estate investors are reacting to Treasurer Joe Hockey’s crackdown on illegal purchases. They are becoming more cautious as they seek information about investment rules for residential property, according to Asian property agent House 18’s Michael Zhu. Many agents are advising Chinese investors to contact a lawyer before proceeding.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FINANCIAL INDUSTRY REGULATORY AUTHORITY INCORPORATED, CBRE GROUP INCORPORATED, BLACK DIAMONDZ PROPERTY CONCIERGE, HOUSE 18

FIRB clears China Communications acquisition of John Holland

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 20 : 9-Apr-15

Leighton Holdings’ sale of defence contractor John Holland to China Communications Construction Company has been cleared by the Foreign Investment Review Board. Federal Treasury Joe Hockey says the $A1bn deal does not raise any national interest concerns. John Holland is estimated to have undertaken some $A470m worth of construction contracts for the Department of Defence in 2014

CORPORATES
LEIGHTON HOLDINGS LIMITED – ASX LEI, JOHN HOLLAND PTY LTD, CHINA COMMUNICATIONS CONSTRUCTION GROUP LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF DEFENCE, THE STOCK EXCHANGE OF HONG KONG LIMITED, WORLD BANK, CHINA ROAD AND BRIDGE CORPORATION, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

FIRB may scare off Asian buyers, warns Maddocks

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 41 : 31-Mar-15

Law firm Maddocks claims that the proposed restrictions on foreign investment in Australian residential property have had a negative impact on demand in the sector. The Foreign Investment Review Board recommended the introduction of new fees and stricter rules for foreign investors. Maddocks partner Nick Holuigue has warned that foreign investors could choose to invest elsewhere if the Government implements the new rules

CORPORATES
MADDOCKS, ASPAIL GROUP, HIAP HOE LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Chinese undeterred by new investment rules

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Original article by Tim Binsted
The Australian Financial Review – Page: 19 : 4-Mar-15

Geoff Raby & Associates founder Geoff Raby says his firm has received an increase in enquiries from prospective Chinese investors in Australia’s agricultural sector. This includes sectors such as dairy, meat and wheat, and includes both farmland and processing facilities. The Australian Government has proposed new regulations for foreign investors in assets such as farms and housing, including application fees that start from $A5,000

CORPORATES
GEOFF RABY AND ASSOCIATES, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN BUREAU OF AGRICULTURAL AND RESOURCE ECONOMICS AND SCIENCES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, FORTESCUE METALS GROUP LIMITED – ASX FMG, CBH LIMITED, CO-OPERATIVE BULK HANDLING LIMITED

Outrage over PM’s property hit

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Original article by Phillip Coorey, Matthew Cranston
The Australian Financial Review – Page: 1 & 8 : 26-Feb-15

The Australian Government’s proposals to crack down on foreign investors in the residential property market has the support of Master Builders Australia CEO Wilhelm Harnisch. However, buyers advocate David Morrell says the proposed application fees should be higher, although the Real Estate Institute of Australia believes that the fees are too high. The Government plans to introduce a fee of up to one per cent of the value of new or established residential properties bought by foreign investors

CORPORATES
MASTER BUILDERS AUSTRALIA INCORPORATED, THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RAY WHITE REAL ESTATE, AUSTRALIAN TAXATION OFFICE, NEW SOUTH WALES. THE TREASURY, PROPERTY COUNCIL OF AUSTRALIA LIMITED, CBRE PTY LTD

Toll rivals say JP sale poses sovereign risk

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 13 & 18 : 23-Feb-15

One Global Logistics MD James Sparke has warned of potential sovereign risk issues associated with government-owned Japan Post’s takeover bid for Toll Holdings. Meanwhile, Toll CEO Brian Kruger does not expect any of the group’s customers to enforce the "change of control" provisions of their contracts if the $A6.5bn takeover bid proceeds. The deal requires approval from the Foreign Investment Review Board

CORPORATES
TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, ONE GLOBAL LOGISTICS PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN DEFENCE FORCE, UNITED STATES NAVY, CHEVRON CORPORATION, ORICA LIMITED – ASX ORI, BARRICK GOLD CORPORATION, WOOLWORTHS LIMITED – ASX WOW, NIKE INCORPORATED, OFFICE DEPOT INCORPORATED, FISHER AND PAYKEL APPLIANCES HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC, HUAWEI TECHNOLOGIES COMPANY LIMITED, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA POST, STAR TRACK EXPRESS PTY LTD, LINCOLN INDICATORS PTY LTD

Goodman gets big tick

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Original article by Sue Mitchell, Sarah Thompson
The Australian Financial Review – Page: 19 : 17-Feb-15

Goodman Fielder shareholders will vote on a proposed $A1.3bn takeover bid by Wilmar International and First Pacific on 26 February 2015. Australia’s Foreign Investment Review Board approved the deal in late 2014, and the Chinese Government gave the green light on 16 February. The offer of $A0.675 per share also requires approval in New Zealand. Hedge funds bought about 160 million of the target’s shares in early February, and stand to make a healthy profit from the transaction

CORPORATES
GOODMAN FIELDER LIMITED – ASX GFF, WILMAR INTERNATIONAL LIMITED, FIRST PACIFIC COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, CHINA. MINISTRY OF COMMERCE, NEW ZEALAND. OVERSEAS INVESTMENT COMMISSION, ELLERSTON CAPITAL PTY LTD, DEUTSCHE BANK AG, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Foreign property buyers face stiff fees amid crackdown

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Original article by Joanna Heath
The Australian Financial Review – Page: 3 : 10-Feb-15

The Treasury is investigating a number of cases of suspected illegal residential property acquisitions in Australia. A parliamentary inquiry into the matter issued a report in November 2014 which contains 12 recommendations. The committee recommended the introduction of an administrative fee for foreign buyers of between $A500 and $A1,500 to fund the compliance work of the Foreign Investment Review Board and the Treasury

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN LABOR PARTY

China pact sees miners duck tariffs

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Original article by Sid Maher, Scott Murdoch
The Australian – Page: 5 : 22-Oct-14

The Chinese Government recently declared new tariffs of 3% and 6% on imports of metallurgical and thermal coal respectively. However, Australian producers will be spared the measure, as Trade Minister Andrew Robb has negotiated a zero tariff in the talks on a new free-trade agreement between the two nations. Meanwhile Prime Minister Tony Abbott is being criticised by some of his Coalition MPs over failing to roll out a promised tightening of foreign investment limits in the agricultural sector

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NATIONAL PARTY OF AUSTRALIA, GROUP OF TWENTY (G-20), WORLD TRADE ORGANIZATION, ASIA-PACIFIC ECONOMIC CO-OPERATION, CHINA. MINISTRY OF FINANCE

O’Dwyer seeks harsher penalties

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Original article by Nick Lenaghan, Joanna Heath
The Australian Financial Review – Page: 5 : 1-Oct-14

Harsher penalties have been proposed for foreign real estate investors who do not comply with regulations. Kelly O’Dwyer, head of the Australian parliamentary inquiry into foreign investment into real estate, said that few breaches were detected as foreign investors had to self-report to the Foreign Investment Review Board. Analysis by First National Real Estate found that prices had increased in some suburbs in Sydney and Melbourne that were popular with Asian investors

CORPORATES
AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, FIRST NATIONAL REAL ESTATE GROUP, RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, AUSTRALIAN PROPERTY MONITORS PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ