China’s Nouveau Riche Arrive Above Sydney Harbor ...

[Wisecracker]

And, they're tearing down historic structures and building McMansions

In recent weeks, wrecking crews have embarked on a job that symbolizes the international economic clout of the Chinese elite: razing an Australian mansion with stunning views of one of the world’s most picturesque harbors.

Craig-y-Mor, an elegant 106-year-old home owned over the years by several prominent Sydney businessmen, was bought in 2008 by the son and daughter-in-law of a former senior member of the Chinese Politburo for 32.4 million Australian dollars (about $30 million)...

Credit Suisse estimates that 18 percent of all new houses and apartments in Sydney are bought by Chinese citizens. In Melbourne, the figure is 14 percent.

These figures are likely to rise. To stimulate the economy, the Australian government recently expanded a program to grant permanent residency to foreigners prepared to invest at least 5 million Australian dollars (about $4.6 million) in Australian businesses. Ninety percent of the applicants so far are Chinese.

There goes the neighborhood ... :lol:

 

[musical marv]

And, they're tearing down historic structures and building McMansions

In recent weeks, wrecking crews have embarked on a job that symbolizes the international economic clout of the Chinese elite: razing an Australian mansion with stunning views of one of the world’s most picturesque harbors.

Craig-y-Mor, an elegant 106-year-old home owned over the years by several prominent Sydney businessmen, was bought in 2008 by the son and daughter-in-law of a former senior member of the Chinese Politburo for 32.4 million Australian dollars (about $30 million)...

Credit Suisse estimates that 18 percent of all new houses and apartments in Sydney are bought by Chinese citizens. In Melbourne, the figure is 14 percent.

These figures are likely to rise. To stimulate the economy, the Australian government recently expanded a program to grant permanent residency to foreigners prepared to invest at least 5 million Australian dollars (about $4.6 million) in Australian businesses. Ninety percent of the applicants so far are Chinese.

There goes the neighborhood ... :lol:

The Chinese are taking over almost everywhere like industrious people. Amazing they have to the money now.

Mod edited for PG-13