Now that China is struggling with slowing growth, massive debt and an aging population, a hunt to recover funds siphoned out of the country over the last decade has begun in earnest. Clawbacks can drive forced selling of property in previously ‘hot flow’ countries like Australia and Canada, just as domestic demand in these markets is also weakening. International inflows helped to drive property prices far above reason over the past decade, and their outflows will help to drive prices back down. This is likely to compound stress on other owners and lenders who are highly levered in these markets.
As China transforms into an economic powerhouse, billions of dollars have been illegally spirited out of the country. Mark Willacy reports on the bounty hunters chasing China’s missing millions in Australia. Here is a direct video link.
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