Scott Morrison has ordered the sale of a further 16 Australian residential properties, the owners of which were found to be in breach of the foreign investment rules. The combined purchase price of the properties is $14m and takes the total price of forced property divestments by foreign buyers to $92m. “Foreign investment provides significant benefits for Australia but we must also ensure that such investment benefits all Australians, is in line with our rules and is not contrary to our national interest. The latest properties were purchased in Victoria, New South Wales, Queensland and Western Australia, with prices ranging from $200,000 to $2m. “The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed, meaning they were breaking the rules,” Morrison said.

Source: The Guardian September 19, 2016 01:18 UTC