Pollies invest millions in CairnsMay 3 2012 at 11:17 AM
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Response to Re: Where is TI AND WHO IS THE WATCHDOG?
Just look at today's 3rd May 2012 Post Couriers front page story.
That is where all the money is going. The MPs are creating their escape routes at the expense of people.
Pollies invest millions in Cairns
By GORETHY KENNETH
PAPUA New Guinea politicians who have bought properties in far North Queensland (Cairns) over the last 12 months will soon be in the spotlight when a meeting gets underway in Cairns next Wednesday.
The meeting will reveal details of PNG leaders who have contributed immensely to the development of Far North Queensland (Cairns) and the positive aspects of the properties bought by the PNG elites.
Cairns will soon be another “PNG city” because politicians, businessman and PNG residents in Australia are rushing to invest huge amounts of money there, purchasing properties worth millions. The number of properties purchased in Cairns since 2011 has increased and some purchases had also been done early this year.
It is understood the Cairns North Registrar of Titles had compiled a report of PNG politicians who have bought properties in Cairns and the list would be detailed later next week.
It is also understood six known politicians (named) have invested in million-dollar properties up north and central Cairns to a tune of $A11.5 million (K24.5 million) — $A3.8m, $A1.9m, $A2.3m, $A2.0m and $A1.45m respectively.
Early last month it was reported in the Queensland papers that PNG residents were the largest foreign investors in the Far North, according to the latest figures from the Registrar of Titles.
They bought commercial, residential and other property worth $4.5 million out of $16 million of foreign purchases in the last financial year.
Next on the list was the UK ($3.5 million), NZ($2 million) and Japan ($1.9 million).
Other notable buyers were from the Czech Republic (A$680,000), Greece (A$530,000), Hong Kong (A$491,470), Argentina (A$490,000) and Malaysia (A$394,300).
Hong Kong residents own the largest amount of land (1116ha) followed by Belgium (492ha), the UK (352ha), Japan (278ha) and China (91ha) while UK investors own the largest number of land parcels (257) followed by Japan (214), NZ (212) and PNG (101).
CBRE Cairns Managing Director Danny Betros said there had not been many large sales to PNG investors in recent times until last year.
He said the last large sale was the A$19 million three-storey office building at 120 Bunda St to a PNG consortium in July 2010.
The building was bought by Mineral Resources Lihir Capital Ltd, a company that receives royalties from the A$1 billion gold project on Lihir Island, and invests in property and other concerns on behalf of the community.
In May last year, a PNG family’s first foray into the Far North’s commercial property market was expected to be the start of further investments.
The Honale family bought the home of Channel 7 local news in Mulgrave Rd, Parramatta Park, for $A3.2 million.
Mr Betros said there were about 12 groups representing PNG investors active in the Far North. He said the mining boom was sparking interest by Papua New Guinea investors in the Far North as well as because of its close proximity.
It is understood a PNG consortium is also eyeing one of the Cairns CBD’s largest office blocks, the Corporate Tower.
Greg Wood of Knight Frank Cairns said interest in property in Cairns had dropped off following the political stability in PNG.
Mr Wood said he expected the number of Australians and others working in the PNG resources sector to start buying mainly residential properties in Cairns for their families.
The Far North’s lifestyle, attractive property prices and the resource boom is drawing investors from PNG as well as Western Australia and Darwin, who are snapping up prestige waterfront homes and land in the elite Bluewater estate.
In February this year, investors from PNG (politicians) called FNQ Hot Property principal Nathan Shingles at 9am one day, inspected the Bluewater property and by 4pm had signed a contract.
| Re: Pollies invest millions in Cairns||boston||May 3, 2012, 10:37 PM|
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| Re: Pollies invest millions in Cairns||anonymous||Jun 9, 2012, 11:28 AM|