Chinese Are Big Spenders in London Real Estate

choi

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Julia Werdigier and Bettina Wassener, Chinese Investors Flock to London to
Buy Real Estate. New York Times, Sept. 18, 2010.
http://www.nytimes.com/2010/09/18/business/global/18chinareal.html?src=busln

Note:
(a) Minegishi is a Japanese family name, 峰岸.
(b) Knightsbridge
http://en.wikipedia.org/wiki/Knightsbridge
(Knightsbridge is a road which gives its name to an exclusive district;
section 1 History: "It [Knightsbridge as a small hamlet] was named after a
crossing [as Knight's Bridge] of the River Westbourne, which is now an
underground river")
(c) Harrods
http://en.wikipedia.org/wiki/Harrods
(founded in 1834 by Charles Henry Harrod)
(d) Canary Wharf
http://en.wikipedia.org/wiki/Canary_Wharf
(built in 1936 for Fruit Lines Ltd, a subsidiary of Fred Olsen Lines for the
Mediterranean and Canary Island fruit trade. At their request, the quay and
warehouse were given the name Canary Wharf)

* Canary Islands
http://en.wikipedia.org/wiki/Canary_Island
(also known as the Canaries; are a Spanish archipelago located just off the
northwest coast of mainland Africa, 100 km west of the border between
Morocco and the Western Sahara; section 1 Etymology: The [Spanish] name
Insulas Canarias is likely derived from the Latin term Insula Canaria,
meaning "Island of the Dogs", a name applied originally only to Gran Canaria
. It is speculated that the so called dogs were actually a species of Monk
Seals ("sea dog" in Latin), critically endangered and no longer present in
the Canary Islands)

Taiwanese writer 三毛 and her husband 荷西 once lived on the Canaries.
(e) Joseph Lau Luen Hung 劉鑾雄, born 1951 in Hong Kong with family roots in
潮州, is a billionaire real estate investor. Wikipedia.
(f) Think London 伦敦投资局
www.thinklondon.com

Its China page:
http://www.thinklondon.com/int/china/


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choi

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I have never been to United Kingdom. Just now I googled and I could not find UK regulations on all-cash transaction.

However, it is DIFFERENT in United States.
(1) Starting from carrying "currency" (including but not ilmited to cash) in or out of United States.

Currency Reporting Flyer (Publication # 0000-0503). US Customs and Border Patrol, Department of Homeland Security, Nov. 14, 2007.
http://www.cbp.gov/xp/cgov/newsroom/publications/travel/currency_rpt_flyer/
(Report of International Transportation of Currency or Monetary Instruments, FinCEN Form 105)

* Sample Customs Declaration Form (officially: U.S. Customs and Border Protection Declaration Form 6059B)
http://www.cbp.gov/xp/cgov/travel/vacation/sample_declaration_form.xml

Quote:

"13. Mark an X in the Yes or No box. Are you or any family members traveling with you bringing $10,000 or more in U.S. dollars or foreign equivalent in any form into the United States?

"Read definition of monetary instruments on the reverse side of the form.
Examples: coins, cash, personal or cashier's check, traveler's checks, money orders, stocks, bonds.
If yes, your must complete the Customs Form 4790.

(2) Then, Internal Revenue Service, US Department of Treatury, requires

Currency Reporting--Money Laundering
http://www.irs.gov/compliance/enforcement/article/0,,id=113003,00.html

Among them:
(a) Currency Transaction Report (CTR): Filed by financial institutions that engage in a currency transaction in excess of $10,000
(b) IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business: Filed by persons engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or two or more related transactions within a twelve month period
(c) Suspicious Activity Report (SAR): Filed on transactions or attempted transactions involving at least $5,000 that the financial institution knows, suspects, or has reason to suspect the money was derived from illegal activities. Also filed when transactions are part of a plan to violate federal laws and financial reporting requirements (structuring)

* Don Van Natta Jr. and Jo Becker, Spitzer Fall Began With Bank Reports. New York Times, Mar. 13, 2008.
http://www.nytimes.com/2008/03/13/nyregion/13legal.html?scp=1&sq=spitzer%20%22suspicious%20activity%22&st=cse
(Suspicious Activity Report)

【 在 choi 的大作中提到: 】
: Julia Werdigier and Bettina Wassener, Chinese Investors Flock to London to
: Buy Real Estate. New York Times, Sept. 18, 2010.
: http://www.nytimes.com/2010/09/18/business/global/18chinareal.html?src=busln
: Note:
: (a) Minegishi is a Japanese family name, 峰岸.
: (以下引言省略...)

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