Selling gold - taxes

[jaysg]

Hi guys,

Anybody knows about the concept of landbanking?

I got to know a consultant in SIngapore from the Walton Group who offers me numerous land banking investments which have high profits generation rates.

The basics are invest in land in US and Canada, sell at high prices within next 5-7 years.

I wonder whether it is really that feasible.

Anybody have knowledge of the concept and the company, Walton?

[jaapfries]

Hi Jaysg; a quick scan through Google found this:

MONDAY, JUNE 18, 2012

Walton International Land Banking SCAM?

Walton International Group clarifies Bank Negara probe

Monday, 09 March 2009 19:53

KUALA LUMPUR: Walton International Property Group (M) Sdn Bhd said on March 9 that it does not distribute real estate investment trusts (REITS), nor does it offer deposit-taking or interest schemes.

It said that it offered clients the opportunity to purchase ownership of high-quality land in highly-researched and carefully-selected growth areas within Canada and the US.

“Walton’s Malaysian clients hold legal title to the North American lands that they own, safely and securely registered in the respective jurisdictions. Over Walton’s 30-year history, almost 50,000 clients worldwide have purchased more than 49,000 acres of land, a total of nearly RM 6 billion worth of land,” it said.

The statement was issued after Bank Negara raided the group’s offices in Kuala Lumpur, Kota Kinabalu and Kuching on March 5 under the Exchange Control Act (ECA) 1953.

The central bank had stated the raids were carried out simultaneously following complaints received from members of the public.

Bank Negara had also seized relevant documents from the company for investigation. The central bank had on March 6 also advised the public to be cautious of this type of land banking schemes promoted by the company.

“Any elements of deposit-taking activities and public offerings such as ‘interest schemes’ or investment in real estates schemes (REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti,” it added.

Walton said it did not consciously or deliberately contravened any laws in the countries in which it operateds. It also assured its clients, employees, partners and the Malaysian public that it was cooperating fully with Bank Negara to resolve this matter as quickly as possible.

“Walton operates to the highest ethical and business standards, here in Malaysia and around the world,” said Walton Asia chief operating officer Kent Britton.

“In Malaysia, as elsewhere, we are committed to positive relationships with our valued clients and with the citizens and governments of the countries in which we do business.”

He said Walton was fully open and transparent in its professional relationships with regulatory authorities, and responsive to requests for information and cooperation.

I'm still not 100% convinced, however; they do look fairly legit. don't they ?

Cheers mate !

[AyG]

Borrow money from a company related to the land banking company to "invest" in the land. Pay a ludicrously high interest rate until the land is sold. Land is never sold. Someone gets very rich, and it's not the idiot who invests in such a scam. Avoid like the plague!

[simon43]

The concept of land banking often relies on the purchase of cheap land where planning permission to build will not be granted right now, due to local planning law restrictions. The gamble is that some time in the future, the designation of this land will change to allow construction to take place, and therefore the land value rises considerably.

Simon

Edited July 2, 2012 by simon43

[David Barker]

If it seems too good to be true it usually is

[PattayaParent]

The concept of land banking often relies on the purchase of cheap land where planning permission to build will not be granted right now, due to local planning law restrictions. The gamble is that some time in the future, the designation of this land will change to allow construction to take place, and therefore the land value rises considerably.

Simon

Can't remember the name of the company now but there was one that tit McMenemy (?) on Star Sports was associated with and was advertised all over Star Sports and that turned out to be dodgy.

Edited July 2, 2012 by PattayaParent

[DrChopper]

Relating to the UK market pretty much all schemes like this were scams at worst, or never going to deliver what was suggested as best.

UK planning law centric, these guys almost always bought and sold land that will never get planning permission.

[PattayaParent]

Relating to the UK market pretty much all schemes like this were scams at worst, or never going to deliver what was suggested as best.

UK planning law centric, these guys almost always bought and sold land that will never get planning permission.

And made their own money from the 'management fees'