Chinese business hub in Dubai south

Discussion in 'Middle East Property' started by alaii2000, Jan 19, 2019.

  1. alaii2000

    alaii2000 New Member

    I purchase this units in Dubai south
    April 2018 and July 2018, they told us there are some compilance about CRS so the transfer is deayed.
    And October 2018, the transfer dealyed because AML until now and on December 5th, Crowngate(the UK corporate) call me to buy back the property.
    And said the investment will return by February 2019.
    Is any one here invest the same project and face this situation?
    And is it true that CRS and AML will cause the delay for such a long time?
    I appreciate if anyone can give me some info, thanks
     
  2. Do these issues relate to:-

    Common Reporting Standard (CMS)
    Anti-Money Laundering (AML)

    If so, I would have thought those are issues which should have been addressed at the start of the project?
     
  3. diyhelp

    diyhelp Active Member

    I was under the impression that all new developments in Dubai had to be registered - therefore I would assume they abide by CMA and AML regs?
     
  4. alaii2000

    alaii2000 New Member

    Yes, I also check the OECD and news in Dubai. They actually faceD these problem. But I am wondering why this problem will take so long and the problem finally can’t be solved.
     
  5. diyhelp

    diyhelp Active Member

    I was under the impression that the new regulatory system would address issues such as these to make sure that investors are protected as much as possible? If what I would deem to be fairly simple issues have not been addressed in the early stages, surely this undermines the whole regulatory system?
     
  6. dbs01

    dbs01 New Member

    Hello I also invested on The same units and I received same info from Crowngate. Buy back contract should be sent this week.
     
  7. alaii2000

    alaii2000 New Member

    Yes, but they already broke their commitment to give us the buy back process not late than 1/31
     
  8. dbs01

    dbs01 New Member

Loading...

Share This Page