Business, Finance & Economics

Australia's gold coast

Australia's Gold Coast is a glitzy strip of high end apartment blocks and sandy beaches. It's a popular resort and these days it's attracting a lot of wealthy Russians. Last year they poured $34 million dollars into the real estate market here. this Moscow real estate agent moved to the Gold Coast last year and says most of her clients are Russians looking for a get away resort home. She says it's a good investment. But some here have some serious reservations with the influx of the Russians. The President of the Gold Coast North Chamber of Commerce has seen the region's transformation and says he's worried about the Russian's link to organized crime. Australian police suspect Russian involvement in credit card scams on the Gold Coast and if money is being laundered through real estate deals. But no charges have been waged. This professor says it's unfair to question the integrity of all Russians. Analysts are predicting even more Russian money will be pumped into the region.

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