Australian realty ranks 2nd only to the US for Chinese investors
Last year Chinese investors poured a massive $US17.4 billion ($24.5 billion) into Australian real estate, according to a new report.
The enormous sum puts Australia second only to the US as a destination for Chinese property investors
Australian property accounts for close to 15 per cent of the $US119.7 billion spent by Chinese investors on overseas real estate last year.
The vast majority was spent on housing, with $US14.1 billion funnelled into residential real estate in Australia, and $US3.3 billion in commercial real estate
Some experts attribute the decrease to stricter controls on outbound investments by the Chinese government.
“Capital controls, restrictions on bank financing to offshore buyers, and new foreign buyer taxes and restrictions all served to reduce Chinese investment last year,” Juwai CEO Carrie Law said.