Thousands of Chinese investors are exploiting a visa loophole to buy up property in Melbourne and Sydney, The Australian reports.
Figures show that last year 11,000, largely Chinese, “migrant millionaires” flocked to Melbourne and Sydney, using a visa designed to attract foreign entrepreneurs to the country.
Real estate agents say that Chinese buyers are drawn to Australia’s clean air and quality health and education systems. But rather than investing in businesses here – the whole point of the visa – many of them are apparently commuting back to China for work.
The result is that housing in Victoria and NSW is getting less affordable, and we have nothing to show for it in terms of new jobs and businesses.
Immigration Minister Peter Dutton should use his review of the investor visa category to crackdown on those investors who are crippling our cities and first time buyers.
It is not only “migrant millionaires” disturbing the real estate market but Chinese-backed companies who have bought out agricultural land, electricity companies and ports.
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