China spent a record $2.4 billion buying residential land in Australia, accounting for over a third of all Australian real estate trade in 2016
China Daily reports that the amount of real estate bought by Chinese consumers was 9.4 per cent greater than last year and seventeen times greater than in 2012.
The growth is not limited to residential with commercial buyers spending big with the Bank of China paying $95 million to buy an office building in Sydney.
“The two safe ports, Sydney and Melbourne, are still the first choice for Chinese investors, and that trend will continue. China will focus on other cities in Australia when competition for real estate becomes too fierce”, said Lin Rongjie, managing director of Cushman & Wakefield’s Research Department in China.
“The three most popular cities in Australia among Chinese investors are Sydney, Melbourne and Brisbane”, said Yang Dong, general manager of an investment company in Shanghai.
The figures have raised questions amongst senior analysts and politicians who are concerned about the growth in acquisitions from China.
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