More Chi­nese buy­ing Queens­land prop­erty

The Courier-Mail - - STATE POLITICS -

CHI­NESE buy­ers are snap­ping up Queens­land land at six times the rate they were buy­ing only two years ago.

The For­eign Own­er­ship of Land Reg­is­ter re­leased by the State Gov­ern­ment re­veals over­seas Chi­nese bought more than 7600 land parcels over the past 12 months, to­talling $1.47 bil­lion, up from $463 mil­lion in 2013-14.

It is the first time China has topped the list, tak­ing over from the United King­dom as the most pro­lific buyer. China’s in­vest­ment in Queens­land to­tals al­most $1 bil­lion more than any other coun­try.

The to­tal amount of for­eign in­vest­ment in Queens­land land has sky­rock­eted from $1.6 bil­lion in 2013-14 to more than $4.2 bil­lion last year.

Kat­ter Aus­tralian Party leader Rob­bie Kat­ter said while some for­eign in­vest­ment was needed in Queens­land, the rate at which it was be­ing purchased by over­seas in­ter­ests, par­tic­u­larly in ru­ral ar­eas, was alarm­ing.

De­spite the strong growth in the Chi­nese mar­ket, the UK main­tained its po­si­tion as the pre­mier buyer of Queens­land land when it comes to size.

UK own­ers purchased 2.2 mil­lion hectares last year, ahead of the Nether­lands with 1.9 mil­lion hectares and China with 1.6 mil­lion hectares.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.