Chi­nese prop­erty deals hit A$32b

New Straits Times - - Business -

SYD­NEY: Aus­tralia ap­proved for­eign in­vest­ments worth al­most a third more in fis­cal 2016 than the pre­vi­ous year, as more Chi­nese buy­ers piled into the red-hot res­i­den­tial prop­erty mar­ket, govern­ment data showed yes­ter­day.

The fig­ures in the For­eign In­vest­ment Re­view Board’s 2016 an­nual re­port high­lighted the huge Chi­nese ap­petite for Aus­tralian prop­erty even as economists ex­pect the hous­ing mar­ket to ease this year amid ris­ing lend­ing rates.

“For the third year in a row, China was the largest source of ap­proved in­vest­ment, driven by con­tin­u­ing ap­provals in the real estate sec­tor,” said the re­port.

The to­tal value of for­eign in­vest­ment ap­provals in Aus­tralia hit A$247.9 bil­lion (RM790.8 bil­lion) in the year to June 30 last year, up 29 per cent pre­vi­ously.

A to­tal of A$47.3 bil­lion Chi­nese in­vest­ments were ap­proved, a fifth of the over­all to­tal for­eign in­vest­ment and A$31.9 bil­lion was into real estate. Reuters

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