Australia tries to dull Asians’ appetite for local real estate
Local banks tighten mortgage rules for outsiders “The public has reservations about foreign investment”
Homebuyers from China have been getting a clear message from Australian banks: Look elsewhere. Citigroup’s local bank will no longer approve mortgage applications in Australia that rely on foreign income denominated in Chinese yuan and four other Asian currencies, spokesman Matthew Coleman said in an e-mailed statement on May 10. Citi had been receiving more applications after a decision by Commonwealth Bank of Australia, National Australia Bank, and Australia & New Zealand Banking Group that restricted lending to nonlocals.
The banks are being pressured to help local