Aus­tralia tries to dull Asians’ ap­petite for lo­cal real es­tate

Lo­cal banks tighten mort­gage rules for out­siders “The pub­lic has reser­va­tions about for­eign in­vest­ment”

Bloomberg Businessweek (Asia) - - CONTENTS -

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

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