Cashed-up Chinese students behind off-the-plan buys in Sydney university suburbs
22 Jul 2015
A CHINESE student buys the top suite at The Residence overlooking Hyde Park for $14 million.
Another buys the penthouse at upmarket at Darling Harbour — to rise once the wrecker’s ball finishes the Entertainment Centre — for $18 million, sight unseen, off the plan.
Another begins his studies in Sydney with $3.5 million to buy a ritzy apartment and a brand-new Mercedes that sales staff have to help him fill with petrol.
Cindy Wang from Shanghai, who is studying at Macquarie University, bought a $1.2 million two-bedroom apartment at Chippendale, which she rents out to help pay her tuition and living costs.
Education is not just the path to enlightenment. It is the path to Sydney for billions of investment dollars from China’s super-rich.
Chinese are the biggest bloc among Australia’s 453,000 international students, helping to make the education sector Australia’s fourth largest export industry.
Almost one in 20 Australians have Chinese ancestry, making them the nation’s biggest non-European group.
A quarter of students at universities such as Macquarie, UNSW, UTS and Sydney are from overseas, mostly from China.
“A lot of money is flowing into Australia through the education gateway,” REINSW president Malcolm Gunnings said. “That’s not a bad thing … it brings with it a significant economic impact.”
China topped the list of countries with approved investments in Australian real estate in 2013-14, as residential proposals more than doubled to $34.7 billion, with over $13 billion of it in NSW, according to the Foreign Investment Review Board’s latest annual report.