Low dollar leads to increase in Chinese development in Australia
Chinese capital is flowing into the Australian property market like never before. With new blocks, new sub-divisions and new suburbs rising from the dirt, Chinese developers now account for nearly half of Australia's foreign building investors.
Governments are also keen to support the latest wave of Chinese investment, with the mining boom starting to wind down.
"The Aussie dollar is down, there's volatility in the Chinese share market. But remember, China is still growing, they're looking for a place to put their cash," Money magazine editor Effie Zahos told A Current Affair.
Chinese developers are creating large-scale high-density development across Australia.In the western Sydney suburb of Parramatta, China's 23rd largest public company is building a $550 million development site, with 11 apartment towers.
China's wealthiest woman, Yang Huiyan, is also behind a $500 million partnership with Mirvac in inner Sydney.
Sydney, Melbourne, Brisbane, the Gold Coast and Perth are cities that are being targeted by both Australian and off-shore developers.
"They're going to continue to buy up big in Aussie property, they see it as cheap," Ms Zahos said.
Source Credit: www.9news.com.au