Foreign real estate investors spent over A$8 billion per year on property in Sydney and Melbourne, reports Xinhua (28 March 2017). Data based on a recent Credit Suisse report revealed that foreign buyers – predominantly Chinese property investors – account for 25% and 16% of all new property purchases in New South Wales and Victoria, respectively. According to CEO Charles Pittar, the report clearly indicates that any negative sentiment about foreign buyers should now be quelled. "The scale of the construction boom in Australian cities proves the power of foreign investment to provide new housing for local buyers. It's no coincidence that the construction boom was simultaneous with the surge in Chinese buying. Chinese are more likely to buy new property in the preconstruction phase, giving developers the commitments and they need to start construction and offer the remaining completed units to local buyers," said Pittar.