Foreign real estate investment in Australian residential property has dropped almost by two-thirds in 2016-17, reports ABC News (29 May 2018). According to recent figures from the Foreign Investment Review Board (FIRB), the value of residential property approvals in 2016-17 was A$25 billion, down from A$72 billion the year before, largely because of the introduction of the FIRB application fee, as well as tighter regulations in Australia. "These half years [second half of 2016 and first half of 2017] were like night and day in terms of Chinese investment," said Carrie Law, CEO of Chinese real estate website