China accounts for 80 percent of foreign property demand in Australia and it's set to grow despite various cooling measures, reports OPP Today (24 March 2017). According to a Credit Suisse report, the main reason why capital will continue to flow from China to Australia is because China is an enormous economy, where wealth creation is occurring at an impressive rate. According to Charles Pittar, Chief Executive Officer of leading Chinese international property website Juwai.com, this report should allay fears over foreign property investment in Australia, as it reveals healthy and growing purchasing from Chinese buyers even when faced with restrictions and capital controls. “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.
