The latest FIRB report revealed that Chinese investors have pledged to invest A$47.3 billion in Australia – $31.9 billion that will go into property developments, reports the Australian Financial Review (9 May 2017). The report also showed statistics that supported an analysis by Australia's Treasury last year, which showed that foreign investments in residential real estate did not push property prices up in Australia. According to Juwai.com CEO Charles Pittar, "Every Chinese dollar invested landed in the pocket of an Australian somewhere. Chinese investment translates directly into jobs, tax revenue, economic growth and new housing construction. There's nothing about it that any reasonable person can object to. Frankly, China has been a godsend for Australia these past 10 years." [This article is available via subscription only.]
