Efforts to limit capital flowing overseas by the Chinese government had a limited effect, reports The Australian (16 October 2017). A recent Credit Suisse report showed that 90% of foreign property buyers of new Australian property were Chinese, due to their incessant appetite for homes in Australia, the second-most popular investment destination for mainland investors on Juwai.com. “China’s capital controls have been very successful, but without making it impossible for ordinary Chinese families to buy property in Australia,” said Jane Lu, Chinese property website Juwai.com’s Australia Head. Lu added that Chinese buying off-the-plan homes had also enabled more construction in Australia, thus “making more homes available for other buyers”.
