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China Beats U.S. as Top Investor in Australia
Chinese lead foreign investors in doubling purchases of Aussie real estate
Sydney skyline seen from the suburb of Point Piper.
Brendon Thorne/BloombergThis article is for subscribers only.
China's infatuation with Australian real estate spurred its rise to be the biggest foreign investor Down Under, displacing the U.S.
Chinese buyers were approved to buy A$12.4 billion ($9.9 billion) of Australian real estate in 2013-14, the Foreign Investment Review Board said in its annual report, without differentiating between commercial and residential property. China's total approved investment in Australia was A$27.7 billion over the period, compared with the U.S.'s A$17.5 billion.