Chinese Pass U.S. as Biggest Australia Property Investors
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Chinese buyers have overtaken Americans to become the biggest investors in Australian property, drawn by the nation’s strengthening housing market, as their government tightens rules on buying at home.
Chinese investment in Australian residential and commercial real estate surged 42 percent to A$5.9 billion ($5.3 billion), compared with an 85 percent slump to A$4.4 billion in purchases by U.S. buyers, according to an annual investment update from the Foreign Investment Review Board on its website.