Chinese Money Is Still Leaking Into the World's Housing Markets
- Citizens bypass curbs to pump money into overseas property
- Demand rises for cheaper homes amid tighter currency controls
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Shanghai restaurateur David Hu said he’s nervous about wiring money to Australia for a home purchase because of China’s crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase.
The 61-year-old intended to move about A$85,000 ($66,000) to Melbourne this month, the last part of his financing for a deal struck last year. “Buying a property abroad was and is still workable,” said Hu, though he described the process as a “lot more troublesome” nowadays.