- China’s crackdown on capital outflows into overseas property markets doesn’t appear to be working judging by the surge in investment from its shores into Australian real estate.
Chinese buyers led a 19 per cent jump in residential applications to 40,149, according to the Foreign Investment Review Board annual report, equating to a peak of proposed investment worth $72.4 billion for the 2015-16 financial year.
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The first buyer of the Hunters Hill mansion of Cate Blanchett was forced to default on the deal because of problems getting their funds out of China. Photo: Paul Gosney