A real estate agent's sign outside a house shows that it has recently been sold, in Sydney October 13, 2014. [Photo: CFP]
Chinese Home Buyers Boost Australian Property Market
A new report from Credit Suisse has revealed nearly 13-percent of all the homes bought in Australia last year were purchased by Chinese nationals in deals worth around 5-billion US dollars.
Word of the rush on Chinese home purchases in Australia comes on the heels of a new free trade agreement worked out between the two countries last month.
Australia has become a prime destination for Chinese investment abroad.
In August, Wanda Group invested around 7.5-billion US dollars in a resort in Gold Coast, Queensland.
The rush by Chinese investors toward Australia has created somewhat of a backlash, with calls being made for restrictions on home purchases by foreign investors amid a rise in housing prices in the country.
An Australian parliamentary committee is currently reviewing a dozen different suggestions about how to deal with the issue.
For more on this, we are now joined live by Gao Shang, analyst with Guantong Futures.
