Our CEO Walton Chu was interviewed by ABC's The Business program and expressed his view regarding the consequences of tightening government regulations to overseas clients.
According to the Foreign Investment Review Board, Chinese investors are the biggest group of foreign buyers in the Australian real estate market.
Based on ‘The Business’, Offshore Chinese investors have helped drive the Australian property market to new heights. But with the tightening of government regulations, that interest is shifting to other attractive markets.
In the interview, Mr. Walton Chu pointed out the shift of interests among overseas buyers. "Now we can see a lot of overseas buyers shift their focus away from Australia. They are looking at our neighbour New Zealand, Europe and some other Asian countries to invest.
"It's getting harder and harder to get money out from China," Mr Chu observed.
Mr Chu said, "For our business we're ok, but I've heard from my agent friends quite a lot of overseas buyers, they struggling to get finance here. So either they would chose just to pay off straight away or rather just say lose [the] 10 per cent deposit and walk away."