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Chinese stake in Australia real estate up
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CHINA was the second-largest buyer of commercial property in Australia in the first quarter of this year, extending the strong investment sentiment since 2014, commercial real estate service provider CBRE said in a report yesterday.
Chinese investors spent A$3 billion (US$2.24 billion) in Australian properties in the first three months of this year, just behind Singaporean investors, according to CBRE.
That accounted for one third of the total foreign capital invested in commercial real estate assets in Australia between January and March, and a quarter of the Chinese overseas real estate investments during the same period.
In 2014, the overall Chinese outbound real estate investment stood at US$10 billion and 15 percent of that was funneled into Australia, the report said.
“Capital flows from China to Australia are complemented by growing numbers of Chinese tourists, students, settlers as well as an increased bilateral trade relationship,” said Frank Chen, executive director and head of CBRE Research for China. “Australia competes with other global markets for Chinese capital. However, the aforementioned factors appear to provide a longer-term underpinning for the capital flow now being experienced.”
Notably, inner city development sites, within a 5-kilometer radius of the CBDs of Sydney, Melbourne and Brisbane, have been a primary target as Chinese investors seek to diversify their assets offshore into relatively safe markets while acquisitions of office assets for conversion to residential use also increased amid rising residential values.
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