Why do rich Chinese people flock to Australia?
The rich Chinese are scrambling across Australia, impacting on many areas from Australian real estate, education to luxury.
In 2017, more than 10,000 rich people immigrated to Australia last year, most of them from China, India and the United Kingdom. About 90% of Australian visas are issued to wealthy investors, who spend more than AUD $ 5 million ($ 3.6 million) on Australia as Chinese.
In 2018, the Stonington mansion was sold for $ 52.5 million ($ 38 million), making it the most expensive real estate deal in the city – before a 5,000 square foot property in suburban Toorak. of Melbourne for $ 40 million. Apart from the high price, it is worth noting that the buyers are Chinese nationals.
However, it is now common in top Australian cities, from Toorak and Canterbury in Melbourne to Darling Point and Point Piper in Sydney. Most buyers of expensive real estate are rich Chinese. For the wealthy of China, Australia has become a destination for investment, entertainment and even to satisfy the need to own a second home abroad.
With the Chinese seeking investment and business opportunities, Australia is considered a relatively safe and stable place. Australia ranked No. 8 on A.T.Kearney’s Foreign Direct Investment Trust Index in 2018 and was ranked 14th by the World Bank for its favorable business environment.
“Australia provides an excellent security system for wealthy settlers and a safe place to invest. The law system, its stable financial system and its dynamic organizations have made it attractive, “said John Li.
In 2017, Chinese investors spent more than AUD $ 15 billion on Australian real estate, more than any other foreign national. In the two years from 2016 to 2017, before Beijing tightened control over the flow of money overseas, Chinese investors poured $ 32 billion into real estate in Australia. This data does not include Chinese nationals who have acquired or resided in Australia.
In many places in Sydney and Melbourne, average home prices have more than doubled over the past decade. With an average price of AUD1.1 million, Sydney is currently the second-highest real estate market in the world, behind only Hong Kong. However, many rich Chinese believe that Australian real estate is still “better” than crowded houses in places such as Shanghai, Beijing and Hong Kong.
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