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RFI: Wealthy Chinese Still Buy Luxury Homes in Australia Despite Cold Relationship between the Two Countries

Radio France Internationale reported that, in recent years, many Chinese people have moved overseas.  Australia is one of the more popular choices. According to the data, the number of “significant investment immigrants” (SIV) visas who invested 5 million Australian dollars (US$ 3.54 million) in Australia has been growing at an alarming rate. Since its opening in 2014, it has grown from 879 in 2015 to 2,022 in 2018; they were mainly Chinese.

According to Ken Jacobs, a real estate agent based in Sydney, in 2015, there were a total of 70 million Australian dollars (US$50 million) in real estate transactions and 61 million Australian dollars (US$43 million) in 2016. He said, “Chinese buyers are very decisive when they look for houses.”

Among the buyers of overseas real estate, about 22 percent of the overseas buyers in the Australian real estate market are from China. Although sales in 2018 have declined, Chinese buyers are still investing in Australia, which is one of their top choices in real estate.

In addition, many Chinese are willing to spend money to travel abroad, especially to the Andermatt region of Switzerland. According to statistics, among the tourists who have spent the night in the region, the number of Chinese tourists ranked the second next to the local domestic tourists. The CEO of the tourism development company in the area said, “We clearly feel that the interests of Chinese tourists are increasing.”

Source: Radio Free Internationale, March 20, 2019