Australia approved $24bn Chinese property investments in 2014–15, double the value in the previous year, reflecting surging demand for overseas real estate even as Beijing’s economy cools.
Figures published over the weekend by Australia’s foreign investment review board also show increases in the value of approvals for Chinese investments in agriculture, finance and manufacturing. China is Australia’s biggest foreign investor with A$46.5bn approvals, almost double the number two-ranked US’s A$25bn. Total foreign investment approvals were A$194bn last year, up from A$167bn in the year to end-June 2014.
China’s investment in the US and Europe is also at record highs, underlining Beijing’s growing importance in supporting global growth and as a source of inward investment.