The level of government approvals for Chinese investment in Australian property has halved following the imposition of tougher rules, fees and higher taxes over fears that foreign investors were pushing up house prices.
Figures out yesterday from Australia’s Foreign Investment Review Board show overall approvals of mainland Chinese investment across all economic sectors fell for the first time in six years.
In the year to June 30 2017, authorities approved A$38.8bn (US$29bn) in investment proposals by Chinese investors, compared with A$47.3bn a year earlier. The decline was mainly because of a sharp dip in property approvals that fell to A$15.2bn, down from A$31.9bn.
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