Up to 80% of all property transactions in Australia concerning Chinese buyers have been affected by newly-enforced regulations which limit overseas transfers from China to $50,000. The regulations have been introduced in a bid to control capital outflows after last month’s disastrous stock market crashes. In the wake of the crash, foreign investors are being forced out of Australian markets and into other countries such as Hong Kong, Singapore or New Zealand.
Up to 80% of all property transactions in Australia concerning Chinese buyers have been affected by newly-enforced regulations which limit overseas transfers from China to $50,000. The regulations have been introduced in a bid to control capital outflows after last month’s disastrous stock market crashes. China is currently Australia’s largest trade partner and dominates the country’s property market; in the wake of such regulations, Sydney recently recorded its lowest auction clearance rate for 2015 and experts predict further property price drops.