Chinese buyers' pool for Australian property set to tighten

Chinese buyers' pool for Australian property set to tighten
Chinese buyers' pool for Australian property set to tighten

Lu Lu Pallier from Sydney Sotheby's International Realty, has noted Chinese buyers are finding it increasingly difficult to get money out of the country.

Her comments to the Australian Financial Review comes as Beijing tightens foreign exchange controls in a bid to support its weakening currency.

Lu Lu Pallier said she had detected it in recent weeks that clients were having difficulty moving money offshore.

"It is getting harder for them to send money out...I've been told since the start of the year it has tightened up," she said.

The Shanghai-born Ms Pallier said Australian properties priced below $5 million would be the hardest hit as buyers often did not already have their money already offshore.

"These people don't have other ways, like through their business, to get money out of the country," she noted.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
China Residential Market

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