As prices fall 15%, Harry Triguboff confirms Chinese apartment buyers lost their 10 percent deposits
A lot of Chinese buyers lost their 10 per cent apartment deposits last year.
"That was the worst time,” the Merton boss Harry Tribuboff told The Australian noting the trend had dissipated, but interest from Chinese buyers was still slow.
Tribuboff confirmed Chinese buyers were “very important to our segment of the market”.
“It is very important not to find new reasons for raising their costs,” he said.
Triguboff didn't specify the extent but said it was a "lot" of Chinese buyers.
Apartment prices in Sydney had fallen 15 per cent since early last year and were still weakening, but settling down, according to billionaire developer.
He suggests there is no bust coming.
Last year Harry Triguboff, Australia’s biggest apartment owner and developer, was offering his buyers free stamp duty.
It applied to local and overseas buyers, but excluded foreign person surcharge purchaser duty and additional foreign acquirer duty.
Robert Gottliebsen, writing in The Australian, indicated the initial reaction to the offer had been from overseas Chinese who were embracing the finance offer.