Squeezed by higher interest rates overseas and a cash crunch at home, Chinese investors are putting up “for sale” signs in Australia.
| Middle-class Chinese are increasingly selling their properties in Australia and other countries, with some forced to offload their investments at below-market rates, as high interest rates and a sputtering Chinese economy bite, overseas data shows.
China’s biggest property portal, Juwai IQI, says the number of people selling overseas properties has doubled in the past 12 months.Many had children studying at universities in Australia which fuelled the buying boom of apartments during visits to see their offspring. Others were cashed-up investors looking to make a profit in the future.
“It started during COVID. A lot of Chinese buyers who own property in Australia started finding out the cost of keeping a property was outgrowing their capability of actually paying the mortgage. “We’re seeing more Chinese sellers in places like the USA, UK and Australia,” Juwai IQI chief executive Kashif Ansari said. While some owners were looking to sell so that they could upgrade to a bigger property, others needed to offload because they could no longer afford an investment property, Mr Ansari said.Last month, a Beijing-based businessman was forced to sell his two-bedroom apartment in North Bondi’s Old South Head Road after failing to keep up with mortgage repayments.
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