Chinese developers buy Surry Hills mall for $100m

Font size :
Chinese developers have once again showed immense interest in Australia’s real estate market after purchasing the Surry Hills Shopping Village in Sydney for AU$100m (US$80m).
 
The acquisition of the 1.16 hectare shopping complex was the one of the latest high-profile Chinese investments in the country, Want China Times reported.
 
Surry Hills Shopping Village is set to transform into luxury apartments and an upscale retail centre should it get the city council green light.
 
Data from Credit Suisse last week showed Chinese investors and immigrants have shelled out over US$6.9bn in Australian residential property over the past year. It is expected that some U$46bn may be spent in the next six years as well.
 
Chinese buyers have emerged as the country’s top property investor from 2013 to 2014, making up 15% of the total housing supply, which is up 60% from the previous year. In particular, they favour cities like Sydney and Melbourne.
 
"After all, Australia is on the doorstep of the greatest wealth creation in three centuries. Despite moderating growth, we expect more Chinese wealth to be invested abroad," analyst Hasan Tevfik was quoted as saying.
 
Data also showed there are about 1.2m millionaires in China who can afford a house in either Sydney or Melbourne.
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Sunday, Sep 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords