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.