Read further…as reported by Daily Telegraph….Very interesting…
The website is run by Simeon Manners Property in Sydney, which provides a “10-star service” with airport-to-airport transport for Chinese businessmen on a whirlwind property tour. In most cases their families live locally while the husband commutes from China.
Top property industry sources say the key drivers behind the booming interest in Sydney property include restrictions and taxes on real estate investment back home, the exchange rate and Australia’s political stability.
In Beijing, investors must have a 70 per cent deposit before buying and capital gains tax on non-family homes is up to 20 per cent. In Shanghai, banks will not lend for third investment