Australia’s Chinese property boom is going bust

Monday, 2 May 2016

The Chinese property buyer tide is going out and the naked are exposed, from the ABC:

More than 100 customers are owed “substantial” sums of money following the collapse of six LJ Hooker branches in Melbourne, with the couple involved in running the business under investigation for allegedly misappropriating their clients’ money.

The ABC has learnt that six LJ Hooker branches in Melbourne were shut down by the company’s head office last week with customers claiming that hundreds of thousands of dollars in deposits had gone missing.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.