Gotti/Harry excitement: Chinese buyers are back!

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From the Old Goat today:

A Chinese banking expert told me in Melbourne yesterday that the word from the Chinese banks is that the Chinese government’s clamp down on smaller investors taking money out of the country is likely to be eased later in 2017 — hence the scramble by overseas Chinese to re-enter the market now to buy off-the-plan, with settlement some years away.

Although for Melbourne the re-emergence of overseas Chinese as buyers in new developments is a great sign, the city still has an enormous problem in relation to apartments that are almost complete but which overseas Chinese buyers unable to access the money they need to settle the purchase.

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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.