Gurner: Chinese property buyers have “stopped, not just slowed”

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From Tim Gurner via the AFR:

The Australian Financial Review Rich Lister Tim Gurner has cut out more than half the apartments from a $65 million Toorak development, replacing them with penthouse-style three and four-bedroom residences to tap into the growing demand from wealthy local downsizers

With demand from investors having “stopped, not just slowed” following the recent removal of off-the-plan stamp duty concessions, Mr Gurner said he was “very happy” to be developing apartments for local owner occupiers at the high end of the market.

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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.