A quarter of Chinese buyers purchase residential property and hold it empty as an investment, a survey by investment bank UBS of mainland Chinese customers shows.
A further 45 per cent buy as an investment that they rent out, so are unlikely to be affected by higher local surcharges on foreign buyers of residential property imposed by countries such as Australia, said Kim Wright, UBS’s global head of real estate, who oversaw the survey.
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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.
