Chinese property buyers gone

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Via the AFR:

Major Chinese developers have warned that the decline in foreign buyers in the residential property market has reached critically low levels as taxes and credit restrictions all but collapse demand.

They said foreign buyers have dwindled to as low as 1 per cent of off the plan sales, down from close to 40 per cent two years ago, and as a result the total residential market could shrink by up to 20 per cent.

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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.