Via The Australian:
Speaking exclusively to The Weekend Australian while in Adelaide this week watching the cycling team he co-owns compete in the Tour Down Under, Michael Drapac says his company’s sole focus is now in the US, where he has made millions from buying up assets that were unwanted in the wake of the global financial crisis.
Drapac, 62, says the Australian market is “completely out of whack” and, while a correction in the next few years of up to 30 per cent “would not be painless” for residential owners, the impact on property developers would be greater and potentially catastrophic for the economy.
