Australia is now a hot real estate market for Chinese investors

SYDNEY: Chinese buyers are snapping up some of the best luxury properties in Sydney including big homes on the harbor, and new condominium developments.

Real estate brokers and developers said Chinese buyers are most interested in hot properties in the inner-city and by the beach. They are attracted by new foreign ownership rules, a favorable exchange rate, and the relative stability of the Australian property market.

After the UK and New Zealand, China is third in the lineup of countries that sends immigrants to Australia. Last financial year, more than 70,000 Chinese arrived in Australia to live permanently, including a steady stream of business migrants and a growing number of students.