Mar
30
China’s Little Emperors Prop Up Aussie Housing Market
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Half of Chinese buyers have financial support, McGrath says
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Sydney home prices are up 55 percent in the past seven years
Han Fantong, an accountant, beat almost 60 other bidders to buy a three-bedroom home in Melbourne in November for A$930,000 ($709,000). He had an advantage — full funding from his parents back in China.
Han, 32, an Australian permanent resident, bought the house on 688 square meters (7,400 square feet) of land in Ringwood East, about 30 kilometers (19 miles) east of Melbourne’s business district, after a five-month search. His parents sold a 23-year-old two-bedroom apartment in Beijing for 8.1 million yuan ($1.2 million) to help pay for the property, he said by phone…
China’s Little Emperors Prop Up Aussie Housing Market
