Plans to privatise Lindeman Island National Park land, Chinese developers to build accommodation exclusive for wealthy tourist

NEARLY 37 hectares of Lindeman Island National Park will be privatised if the recommendations of an Environmental Impact Statement (EIS) released this afternoon are approved. The EIS details plans to privatise Lindeman Island National Park and place it in the hands of Chinese company, Whitehorse Developments, which will create exclusive accommodation for wealthy tourists. The…

Almost one in five homes built in Australia are unoccupied

Australia’s record-breaking residential construction boom has done little to ease housing affordability in Australia’s largest cities, perhaps it’s because many of the homes built are currently unoccupied. Regardless of whether they were purchased by locals or foreign investors, close to one in five new dwellings built over that period was unoccupied on census night, according…

Almost one in five homes built in Australia are unoccupied

Australia’s record-breaking residential construction boom has done little to ease housing affordability in Australia’s largest cities, perhaps it’s because many of the homes built are currently unoccupied. Regardless of whether they were purchased by locals or foreign investors, close to one in five new dwellings built over that period was unoccupied on census night, according…

Mega-developments in Sydney and QLD attracts Chinese scrutiny

Billion-dollar hotel developments in Sydney and Queensland, a shareholding in Virgin Australia, and the Australia’s biggest cinema chain will come under the scrutiny of Chinese regulators trying to rein in a US$215 billion ($284 billion) overseas buying spree by Chinese companies. Dalian Wanda, headed by China’s richest man Wang Jialin, is among four Chinese companies…

Chinese investment in real estate grows to $32b: FIRB

Chinese investors topped the list of foreign investment approvals for the financial 2016, and have pledged to invest $47.3 billion in Australia, mainly in real estate, the latest Foreign Investment Review Board annual report shows. The figure is similar to the previous year when $46.6 billion in approvals was awarded to Chinese investors. Of China’s…

Six thousand new homes on Vic defence land

Thousands of new homes will be built on former defence land in Melbourne that the federal government has released for general sale. The federal government predicts 6000 homes can be built on 128 hectares of former defence land where the old Maribyrnong munitions factory operated during World War I. ‘It’s a very prominent site in…

Foreign investment jumps 29 per cent to $248 billion last year

Victoria has emerged as the focus for overseas buyers of Australian homes, attracting 44 per cent of residential purchases by foreign investors last financial year. NSW, with 32 per cent of residential home purchases, was the second most popular state for an inflow of foreign property investment, according to the Foreign Investment Review Board’s 2015-16…