MORE wealthy Chinese are moving their money offshore to invest in Australia’s property market as a corruption crackdown in the second-biggest economy gathers momentum, according to property consultants and lawyers.
They said their clients had told them they had legitimate funds to invest but were concerned about being caught up in an investigation, which in China often delves into the affairs of dozens of associates of the main target, and losing that wealth. “There are more Chinese who would likely send more money out of the country so they don’t get caught up in this crackdown,” said David Green-Morgan, the global capital markets research director at real estate services firm Jones Lang LaSalle.
“The restrictions in China are becoming more onerous,” Green-Morgan said. “That’s triggered an increase in the amount of money that’s looking to move out of China or probably is already outside and is looking to be spent.”