Chinese insurers look at real estate investment in Australia
Updated: 2013-05-23 13:49
By Hu Yuanyuan (chinadaily.com.cn)
Chinese insurance companies are seeking real estate investment opportunities in the Australian market, according to research from international real estate service provider Savills.
Foreign Investors by the end of March, although only accounting for 19 percent of Australian CBD office transactions, were the greatest net investors in the market, the report showed.
"We are seeing a completely new wave of capital approaching Australia's shores," said Paul Craig, managing director of International Investment, Savills Australia.
"While Singapore and Malaysia were the big entrants in 2011 and 2012, for the first time in history groups such as Chinese insurers are investing offshore.
"Of particular note is the interest from Chinese developers and high net worth individuals," said Craig.
Of the major commercial asset classes available for investment in Australia, offices remain the preferred entry, according to Tony Crabb, National Head of Research at Savills.