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A number of Chinese property investors have been leaving the Australian real estate market in favor of the U.S. property market, according to a report released on Tuesday.
The Asia Society and Rosen Consulting Group report found Chinese investors rapidly increased their purchases of residential U.S. properties from 11.2 billion U.S. dollars in 2010, to 28.6 billion U.S. dollars in 2015.
A number of Australian banks have changed their lending practices to foreign investors in recent times, leading some experts to predict the change will have an impact on Australia's residential property market.
"Consequently, the backlash to increased levels of investment, whether warranted or not, has driven some Chinese investors to invest in the United States," the report said.
"The sheer size of the real estate market, coupled with the openness of the investment culture, makes the United States particularly attractive in a global context."
The report also predicts Chinese investment in overseas property to slow.
"We believe China's economic turbulence will create a short-term speed bump for real estate investment overseas, including in the United States," the report states.
"In the near term, a six to 24-month temporary period of increased capital controls is likely, either formally via policy announcements or informally through administrative processing, until the Chinese currency can be re-aligned with that of global partners."
(APD)
