Renowned developer and Meriton boss Harry Triguboff has recently been heard contradicting himself with regard to demand from Chinese buyers for Aussie apartment stock.
According to an article in Property Observer, in February this year Triguboff said that Chinese investors were attracted to inner city apartments for their high rental yields, with 75 per cent of all Meriton apartment purchases stemming from Chinese buyers over the past few years.
Just three months later in May, Triguboff claimed Chinese investors had dwindled from 70 per cent of his market to just half, with local buyers making up the other 50 per cent of purchasers.
Speaking with SBS in July, the developer claimed that China’s love affair with Australian apartment stock was far from over, as they believed our higher density properties to be undervalued, representing a great buying opportunity.
“They are long-term purchasers. They are not speculators,” he said.
Now, only a few months later, Triguboff is again concerned that Chinese buyers are backing away from Meriton apartments, as consumer sentiment wanes on the back of their recent economic cool down and the continuing strength of our Aussie dollar makes investing here a little less appealing.
He says Chinese buyer activity has subsided in the last three months, replaced by first-home buyers taking advantage of new state government handouts.
However with the developing giant maintaining its dedicated Chinese based website and offshore financing options, Meriton obviously hasn’t discounted a continuing interest from our Asian neighbours just yet.
Triguboff is closely connected with China after being born there back in 1933, and spending most of his formative, childhood years in the Russian community now known as Tianjin, south of Beijing.
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