Almost a half of Chinese buyers leave their apartments abroad vacant

Almaty. August 22. Silkroadnews – Almost a half of Chinese buyers leave their apartments abroad vacant, Australian newspaper The Sydney Morning Herald wrote.
“A quarter of Chinese buying property overseas leave their apartments vacant and the majority pay for their purchase with cash, a survey of mainland Chinese customers by investment bank UBS shows”, report said.
With this it is noted that 25% of overseas property owners use their homes on a temporary basis, although, according to the authors of the two-year survey, about a half of the overseas property owned by the Chinese are only partially used.
The overseas investment in the housing market in Australia takes on political overtones amid fears that offshore buyers are contributing to an economic bubble creation, leaving homes and apartments empty during a housing affordability crisis.
According to the Australian Bureau of Statistics, house prices in the country’s capitals have increased almost 44% since 2012, while around 100 thousand housing units in Sydney and Melbourne are not used or partially used only.