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Chinese interest grows in Canberra real estate

Real estate agents are reporting signs of growing Chinese interest in Canberra’s property market.

Sydney and Melbourne have seen a boom in Chinese investment over recent years.

But real estate companies have described a recent growth in interest from wealthy Chinese buyers in Canberra suburbs such as Gungahlin and Lawson.

Developer Tony Pan has spent $132 million on properties in Lawson and Amaroo.

He said he grew to love Canberra through studying at the Australian National University and decided to become an Australian citizen.

He had access to overseas funding and said he could see the investment potential in the ACT.

“Big companies invest here, like Ikea, so we see this as an opportunity,” Mr Pan said.

“Besides there are so many other things happening in Canberra.

“We’re expecting international flights to start and we have light rail.”

READ ALSO – China property still attracting big money players

Mr. Pan said the ACT Government and community were welcoming to Chinese investors.

He urged people not to focus on potential increased competition for Australian buyers.

“Investment is a very good thing, especially for a place like Canberra where it needs to grow, it needs more investment, it needs employment,” he said.

“We’re not threatening anyone but we bring prosperity here.

“The more you invest, the more jobs you have, the more people will have a better life.”

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