China’s rich seek shelter in foreign property

Safe haven: A real estate agent an a potential buyer from Shanghai inspecting a property for sale in the Sydney suburb of Vaucluse. Realtors in Australia, Britain and Canada are bracing for a surge of new interest from wealthy Chinese investors in their already hot property markets. — Reuters

SYDNEY: Realtors in Australia, Britain and Canada are bracing for a surge of new interest in their already hot property markets, with early signs that wealthy Chinese investors are seeking a safe haven from the turmoil in Shanghai’s equity markets.

Sydney realtor Michael Pallier said in the past week alone he has sold two new apartments and shown a A$13.8mil (US$10.3mil) house in the harbourside city to Chinese buyers looking for an alternative to stocks.