Development sites to hit market as Chinese pull out
EXCLUSIVE
LISA ALLEN
BEN WILMOT
Scores of east-coast property development sites, some big enough for 400-unit apartment towers, will hit the market within months as Chinese developers crippled by lack of finance are forced to sell.
Chinese investors are pulling back from some of the world’s key commercial real estate markets as Beijing tightens restrictions on capital outflows.
Matrix founder Andrew Antonas, whose company is one of the largest sellers of residential development sites in NSW, has at least 12 large residential development sites on the market.
“Our phones started to run hot from about August onwards with predominantly Chinese owners wanting to sell their residential sites, which they had planned to develop,” Mr Antonas said.
He said two factors were behind the sell-off: the market for units had started to decline and there was difficulty with financing. “The banks have turned the tap off on financing and overreacted,” he said.