Chinese developers ignoring Australian projects
(MENAFN) At one point they proudly displayed signs of the company's vision for its One Sydney project a billion-dollar development consisting of two massive towers.
J Capital research managing partner Tim Murray said the party is now over for such China-backed mega projects.
"Chinese developers that have been overpaying for properties in Australia are now struggling to find the finance to closing those deals and they're actually walking away from large deals and large deposits," he observed.
Chinese authorities, anxious to stem the outflow of money from China and stabilize the yuan, have tightened restrictions on foreign investment by their companies.
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