China growth: Great ‘wall of cash’ is heading Australia’s way
“Australians have welcomed China’s decade-long binge on their iron ore, coal and increasingly liquid natural gas, which has boosted the Australian dollar and enriched government and corporate coffers alike. But the inevitable outward expansion of Chinese business and people alarms them.
A Lowy Institute survey in 2013 showed more than 55 per cent of Australians thought we were accepting too much investment from China, a nerve pinched again in June when the Abbott government signed a landmark free-trade deal with China, 10 years in the making.
Even without it, Chinese investment was set to soar. The Foreign Investment Review Board approved $27.7 billion ($12bn in real estate) of proposals in the 2014 financial year, more than from any other country, with a developing country edging out the US, with $17.5bn approved, for the first time. Property is the new favourite investment class….” Full article.