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Chinese capital controls send tremor through Australian property
Developers turn focus to local buyers as China investors are finding it hard to seal their deals
Chinese buyers account for a quarter of new-built purchases in Sydney and 15 per cent in Melbourne, but the proportion is falling as they are now struggling to move money out of the mainland.
PHOTO: REUTERS
Sydney
ON a recent Sunday morning in the sun-drenched Australian city of Brisbane, about 50 "property tourists" boarded a bus tour with a difference.
The group - all local Aussies looking to purchase their first homes - were shuttled to five new apartment projects where brochures
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