Chinese money seeping into world's housing markets

Beijing

SHANGHAI restaurateur David Hu said he's nervous about wiring money to Australia for a home purchase because of China's crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase.

The 61-year-old intended to move about A$85,000 (S$90,436) to Melbourne this month, the last part of his financing for a deal struck last year. "Buying a property abroad was and is still workable," said Mr Hu, though he described the process as a "lot more troublesome" nowadays.