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1 results

  • 4 - Regulation of Residential Property in the West

  • from Part I - The Rise of Asian Wealth
  • Edited by Richard Nolan, University of York, Hang Wu Tang, Singapore Management University, Man Yip, Singapore Management University
  • Book:
    Trusts and Private Wealth Management
    Published online:
    08 December 2022
    Print publication:
    22 December 2022, pp 46-68

  • Summary

    The narrative of Chinese real estate investors in some western jurisdictions reads like this: China has, in recent decades, enjoyed burgeoning wealth creation across all strata in society. Chinese buyers are attracted to a ‘westernised’ education for their children, an agreeable and law-abiding civic society all whilst living in a clean and pleasant environment. Western property markets are seen as safe havens and bringing about portfolio diversification. This flood of Chinese wealth has impacted residential housing markets resulting in locals being outpriced. To combat unaffordability and housing shortages, governments have had no choice but to impose regulatory measures preventing foreign (mainly Chinese) capital from overrunning the market. Is this story cogent? This chapter explores the propriety and logic of some of the articulated housing policies that have led to legislative amendments made by governments in Australia, New Zealand and Canada, purportedly in response to the fact that Chinese nationals have been driving up prices in their residential markets.