Shanghai Daily: Business - shanghaidaily.com
DESPITE curbs on real estate investment by foreigners in Australia, demand for properties in the country have risen as the number of loans granted to build or buy homes rose 1.6 percent. From July, the number of mortgages granted totaled 64,365, according to the Australian Bureau of Statistics. Experts had estimated the rise in loans at 1.1 percent. Part of this growth is attributed to foreign demand, especially from Chinese nationals, for Australian real estate. The Australian Property Expo 2007, hosted by the InterContinental Shanghai Pudong last Saturday, provided a forum for prospective buyers to learn more about the property market there as well as the legal and tax implications of foreign home ownership in Australia. "The expo is a tool for us to educate foreign investors as we find a growing interest in Australian property," says Kate Pollitt, executive director of AustCham. Australia's Foreign Investment Review Board, which regulates foreign ownership of