Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Joel Robinson

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

China

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House sales in China still follow certain distinct patterns, despite the recent overall downturn.
The holiday associated with the new lunar year have a sales pattern too.
Macquarie Wealth Research, with CREIS, have charted the <a href="https://osio-china.com/2012/11/16/chinas-city-tier-system/" target="_blank">Tier 1 (T1)</a><a href="https://osio-china.com/2012/11/16/chinas-city-tier-system/" target="_blank"> cities </a>- noting sales during the week around Chinese New Year always posted a week on week decline over past three years, followed by a sharp week on week rebound.
<img src="/images/2015/03/04/chart-march-4-one.jpg" alt="">
The T1 cities include Beijing, Tianjin, Shanghai, Nanjing and Shenzhen. 
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jchancellor-FAypfDUnLy

Chinese new year house purchasing patterns: Macquarie Wealth Research

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Savills Australia open its Sydney Chinatown office last week to coincide with the Chinese New Year celebrations.
Located in Dixon Street, the new Chinatown office will showcase a selection of Savills residential listings.
The NSW Premier Mike Baird popped by the celebrations that included the traditional lion dance and firecrackers, to bring good luck and fortune for the year ahead. 
<img src="/images/2015/02/25/chinatown-feb-25-three.jpg" alt="">
NSW Premier Mike Baird (second rear from the right) attends the opening of Savills' Chinatown office opening. Photo supplied.
Declaring the Savills Residential Projects office officially open was Paul McLean, Savills CEO, Australia and New Zealand who hoped the close identification with Chinatown would "make Savills not just an important business presence but a valued community one also.”
“With the growing demand for residential property, both from local and international buyers, we felt there was a need to establish a presence in Chinatown," Ged Rockliff, head of residential projects, Savills Australia said. 
“This also reflects our rapidly changing market and the need to not only focus on local buyers but to service the growing local Chinese community and the wider international market." 
Savills has over 600 offices throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
The opening comes as the number of Significant Investor Visas granted by the federal government has had 89% of all approvals from China. Hong Kong is the next most popular source country, with 3.5% of visas granted.
Victoria has attracted most of the visas granted, followed by NSW.
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Savills open Sydney Chinatown office as SIV numbers rise

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Last year saw the completion of more towers of 200 metres or over than any other year on record.
According to the Council on Tall Buildings and Urban Habitat (CTBUH), a record 97 buildings of 200 metres or higher were built in 2014, 11 of which were "supertalls" – buildings 300 metres or taller.
Only 30 of last year's 200 metre plus buildings are from outside of Asia, with China contributing 58 of the completed towers.
After last year's record breaking year of skyscraper construction, there are a total of 935 buildings that surpass the 200 metre high mark in existence around the world.
Here are eight of Property Observer's favourite Chinese skyscrapers of last year.
<ul>
<li>Wangjing SOHO, Beijing</li>
</ul>
<img src="/images/2015/02/20/ZHA_Wangjing-Soho_04.jpg" alt="">
Source: Zaha Hadid Architects
The three-tower Wangjin SOHO complex was designed by architectural superstar Zaha Hadid. Hadid's signature curved forms are on display, though this project was slightly less controversially curvaceous than Al Wakrah Stadium, despite allegations that the project's designs have been plagiarised.
Height: 200 metres
<ul>
<li>The Wharf Times Square 1, Wuxi</li>
</ul>
<img src="/images/2015/02/20/wharf%20times%20square.jpg" alt="">
Source: 苏宁广场
China's tallest skyscraper contribution of 2014 – and the third tallest skyscraper to be built last year – is the Wharf Times Square 1. Designed by Aeda, the mixed use building holds a hotel and office spaces over its 68 floors.
Height: 339 metres
<ul>
<li>Wuxi Suning Plaza 1, Wuxi</li>
</ul>
<img src="/images/2015/02/20/wuxing%20suning%20plaza1.jpg" alt="">
Source: RTKL
Wuxi has also laid claim to the fourth tallest tower built last year, the Wuxi Suning Plaza 1. The 328 metre tall building has an angular top and is designed for mixed use. It was developed by Suning Real Estate Group, and designed by RTKL.
Height: 328 metres
<ul>
<li>Soochow International Plaza Towers, Huzhow</li>
</ul>
<img src="/images/2015/02/20/international%20plaza.jpg" alt="">
Source: Dadongwu Group
The two (East and West) Soochow International Plaza towers come in at 288 metres. The dual tower complex is perfectly symmetrical, with matching zig-zags on the façade of each tower. Dadongwu Group developed the project.
Height: 228 metres
<ul>
<li>R&amp;F Yingkai Square, Guangzhou</li>
</ul>
<img src="/images/2015/02/20/rf%20yingkai.jpg" alt="">
Source: 探长
The wiggly R&amp;F Yingkai Square might look like a behemoth in any other city. But among Guangzhou's towers, it blends right in. Formerly known as the Park Hyatt Guangzhou Mixed Use Tower, R&amp;F Yinkai Square was designed by Goettsch Partners. It's the 13th tallest building to be constructed in 2014.
Height: 296 metres
<ul>
<li>Fortune Financial Centre, Beijing</li>
</ul>
<img src="/images/2015/02/20/fortune%20financial.jpg" alt="">
Source: Servcorp
Beijing's Fortune Financial Centre comes in at 267 metres, making it this 20th tallest building constructed in 2014. The offices of major companies, including Intel, Toshiba, Dell and Ford, as well as Australian company Servcorp, are the primary occupants of the tower.
Height: 267 metres
<ul>
<li>Heung Kong Tower, Shenzen</li>
</ul>
<img src="/images/2015/02/20/heungkong.jpg" alt="">
Source: 1788111 via skycrapercity.com
The Heung Kong Tower is one of many "supertalls" in Shenzen, but stands apart in its neighbourhood, and is reportedly the tallest in the area. It was designed by the Beijing Institute of Architectural Design, according to CBTUH, and is also known as the Shenzen ChangCheng Center. It was the ninth tallest tower
Height: 303 metres
<ul>
<li>Wuxi Maoye City – Marriott Hotel, Wuxi</li>
</ul>
<img src="/images/2015/02/20/wuxi%20mayoe%20city.jpg" alt="">
Source: abjest
Yet another Wuxi supertall, this tower was the eighth tallest to be built last year, began construction in 2008 and the 88th tallest in the world (for now).
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jrichardson-uRX5hFdKfN

Eight towering Chinese skyscrapers that highlight sky high aspirations

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Chinese New Year falls later than usual this year, so the journeys of Asian residents coming to Australia to visit family and friends have only just begun for the year.
No doubt property purchasing will ensue - and with the dollar hovering at around 78 US cents, why wouldn’t it?
Our contrarian commentators, Jonathan Chancellor and Margie Blok, agree that the well established patterns of the Chinese buying property in Australia will continue during 2015, while noting that a buyer from China topped the 2014 residential sale prices in Sydney with the $39 million sale of Point Piper’s Villa Del Mare by Golden Fast Foods Pty Ltd.
The Golden Fast Foods Pty Ltd paper trail <a href="/news/guangzhou-evergrandes-chinese-billionaire-owner-xu-jiayin-tipped-as-villa-del-mare-point-piper-buyer">led to the Chinese billionaire, </a><a href="/news/guangzhou-evergrandes-chinese-billionaire-owner-xu-jiayin-tipped-as-villa-del-mare-point-piper-buyer">Xu Jiayin</a>, chairman of Evergrande, an integrated corporation specialised in residential building, cultural tourism, FMCG, agriculture, dairy, livestock farming and sport industry with 460 billion yuan worth of total assets and 80 thousand employees. Sky tracking websites showed that Xu Jaiyin, aged 56, was in Australia around the time of the early October 2014 sale, having arrived with a team of 25 in his private Airbus A319.
It was the second year running a buyer from China purchased the top-priced Sydney property. In 2013 Point Piper’s Altona topped the Sydney house price sale list following its $52 million sale to the Huang family through Alison Coopes.  
While our commentators concur on the continuing trend of Chinese buying Australian real estate, they disagree on the animal name of the 2105 Chinese lunar year beginning on 19 February.
HE SAID:<img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" width="130" height="195" style="float: right;">
It’s year of the sheep (which is what Qantas is calling it). Enough said.
<img src="/images/2015/02/18/qantas-feb-18-one.png" alt="">
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" width="130" height="195" style="float: left;">SHE SAID:
It’s year of the goat. The airline Cathay Pacific sent an email referring to the year of the goat – and they should know.
<img src="/images/2015/02/18/goat%20feb%2018%20one.jpg" alt="">
Many China websites, <a href="https://www.timeoutshanghai.com/feature/1011/Chinese-New-Year-in-Shanghai-2015" target="_blank">including Time Out Shanghai</a>, also refer to the 2015 Spring Festival holiday for Chinese New Year of the Goat.
No doubt Jonathan, the billionaire spotter, envisages a high-faluting merino with ultra fine wool – perhaps of Haddon Rig pedigree. Sometimes he really gets my goat, but on this occasion I won’t let him.
 
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po-LsXgBTHBmX

Year of the Goat/Sheep: He Said/She Said

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One in every three wealthy Chinese has property overseas, most of them residential properties, according to the luxury publishing and events group Huran Report.
As the domestic Chinese property market continues to slump, more and more wealthy Chinese investors have shifted their focus to overseas property markets.
Chinese investors invested over US$5.4 billion (A$6.91 billion) in overseas properties in the first half of 2014, and despite tension between China and Japan, Chinese investors flocked to Japan.
Australia as a destination ranked ninth.
<img src="/images/2014/07/04/yellow-ten.jpg" alt="">Canada
<img src="/images/2014/07/04/yellow-nine.jpg" alt="">Australia
<img src="/images/2014/07/04/yellow-eight.jpg" alt="">Britain
<img src="/images/2014/07/04/yellow-seven.jpg" alt="">Singapore
<img src="/images/2014/07/04/yellow-six.jpg" alt="">Malaysia.
<img src="/images/2014/07/04/yellow-five.jpg" alt="">Cyprus
<img src="/images/2014/07/04/yellow-four.jpg" alt="">New Zealand
<img src="/images/2014/07/04/yellow-three.jpg" alt="">US
<img src="/images/2014/07/04/yellow-two.jpg" alt="">South Korea
<img src="/images/2014/07/04/yellow-one.jpg" alt="">Japan
Source: Huran Report.
According to <a href="https://www.hurun.net/en/Default.aspx" target="_blank">Huran Report</a>, Japan became the top investment destination for Chinese property investment in 2014 mostly because of the depreciation of the Japanese Yen and a decade of deflation that squeezed the bubble out of the property market in Japan, the asiaone.com website noted.
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The top 10 countries where the Chinese spend their money on property

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Following the global financial crisis, the world economy was regaining momentum after the sharpest downturn in activity since 1929, attendees at the World Economic Forum have been told.
Both 1929 and 2008 were financial landmarks, but they were not unique, a report to the World Economic Forum at Davos prerepared by the Steering and Advisory Committees of the Emerging Horizons in Real Estate – Asset Price Dynamics Initiative noted. 
"Episodes of extreme volatility in financial and physical asset markets are a recurring feature of modern market economies; neither the frequency nor the amplitude of market cycles seems to be diminishing.
"Real estate markets participate prominently in many of these cycles. 
"Moreover, as cross-border capital flows grow, real estate markets are becoming more globalized, and the potential for disruptive market cycles involving real estate may be increasing," said the report co-authored by Dr David Rees, JLL research director.
Speaking in Davos, Switzerland, Colin Dyer, the chief executive of JLL, also said that, globally, total direct real estate investment was expected to have reached $US700 billion in 2014, matching the pre-recession levels of 2006.
It is also projected to increase a further 5-10% in 2015, driven by the robust economic environment.
</div>
</div>
</div>
"Multi-family assets have been a focus of investor activity in the US and interest in these properties has spread to countries such as the UK and Australia. Additionally, Chinese residential developers have expanded aggressively into overseas markets in recent years, with a focus on London, New York, San Francisco, Toronto and Sydney," <a href="https://www.propertyobserver.com.au/https://twitter.com/jllnews/status/556572078317785089" target="_blank">he said</a>.
The annual World Economic Forum meeting in Davos, Switzerland attracts more than 2,800 business, government and civic leaders from nearly 100 countries. This year's conference, themed "The New Global Context," will examine how the global economy will adapt to the massive technological, social and political transformations shaping the world today.
 
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Chinese are aggressively buying in Sydney: JLL tells Davos

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GUEST OBSERVATION
One of the more noteworthy features of Xi Jinping’s presidency has been his apparently genuine and effective efforts to crack down on corruption. Like everything else in China, the scale of the problem is epic. But the number of “tigers” that have been caught in the net and the fact that prominent diplomats are now being ensnared suggests that efforts to combat graft are both serious and having the desired effect.
At one level, it’s not hard to see why China’s leaders want to be seen as “doing something” about corruption. If there is one topic that outrages many ordinary Chinese and threatens to send social media into meltdown, it is the idea that corrupt officials enrich themselves and go unpunished. More than 80% of people in China think that the rich get richer while the poor get poorer, according to a recent Pew survey.
This might be an uncomfortable public policy problem for any government. It is especially acute in the People’s Republic at a time when Xi appears to be trying to revive some of the key principles of Chinese-style socialism. China’s leaders are, after all, supposed to be representatives of the masses, not the executive committee of the bourgeoisie. That so many prominent political figures and their families have accumulated extraordinary wealth is not a good look for the vanguard of the people.
Disgraced former provincial governor Bo Xilai was the first of a string of high-profile leaders who have been brought down in the ongoing purge. The downfall of former security czar Zhou Yongkang was, perhaps, an even more remarkable scalp, given his former membership of the Politburo Standing Committee – China’s highest governing body.
The fact that Bo and Zhou were seen as allies and potential political opponents of Xi’s has led some to question whether the current campaign is more about Xi consolidating his remarkable personal power than it is about corruption per se. After all, corruption has become an entrenched part of doing business in China, with around 20% of firms reporting that they expected to give “gifts” to public officials to obtain things like import licenses and construction permits.
It is no surprise that China was rated as 80th out of 178 countries in Transparency International’s 2013 corruption perceptions index as a consequence. The big – generally neglected – question is whether it actually matters if “China” is judged to be corrupt. Plainly it has not stopped the “international investment community” from continuing to pouring money into China, despite the apparent difficulties of doing business there and the need to subscribe to local norms.
It is also clear that pervasive corruption has been no obstacle to growth. This is especially important given that the reason we all pay such keen attention to China is because it has been an historically unprecedented economic development success story. It is also a story with profound importance for dependent trade partners like Australia.
China’s experience with corruption is not unique either. One of the most striking features of Japan’s development – the previous holder of Asia’s developmental crown, let’s not forget – was that it was not inhibited by corruption or “money politics”. The corruption scandals that eventually engulfed former Japanese prime minister Tanaka Kakuei did little to hold back Japan’s economic renaissance.
A not dissimilar story can be told about Indonesia under Suharto. For all the Suharto family’s rampant corruption, economic development did take place. Cynics say that the one benefit of Suharto’s rule was that everyone knew who to bribe. Following a process of decentralisation urged by the international financial institutions, things are a good deal less clear-cut.
There is a serious point in all of this, but one that is normatively unpalatable. If we think of corruption as an informal type of taxation it becomes more understandable, if not more acceptable. In countries where the taxation system is ineffective and where wages may be low, the growth of corruption is predictable and difficult to eradicate.
What is more surprising is the persistence – even the growth – of corruption as living standards rise. It is not something that is exclusively a problem in Asia or the “developing world” either. On the contrary, recent revelations of the extent of corruption in New South Wales, not to mention Wall Street and the City of London, are a sobering reminder of the pervasive nature of corrupt practices.
China’s attempts to wrestle with this problem are, therefore, of particular interest and importance. It remains to be seen whether Xi will have any more success in rooting out powerful, corrupt vested interests than we have in this country. Likewise, it will be interesting to see what impact – if any – success or failure in this endeavour has on China’s development trajectory.
Ultimately, corruption may have more impact on the possible development of a collectively held sense of justice and equity than it does on economic growth. Still a good reason to do something about it, of course.
Mark Beeson is professor of international politics at University of Western Australia.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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Corruption in China: does it matter?

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GUEST OBSERVATION
"<a href="https://www.newcriterion.com/articles.cfm/Herb-Stein-s-law-7531" target="_blank">If something can’t go on for ever, it won’t.</a> – Herb Stein, chief economic adviser to former US president Richard Nixon.
China’s economic rise has been a good news story for Australia. According to most economic policymakers and commentators, the growing middle classes of China and the rest of Asia will ensure Australia continues to flourish over coming decades.
Treasurer Joe Hockey, for example, recently <a href="https://jbh.ministers.treasury.gov.au/speech/024-2014/" target="_blank">argued</a>: "China’s middle class of around 150 million people is expected to reach one billion in just 16 years … This rising middle class of Asia wants what comes from Australia’s farms and our gas fields. They want to come here as tourists, attend our universities and they need our financial sector to manage their wealth and plan their retirement."
Reserve Bank economist Alexandra Heath also <a href="https://www.rba.gov.au/speeches/2014/sp-so-211114" target="_blank">contends</a>: "Even if the sustainable growth trajectory for the Chinese economy gradually declines over the medium term, the economy is much larger than it was and is still growing. This implies there will continue to be a huge appetite for commodities of many kinds."
They could be right, and if you judged future opportunities based on past performance you’d be reasonably confident. But what if they’re wrong? Is Australia prepared if the optimistic scenario doesn’t eventuate? Do we need a plan B?
Australia is now the most China-dependent economy in the world. Australian exports to China have grown from <a href="https://www.treasury.gov.au/PublicationsAndMedia/Speeches/2014/CEDA-27112014" target="_blank">8.5% of the total in 2003-04</a> to <a href="https://dfat.gov.au/publications/tgs/index" target="_blank">32.5% in 2013-14</a> – and they continue to grow.
Australia’s dependence on its top three export destinations has also increased over the past ten years. The top three accounted for 33.7% (Japan 15.7%, US 9.5% and China 8.5%) in 2003-04, rising to 55.1% (China 32.5%, Japan 15.8% and South Korea 6.8%) by 2013-14. The top five now account for 63.7%, up from 47.7%.
More worryingly, not only is Australia more China-dependent, but so is most of the rest of Asia. This means that a China slowdown (or worse) will also hit Australia’s exports to Japan and South Korea – our second and third-largest export destinations.
Let us hope that the dreamers are right about China’s long-term progress and that the doomsayers are wrong. But remember also that all of this export growth to China occurred without the free trade agreement that Australia and China have <a href="https://www.pm.gov.au/media/2014-11-17/landmark-china-australia-free-trade-agreement" target="_blank">concluded negotiating</a>. It’s possible that the agreement will help to diversify Australia’s export mix to China – <a href="https://www.smh.com.au/business/the-economy/who-wins-in-australiachina-free-trade-agreement-20141117-11ojvd" target="_blank">more agriculture, more services</a> – but it might also just make us more vulnerable down the track as Australia becomes even more dependent on China for earning foreign exchange.
Current policy settings aim to reinforce Australia’s strengths. While this has worked well for us over recent years, Australia’s long-standing economic vulnerabilities remain. These include our vulnerability to falls in the demand for – and prices of – <a href="https://www.theaustralian.com.au/business/news/iron-ore-price-resumes-downwards-trend/story-e6frg906-1227142842905" target="_blank">resources</a>, and high levels of <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1415/Quick_Guides/AustForeignDebt" target="_blank">foreign</a> and <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-05-07/household-debt-the-big-threat-to-australian-economy/5435844" target="_blank">household</a> debt.
This leads us to the big question: does Australia need a Plan B? And what would that be? A Plan B would involve a realisation that while resources have helped to make Australia rich, they’re not enough to sustain our prosperity over time. Australia needs active policy efforts to diversify the economy away from a reliance on resources and on buying and selling houses.
Policymakers need to reconsider industry policies and think of ways to develop new industries rather than just support old ones in ad hoc ways. Efforts to extract greater rents from Australia’s <a href="https://www.miningaustralia.com.au/news/foreign-ownership-dominates-mining-industry-rba">80% foreign-owned</a> mining sector are also necessary – that is, through mining taxes. Encouraging the development of renewable technologies through a carbon price should also be a no-brainer for Australia.
In other words, the two policies that the Abbott government <a href="https://www.news.com.au/national/budget-what-did-the-abbott-government-achieve/story-fncynjr2-1227144981800">trumpets as successes</a> are anything but.
The continuing transformation of the Australian political economy is likely to cause ongoing political volatility as Australian governments deal with the electoral consequences of structural changes and economic vulnerabilities.
The best way to ease the pain and avoid resistance to necessary structural reforms is to ensure a fairer distribution of Australian prosperity and a fairer distribution of the pain when the current period of economic growth ends. There are no guarantees of political success, but a fairer political economy is likely to underpin support for economic openness and flexibility. Both are vital preconditions for a more productive economy.
Improvements in productivity – the efficiency of labour and capital – and an egalitarian distribution of the fruits of that productivity are what matters for long-term prosperity. Getting Australia’s policymakers and the wider population to realise that the two are not contradictory is the short-term challenge.
Both good and bad things can come from political processes but we cannot remove politics from the equation. It is worth remembering that Australia is a <a href="https://theconversation.com/income-and-wealth-inequality-how-is-australia-faring-23483">wealthy and relatively equal country</a> because of political interventions, not despite them. Australia needs to utilise its luck to lessen its vulnerabilities.
If policymakers simply believe that China will sustain Australia’s prosperity over the next 20 years, then many Australians will think there’s no reason to change tack – until it’s too late.
Tom Conley is senior lecturer, School of Government and International Relations at Griffith University.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Australia’s China dependence: Do we need a Plan B?

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GUEST OBSERVATION
Pop quiz: in 2014 the quantity of Australian iron ore demanded by China has: a) fallen sharply, b) fallen modestly, c) remained the same, d) increased modestly, e) increased sharply?
The answer in just a moment.
Last week the Australian Bureau of Statistics (ABS) told us that the economy is suffering from an <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/ProductsbyReleaseDate/52AFA5FD696482CACA25768D0021E2C7?OpenDocument" target="_blank">income recession</a>. Our exports aren’t fetching the prices they used to – the terms of trade are down by around 9% for the year - and that means we can’t afford to buy as much from overseas as before.
Growth in China has also <a href="https://www.afr.com/p/world/china_growth_slows_from_rail_to_GPWU3X58iAOG5SvvMgNi9L" target="_blank">slowed</a> and the construction industry there is in the middle of a major funk. Moreover, China’s economy is rebalancing away from growth led by resources-hungry investment.
<a href="https://www.smh.com.au/world/chinas-slump-will-hurt-australian-incomes-and-the-pain-is-likely-to-linger-20141205-11zy1z" target="_blank">Joining the dots</a> is proving irresistible. But there’s a problem with this story, and it’s a big one.
The answer to the above question is unambiguously option e. In the September quarter – that’s the same quarter Australia shifted into an income recession - exports of iron ore to China were <a href="https://www.bree.gov.au/files/files//publications/crq/westpacbree-crq-201411.pdf" target="_blank">up 33% from a year earlier</a>, according to Westpac and the Bureau of Energy and Resources Economics (BREE). This followed a 32% jump the first quarter and a 36% leap in the second.
These are extraordinary numbers and we should not be at all surprised when they start to slow. But, for now, Chinese demand continues unabated.
In a sense this is not difficult to understand. The law of demand says that when the price falls, the quantity demanded will increase. The price of iron ore is down nearly 50% since the beginning of the year.
And while growth in China is now 7.3%, the slowest pace in five years, that’s coming off an ever-larger base. In terms of the number of dollars being added to the economy each year, 7.3% growth now is more than a match for 8% a couple years ago.
Watch the miners
If the price has fallen and the quantity traded has increased, there can be only one culprit – a dramatic increase in supply. And so there has been: BHP Billiton alone is in the midst of a 65 million tonne per annum <a href="https://www.bhpbilliton.com/home/investors/reports/Documents/2014/141006_IronOreBriefingandWesternAustraliaIronOreSiteTour.pdf" target="_blank">expansion</a> of its Western Australian iron ore operations.
Treasurer Joe Hockey may be worried about falling iron ore prices but BHP Billiton certainly isn’t. Even with iron ore prices sitting as they are between A$70 and $80 per tonne, the business remains hugely profitable. Its current cost of supply is around A$27 per tonne and the target is less than $20 in the medium term. Producers in other sectors of the economy would kill for those sorts of margins.
While it’s become popular to dismiss the projections for Chinese demand from the miners themselves as being overly optimistic – why exactly is not clear. Remember, it’s their billions of investment dollars on the line - and <a href="https://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2014/Long%20run%20forecasts%20of%20Australias%20terms%20of%20trade/Documents/PDF/long_run_tot.ashx" target="_blank">forecasts</a> offered by the Commonwealth Treasury in May based on an analysis of demand and supply fundamentals are proving remarkably accurate. In reference to iron ore they concluded that “… supply will increase at a much faster rate than demand…” and that “The shift of production to the flatter section of the supply curve is expected to cause a rapid fall in the real price…”
These dynamics will play out until 2017-2018. From then on, the price will stabilise at a touch above $70 per tonne. There’s little to worry about here.
The bottom line in all of this is that the impact of China on the Australian economy remains a tremendously good news story. According to the latest <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/5368.0">trade data</a> from the ABS, the value of our exports to China is more than double that to our second-largest customer, Japan. This ratio holds true across the board - agriculture, fuels and minerals, services and even manufactured goods.
None of this is expected to change any time soon. China is the world’s second-largest economy and the International Monetary Fund continues to <a href="https://www.imf.org/external/pubs/ft/weo/2014/02/">forecast</a> that it will grow by 7.4% this year and 7.1% next year. That growth in 2015 is more than double that predicted for the US and nearly nine times that for Japan. There’s always room to quibble about the exact numbers but few would disagree that China will continue to outperform other major economies.
For the Australian economy it doesn’t get much better than that.<img src="https://counter.theconversation.edu.au/content/35243/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
James Laurenceson is deputy director and professor, Australia-China Relations Institute (ACRI) at University of Technology, Sydney.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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China-Australia doomsayers overlook strong fundamentals

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GUEST OBSERVATION
How does one come to understand China? Many wish to do so, especially in light of China’s growing global influence.
For some, language is the key that opens the door. With Chinese language, one is able to enter a people and their culture, opening up communication, literature, philosophy, belief and much more. Engaging and studying in translation always presents a barrier to understanding, but language is not enough.
For others, the Chinese classics provide the way to understand the place. You may focus on the traditional <a href="https://www.princeton.edu/~achaney/tmve/wiki100k/docs/Chinese_classic_texts" target="_blank">“four books and five classics”</a> (四书五经), from before the unification under the Qin dynasty (221 BCE), or on the many texts gathered until the end of the last dynasty, the Qing, in 1912. Again, there is merit in this approach, especially in light of the way the classics are restudied and reinterpreted at every important turn in Chinese history – as is the case now.
For others, <a href="https://www.britannica.com/EBchecked/topic/132184/Confucius" target="_blank">Confucius</a> provides the way into China, if not each country deeply influenced by Confucianism. The “four books and five classics” are themselves from this tradition. Once again, such study is important, but does not provide the key to modern China.
Yet more possibilities are proposed, whether <a href="https://www.britannica.com/EBchecked/topic/582972/Daoism" target="_blank">Daoism</a>, or some mystical notion of the “East”, or kinship, or the metaphysics of <a href="https://www.britannica.com/EBchecked/topic/653297/yinyang" target="_blank">yin-yang</a> (阴-阳), which found its way into nearly every tradition or school of Chinese thought.
On a different note, some eschew language, culture, philosophy or belief and focus on economics. In this case, the <a href="https://en.wikipedia.org/wiki/Four_Asian_Tigers" target="_blank">“Asian Tigers”</a> – Hong Kong, Singapore, Taiwan and South Korea – provide the template for China. Here, export-focused economies, industrialisation and state intervention led to rapid growth, high incomes and now economic specialisation.
Or perhaps Japan provides the model, with its rise to economic pre-eminence under American patronage. This is perhaps the least persuasive option.
Socialism still makes China tick
The missing element in all this is Marxism. China remains a socialist country, with the Communist Party effectively operating a one-party state with <a href="https://www.reuters.com/article/2014/08/30/us-china-media-idUSKBN0GU05I20140830" target="_blank">Marxist values</a>.
Many continue to dismiss Marxism in China, whether in terms of a repressive and inadequate ideology or as empty words in which no one “believes” any longer. This is a great mistake and risks neglecting what is arguably one of the most important factors for understanding China.
Mao Zedong is the point at which one should begin, although it helps to understand Marx, Engels and Lenin, let alone the history of successful socialist revolutions from Russia onwards. Mao’s thought remains the focus of intense study and debate in China – so much so that President Xi Jinping frequently <a href="https://articles.economictimes.indiatimes.com/2013-06-30/news/40286860_1_president-xi-jinping-gdp-numbers-cpc" target="_blank">quotes Mao</a> in national and international contexts.
Xi has a PhD in Marxism and has directed even more resources to the study and <a href="https://marxistupdate.blogspot.com.au/2011/05/marxist-education-in-china" target="_blank">fostering of the Marxist tradition</a> and the work of Mao Zedong. Marxism is now a distinct discipline in China.
Mao’s legacy is not dead and buried
More controversially, Mao’s acts as a leader are also vital for understanding China. Most debate turns around the role of the <a href="https://www.history.com/topics/cultural-revolution" target="_blank">Cultural Revolution</a> (1966-1976), which he fostered over the last decade of his life. Was it an aberration, an outburst of revolutionary enthusiasm, or perhaps an effort to restore his sliding power?
The semi-official narrative is that the Cultural Revolution set China back in terms of economics, politics and society. The aberration was thus corrected after Mao’s death, when the path of reform was undertaken.
However, another and persuasive argument, made by <a href="https://www.amazon.com/The-Battle-Chinas-Past-Revolution/dp/074532780X" target="_blank">Mobo Gao</a>, is that it was precisely the Cultural Revolution that set China on its current path. Thoroughly shaking up vested interests in society, from top to bottom, it cleared the ground for China’s rapid rise to becoming the leading global power. This was the shake-up needed to unsettle centuries, if not millennia, of social assumptions and cultural norms.
Against the orthodoxy that the economy came to a standstill during the Cultural Revolution, it has become clear that the economy actually forged ahead as though released from its shackles.
Unfortunately, I have yet to find a “mainstream” foreign commentator who is even partly aware of the nature of Chinese Marxism. Obviously it entails careful study and a feel for the subject matter. It requires some sense of the meaning of <a href="https://www.propertyobserver.com.au/https://english.people.com.cn/90002/92169/92211/6275043" target="_blank">“socialism with Chinese characteristics”</a> in all its complexity and apparent paradoxes. And it needs to be understood that in China a “Marxist entrepreneur” is not a contradiction in terms.
Languages, the classics, Confucius: these and more are obviously important for understanding China. But to rely on these is to neglect the crucial factor of Marxism. Many may aspire to becoming a <a href="https://en.wikipedia.org/wiki/China_Hands" target="_blank">Zhongguotong</a> (中国通) – one who understands and senses at a much deeper level how China ticks.
Without Marxism, such an aspiration is mere pretence.
Roland Boer is associate professor, religion, Marxism and secularism, faculty of education and arts at <a href="https://www.newcastle.edu.au/" target="_blank">University of Newcastle</a>.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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