The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Chinese Buyers

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<img src="https://counter.theconversation.edu.au/content/66750/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Gina Rinehart has partnered with a Chinese company to buy the giant Kidman pastoral empire, after two previous bids by Chinese buyers were rejected by the federal government.
Under the proposed sale Hancock Prospecting and Shanghai CRED are forming a joint venture company, Australian Outback Beef (AOB), owned 67 percent by Hancock and 33 percent by Shanghai CRED.
The sale is worth a net $365 million after the carve out of Anna Creek station in South Australia, valued at about $14-$18 million.
Of three bids for the Kidman land, this is the first with majority Australian interests. The privately owned Shanghai CRED was involved in the earlier bids, both of which were knocked out by Treasurer Scott Morrison. It has recently bought land in Western Australia.
But the offer must run the gauntlet of the federal government’s foreign investment regime which means being examined by the Foreign Investment Review Board, with approval or rejection then up to Morrison. It is also subject to various Chinese government approvals.
It is thought this bid, with its majority local ownership, is likely to be better placed than the earlier ones to navigate the hurdles.
Its 33% foreign ownership is marginally below the 33.9% present foreign ownership – mostly British - of Kidman.
Gina Rinehart is also very close to Deputy Prime Minister Barnaby Joyce, who has been a critic of the Chinese push for Australian land.
The offer is conditional on the sell off of Anna Creek and the Peake, an associated property, to other Australian grazing interests.
Anna Creek overlaps the Woomera test area and security considerations were key to the rejection of the first of the two previous bids, although the total amount of land involved was also a major factor.
The rejection of the second bid came shortly before the federal election, when Chinese investment was seen as an issue.
The Kidman empire has 19 individual properties operated as 12 enterprises, including 10 cattle stations, a bull breeding stud and a feedlot.
It has pastoral leases covering 101,000 square kilometres across South Australia, Western Australia, the Northern Territory and Queensland, and an average herd carrying capacity of 185,000 cattle.
Rinehart, chairman of the Hancock group, said: “Kidman is an iconic cattle business established more than a century ago by Sir Sidney Kidman. It is an operation founded on hard work and perseverance by an outstanding Australian, and it is an important part of Australia’s pioneering and entrepreneurial history.”
The CEO of Hancock, Garry Korte, said the quality of the Kidman herd and channel company properties would complement Hancock’s existing northern cattle properties, and align well with Rinehart’s plans to build a diversified cattle holding in Australia. The Hancock family started their first cattle station in north west Australia.
Principal of Shanghai CRED, Gui Guojie, said partnering with leading local business Hancock had already proved a productive approach and he looked forward to having the opportunity to work with Hancock through the Kidman investment.
The Kidman business went on the market nearly 18 months ago and more than 600 interested parties have held discussions with the sales manager Ernst and Young.
Michelle Grattan is professorial fellow, University of Canberra, and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Scott Morrison to rule on Hancock-Chinese bid for Kidman cattle empire

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A recent flurry of close to $50 million worth of commercial property transactions in South West Sydney will pave the way for a wave of new development over the next decade.
CBRE’s Investment &amp; Development Properties team has transacted $44.45 million in commercial property over the past four weeks, underpinned by a resurgence of Chinese buyers swooping on development grade stock across the region.
In Edmondson Park, a Chinese investor secured a 10 acre site at 132-150 Croatia Avenue for $14 million.
A high rise apartment and townhouse project is mooted for the site, which is located on the door-step of the Edmondson Park train station.
CBRE’s Thomas Mosca said the sale was evidence of strengthening investment appetite levels for development grade stock in Sydney’s high growth areas.
“Over the past several months, there has been a significant uplift in enquiry from both local and offshore developers for secure opportunities in South West Sydney’s hottest growth areas,” Mr Mosca explained.
“We are starting to see a number of development applications in both Austral and Edmondson Park - further reinforcing the belief that these two suburbs will developed before the larger centre of Leppington, which is still many years from flourishing.
Further evidencing the trend, a separate Chinese investor secured a 22,000sqm mixed use development site in Austral for $13.95 million.
Situated along Edmondson Avenue, the property has been earmarked for redevelopment over the coming years, with potential to accommodate a mix of residential and commercial upon completion. 
“The majority of recent property sales in this south western pocket have been secured by Chinese purchasers looking to land-bank these opportunities and bring them into fruition once the timing for these areas is right,” Mr Mosca said.
“The developable potential of stock is pivotal to the recent flurry of transactions, with buyers hungry for sites that offer scope for both present and future development.”
He added The bulk of demand is for properties that can accommodate house and land style packages, "while there is also a more niche group of buyers seeking properties that can accommodate high-rise sites.”
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j.ballantyne1990-6AQqhLzZaK

Chinese interest in house and land sites in South West Sydney

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There are nine Melbourne properties worth $8.6 million are up for sale because foreign investors bought them illegally.
Chinese buyers must sell a luxury five-bedroom home at <a href="https://www.realestateview.com.au/real-estate/12-14-caserta-drive-berwick-vic/property-details-sold-residential-6345279/" target="_blank">Caserta Drive, Berwick house</a>, bought in 2014 for $1.6 million, according to the Herald Sun.
It sits on 8362sq m.
The properties also include a $2 million two-storey home in Brookfield bought by a Chinese buyer in the ATO/FIRB crackdown on breaches of foreign investment laws.
Treasurer Scott Morrison announced today the sale of 16 properties in Victoria, New South Wales, Queensland and Western Australia, worth more than $14 million. The dearest in Sydney was a York Street, Sydney apartment owned by a UK investor. 
The most expensive property on the list was the $1.68 million apartment in the Sydney CBD owned by a UK national. 
Two properties in Manly worth $1.6 million and $1.1 million were also in breach, owned by Canadian nationals. 
The purchase price of 46 residential properties divested during the past three years ­total $92 million plus.
Since last December, foreigners who buy real estate outside the rules lose any profit from the forced sale. There will also be a penalty of 10 per cent of the purchase price.
Mr Morrison said at least 25 investors had self-divested, which showed a change in behaviour.
In Melbourne, Chinese ­purchasers of homes in Melton ($950,000), Wantirna ($576,000) and Blackburn ($885,000) have been found to have bought them illegally.
A Malaysian owner of two properties, each worth more than $600,000, must also put them on the market.
"The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed, meaning they were breaking the rules," Mr Morrison said.
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Nine FIRB divestitures ordered across Melbourne

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The 2015 sale of the Hunters Hill trophy home of Cate Blanchett and her husband Andrew Upton has collapsed. 
The buyer, understood to live in Point Piper, claims problems getting their funds out of China, highlighting an emerging issue for Australian prestige property owners.
The historic residence, Bulwarra sold for $19.8 million last August on delayed settlement terms, just three weeks after hitting the market.
The celebrity couple, wanting to avoid a circus agreed to further time extensions, having since bought in the United Kingdom.
Their redundant 3642-square-metre North Parade estate has been relisted by Ken Jacobs of Christie’s International who will be seeking $20 million, no doubt calling those who missed out.
After returning to Sydney to perform in the Sydney Theatre Company's production of Hedda Gabler, Blanchett, often with her writer husband, Andrew Upton, began looking for their new Sydney house in 2004. After being bombarded with inquiries from pesky estate agents, the couple took the decision to sign up buyer's agency adviser, Deborah West.
Blanchett and Upton purchased the property on nine month delayed settlement terms for $10 million in 2005 from veteran merchant banker Jim Dominguez and his wife Suzanne, and subsequently spent more than $8 million on a three-year redesign by architects Nadine Alwill and Stephen Lesiuk .
The sales' contract collapse matter could be headed for the courts depending on the resale price now secured. Deborah West got huge billing as the agent to the stars after last August's sale.
“High profile clients come to us to escape the circus that is the Sydney property market," she then advised.
"They want confidentiality, discretion and privacy,” said West.
A home sales contract to an offshore Chinese buyer is no guarantee of yielding a settlement, as Property Observer has previously written when the on-off issue of getting funds out of China arose. 
The size of the Cate Blanchett deposit is not known.
The Oscar winner and her husband bought a high-rise bolthole in The Astor on Macquarie Street as their intended Sydney base.
The price is undisclosed however Yellow Brick Road and Celebrity Apprentice boss Mark Bouris wanted $8 million for the apartment.
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Cate Blanchett's $20 million buyer opts out of the Hunters Hill purchase

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An review by ASIC into advertising targeting Chinese speaking home buyers has prompted four mortgage broking firms to change their home loan advertising.
The mortgage broking firms which published the advertising are:
Ace Mortgage Market Pty Ltd (also known as 袁翹新會計師), located in Parramatta, NSW;
Aus Realty Group Pty Ltd (also known as 澳人信貸), located in Hurstville, NSW;
Apex Finance &amp; Mortgage and its business owner (also known as 聯通信貸), located in Burwood, NSW; and
Trans Australia Mortgage Finance Pty Ltd (trading as Apple Home Loans, 全盛信), located in Burwood and Chatswood, NSW.
The range of concerns contained in the advertisements targeting Chinese speaking home buyers included:
<ul>
<li>representations in Chinese such as 'lowest fixed rate' and 'no proof of income' – which may be false and misleading statements, or indicate a breach of the responsible lending obligations,</li>
<li>heavy reliance  on disclaimers (such as 'terms and conditions apply') that did not explain qualifying terms and conditions in the same advertising. Also, promoters tended to advertise benefits in Chinese language, but stated the disclaimers and qualifications in English, when the advertising was aimed at non-English speaking consumers,</li>
<li>failure to disclose the required comparison rate when quoting an annual percentage interest rate,</li>
<li>failure to  disclose the required warning about the accuracy of the comparison rates, and</li>
<li>failure by their promoters to regularly review the advertisements  to ensure accuracy and compliance with the law.</li>
</ul>
ASIC Deputy Chair Peter Kell said the Australian Consumer Law applies to all advertising, including advertising in foreign languages.
"Consumers who are unable to understand written English are likely to be more reliant on advertising in their native language when in need of a financial product," he said.
"Promoters should ensure that their advertising is up to date and complies with the law. If the majority of the advertising is in a foreign language, the warnings, disclaimers or qualifications should be prominently disclosed in the same advertising and explained in that same language.
"ASIC will continue to monitor all forms of advertising, including advertising targeted at non-English speaking consumers', Mr Kell said.
To assist consumers from a non-English speaking background, a range of publications, including the Home Loans credit factsheet, are available in 26 different languages on the <a href="https://www.moneysmart.gov.au" target="_blank">MoneySmart website</a>.
Background 
As part of the review,  ASIC took action against four entities about their advertising, as follows.
Ace Mortgage Market Pty Ltd (also known as 袁翹新會計師) claimed that a person could apply for a low doc loan without proof of income. This advertising was drafted prior to the responsible lending obligations introduced in the National Consumer Credit Protection Act 2009, but Ace Mortgage continued to use the same advertising in its 2016 campaign. ASIC was concerned about potential breaches of the responsible lending obligations and possible false and misleading statements.
Following ASIC's concerns, Ace Mortgage has agreed to remove its advertising.
Aus Realty Group Pty Ltd (also known as 澳人信貸) claimed its 4.14%* as "Australia lowest fixed rate". This advertising was potentially misleading as ASIC had seen examples on the market at the time the advertisements were published where lenders were offering a fixed rate lower than 4.14%. The 4.14% interest rate was followed by an * and a statement, *Terms and Conditions Apply. The advertisement did not explain the relevant terms and conditions. The advertisement also included other potentially misleading representations including "guarantee to get the lowest mortgage interest rate for clients*, biggest credit centre in the South (Sydney) and biggest cash rebates."  The advertisement contained comparison rates; however, they were in small font and not prominently disclosed. 
Following ASIC's concerns, Aus Realty agreed to amend its advertising.
Apex Finance &amp; Mortgage and its business owner (also known as 聯通信貸) claimed that its 4.99%* is the lowest fixed interest rate. The 4.99% rate was followed with a * and there was a statement that *Terms and Conditions Apply but the advertisement did not explain the relevant terms and conditions. The advertisement contained a comparison rate; however, the rate was in small font and was not accompanied by a warning about the accuracy of the comparison rate. The business owner is an authorised representative of Australian Finance Group Ltd, the holder of an Australian credit licence.
Following ASIC's concerns, the business owner agreed to remove its advertising, and confirmed that their future advertising will be reviewed and approved by their licensee, Australian Finance Group Ltd. 
Trans Australia Mortgage Finance Pty Ltd (trading as Apple Home Loans, 全盛信貸) was promoting a 3.98% weekly recommended fixed interest rate, 4.13%* residential variable rate and 3.98%* residential fixed rate. However, Apple Home Loans failed to quote the relevant comparison rates and did not include warnings about comparison rates. Two of these rates were followed by a * but the Advertisement did not contain any relevant disclaimers and/or qualifications.
Following ASIC's concerns, Trans Australia agreed to amend its advertising.
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jonathanchancellor-7SQnKwU6yx

ASIC targets misleading Chinese language home loan advertising

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LYZ Property Group, a subsidiary of Chinese developer Hengmao Group, has reportedly paid $88,888,888 million for Computershare's headquarters in Melbourne.
The Abbotsford headquarters was sold in a leaseback deal.
It was thought the property could fetch around $80 million but fared the especially auspicious price after competitive interest.
Computershare has a seven-year, triple net leaseback with options until 2029. The starting rent will total $5.3 million annually for the two-level office building at 452-484 Johnston Street that comprises around 16,000 square metres of office space, with 485 car spaces.
The property sits on 16,920 sq m with frontage to the Yarra River.
A Chinese family family paid $8,888,888 for a small office building on Melbourne's Collins Street last year.
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Melbourne office block sells at $88,888,888 

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The Chinese purchasing of offshore property will increase in 2016, according to an industry survey.
According to Investorist, an online platform for off-the-plan sales, a poll of China-based real estate agencies found 149 of 150 of them expect to see a spending spree exceed that of 2015.
Australia was nominated by 60 percent of those agents as their most preferred market for property investment, The Australian Financial Review has reported.
Those agents will sell up to 11,000 offshore properties to their Chinese clients this year.
China is now Australia's largest foreign investor, with $46.6 billion in proposed investment in 2015, according to the Foreign Investment Review Board.
Real estate investment comprised the bulk of Chinese investment, with $24 billion spent in 2015, double that of the previous year.
The Investorist survey suggests that risk mitigation is the main reason Chinese investors are looking abroad.
The devaluation of the Chinese yuan against the US dollar has reduced the buying power of Chinese investors in the US and Britain, whilst the Chinese government has been attempting to put the brakes on offshore investment in a bid to shore ip its waking currency. 
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Chinese offshore purchase to increase in 2016

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GUEST OBSERVER
Marketing to Chinese consumers is a hot topic for all businesses across different sectors.
 A common misperception for businesses is that they need to be in China to sell to Chinese consumers. This has prompted developers and agencies to invest in roadshows, exhibitions and seminars at China’s prime real estate and events, only to result in expensive failures.
With the growing Chinese population in Australia, sellers need not look too far in reaching out to their prospective Chinese buyers. At ACproperty.com.au we believe there are 3 reasons why you should begin your marketing locally before embarking on overseas marketing investments.
1. Chinese buyers rely on word of mouth recommendations from Australians
The most effective and efficient way of marketing to mainland Chinese buyers is to build a loyal following among the local Chinese communities, who can endorse your brand. Most prospective mainland Chinese buyers have friends and relatives living in Australia. This is one of the biggest reasons that influences their decision to migrate to Australia. The first thing most of them will do is to speak their relatives living in Australia, to understand which area is suitable for their lifestyle and to gain recommendations on property investments, developers or real estate agents.
Glen Waverly High and Balwyn High are classic examples on the success of word of mouth recommendations. None of the schools have advertised in China, yet every prospective mainland Chinese buyers would have heard of Glen Waverley and Balwyn School zones.
Speaking from experience, ACproperty.com.au has been enjoying tremendous success as evident from our 65 percent growth of inbound traffic from China for the past 3 years, while mainly concentrating our marketing efforts on the local Chinese communities and student associations.
2. Chinese migrants in Australia are buying properties too
A significant amount of our web traffic is from high quality leads in Australia. Agents and developers alike will find a group of high conversion Chinese customers right under their noses. The value in targeting this group grows exponentially once we realise that this is the same group that will be recommending your brand to their peers overseas.
3. Chinese buyers want authentic and unbiased local property information
A consistent piece of feedback we receive from our users is that when buying Australian property, they prefer to access an Australian site (vs. Chinese-based sites) so they can access vital local Australian market experience. Our Chinese Concierge Team are constantly receiving calls from buyers wanting to validate information they receive from Chinese sources, which they perceive as biased or incomplete.
To successfully capture the Chinese market, developers and agents should first market to the local Chinese communities, cultivating a loyal following before expanding into overseas marketing. Not only are they potential buyers, they are also huge influencers of their overseas peers. Chinese buyers also view Australian sites and sources as more trustworthy and knowledgeable. 
Australian agents and developers should leverage this inherent credibility to reach international customers and ensure their brand is top of mind among the Chinese community to successfully capture the Chinese market.
Esther Yong is director of <a href="https://www.acproperty.com.au" target="_blank">ACproperty.com.au</a>.
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 Market locally first to reach China: ACproperty's Esther Yong

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The boss of the diversified property group Mirvac expects fewer Asia-based buyers, as the company delivered a 69 percent increase in profit to $472 million.
Its chief executive Susan Lloyd-Hurwitz said the residential property market had passed an "inflection point" and said the commercial property market was "nearing the end of the cap rate compression cycle." 
"We are keeping a keen eye on the property cycle," Ms Lloyd-Hurwitz said last week when Mirvac Group reported its interim results for the half year ended 31 December 2015.
But she noted NSW had a "stronger for longer construction cycle" being underpinned by broad new infrastructure projects.
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It has $877 million of residential pre-sales expected to settle in 2H16 after strong 1H16 residential gross margins of 25.3%, driven by outperformance of Sydney MPC projects and Melbourne apartments.
The group achieved record $2.6 billion of pre-sales, up from $2 billion at FY15 including securing 88% and 73% of expected FY16 and FY17 Development EBIT respectively, driven by record level of residential pre-sales.
Noting its resilience through brand equity — and a hgh level of repeat buyers with up to 25% of sales on some projects - the updated noted it had maintained its long-term average of less than 1% defaults.
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Most analysts, according to the Australian Financial Review, focused their questions during the results briefing on the security of Mirvac's apartment settlements especially to offshore buyers.
"We do expect some moderation of offshore demand but we expect to see continued investor and owner occupier demand from Asia but at a little lower rate than last year," Ms Lloyd-Hurwitz said.
Some 14 percent of Mirvac's lot settlements went to offshore buyers and each addition purchase over 20 per cent of a project has to be given special individual approval by group executive for residential development John Carfi, it emerged.
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Expecting fewer Asian buyers, Mirvac keeping a keen eye on the property cycle

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Ausin Group (Ausin) has opened two new offices in China to cash in on the growing demand from China buyers for new Australian properties.
The offices are based in Dalian and Chengdu, which takes its total number to 15 offices in China.
Ausin employs over 500 staff working across Sydney, Melbourne, Brisbane, Auckland and London.
“In the past 12 months, Ausin has witnessed an increasing appetite for new Australian properties from investors in tier two cities which are those considered to have high growth potential," said Joseph Zaja, the group's managing director.
“Ausin is expanding into growing cities which are the engine rooms for development in the future. China’s middle class is growing and much of that progress can be seen in tier two cities.”
Chengdu has the most number of universities and research institutes in southwestern China with 49 colleges and universities. In 2010, over 140,000 students graduated from these institutes.
According to a nationwide appraisal by the National Bureau of Statistics, Dalian ranks eighth among Chinese cities in terms of overall strength. The city’s main industries include machine manufacturing, petrochemicals and oil refining, and electronics.
“Australian property is looking very lucrative to Chinese buyers for several reasons. These include the growing middle class seeking safe havens outside China to invest their money, the clean livability of the cities and world-class universities which are in close proximity to CBD areas. The value of the Australian dollar against the yuan also makes the country a favourable investment destination.”
Ausin sells premium investment properties for Australian property players including Stockland, Mirvac, Lendlease, Intrapac, Cedar Woods and Setia.
This month a new joint-venture was unveiled by Villa World to deliver a residential community in the fast-growing suburb of Rochedale, on Brisbane's southside in partnership with Ausin.
Villa World had previously purchased a number of land parcels in Rochedale to form a 8.7 hectare site which it planned to develop as a land-only offering.
As part of a joint venture arrangement with Ausin Rochedale Pty Ltd ATF Ausin Rochedale Trust, Villa World will build the 148 premium residences planned for the site, to be offered under traditional progress-payment contracts.
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