China based Juwai.com and Australia based CommercialView.com.au have announced a partnership to come together and enable local Chinese people to invest in commercial properties in Australia.
Daniel Bignold, CEO of CommercialVIEW stated that this deal will open new possibilities for his portal by providing them sizable and much qualified audience.
According to Foreign Investment Review Board (FIRB) Australia, Chinese citizens can invest upto AU$252 Million in developed commercial properties without seeking special permission from the government authorities. Most of the properties listed on the Australian portal is in the suggested cap. It also believes that China is the fastest growing market for the advertisers working with the platform.
According to a report by DTZ/Cushman & Wakefield, Chinese people invested a total of $21.37 Billion in real estate outside the country in 2015 which is a record. Also, Australia saw the second largest amount being invested by China only behind US.
Juwai.com has stated that the interest of Chinese people to buy property has been increasing since last few years. In the first quarter of 2016, 39.7% more inquiries were received from the citizens who wanted to buy properties in and outside the country. Juwai.com has a presence in over 89 countries and attracts over 2 Million people to China each month. Also, the company is rumored to be looking for an IPO in the time to come.