Chinese platform Juwai.com has formed a partnership with Australian commercial real estate portal CommercialVIEW.com.au to make it easier for offshore Chinese and locals to acquire commercial property across Australia.
According to the Foreign Investment Review Board, mainland China is the largest offshore investor by value in Australian real estate. The industry data shows Chinese commercial real estate acquisitions in Australia last year reached $4.5 billion.
Juwai.com data reveals that the top state for offshore commercial real estate investors is NSW, with nearly one third of all investment activity. Victoria is second on the list with 28 per cent, followed by Queensland and Western Australia.
CommercialVIEW.com.au CEO Daniel Bignold says the platform offers users data, insight and advice to make commercial property research faster, easier and more effective.
“It is the only commercial property website that is industry owned and agent focused,” Bignold says.
He says advertisers deserve access to the largest possible market, and that is what the partnership with Juwai.com will give them.
“FIRB regulations permit Chinese to invest in developed commercial property up to $252 million in value, without needing to seek special permission,” Bignold says.
“The majority of our listings fall under that cap, and Chinese are the fastest-growing market for our advertisers.”
Bignold adds Juwai.com is by far the leader in enabling Chinese to invest in Australia’s real estate market, with a monthly audience of more than 2 million per month.
“Our listings will be exposed to the biggest qualified audience in China,” he says.
Juwai.com CEO Charles Pittar says activity since January suggests Chinese acquisitions could beat the 2015 total by year end.
“It’s still early in the year, but in February our users made 39.7 per cent more buying enquiries to property sellers than a year earlier,” Pittar says.
“Chinese demand for commercial property will remain strong through the end of the decade at least. The only constraint is supply. The partnership with CommercialVIEW.com.au makes it as easy as possible for Chinese to find and invest in Australian commercial real estate.
“Australia is one of the top investment markets in the world and the number 2 destination for Chinese commercial real estate investors, after only the USA,” Pittar says.