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Posts Tagged ‘Monika Tu’

The $100 million woman Monika Tu and the Chinese appetite for Australian real estate

Posted by Ram Kumar Shrestha on November 28, 2014

Monika TuMonika Tu calls herself a “property concierge” and says she can’t get enough Australian real estate for her cashed-up Chinese clients.

“Business is going extremely well and Australia becomes more and more popular for the Chinese,” she told 7.30.

Last year the head of Sydney-based company Black Diamondz set herself an ambitious sales target.

“My target was $100 million I remember, and I have reached now about $120 million,” Ms Tu said.

Her clients are wealthy Chinese businesspeople interested in high-end properties.

As she shows a potential client through a lavish $13 million home on Sydney’s lower north shore, she explains her business:

“I am dealing with high net worth foreign buyers and we specialise in luxury properties. Almost 100 per cent are established properties.”

Under Australian rules, all foreigners can buy new property but there are restrictions on the sale of established properties.

Real estate agent Robert Simeon believes some investors are using loopholes to get around the rules, especially those for temporary residents who are supposed to sell their properties within three months of leaving Australia. Read the rest of this entry »

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