And for what it is worth I don't agree
Money for "these people" is everything.
They may have lots of it, but the Chinese are one of the most business savvy cultures in the world.
Why have an asset sitting there earning nothing when it can be generating a return, therefore allowing you to build more wealth.
If they are so filthy rich then they are not buying individual houses, they are buying shopping centres or office towers.
The majority are wealthy but not billionaires. They may pay what it takes to secure the property at auction, but have you considered this is because they believe in the long term fundamentals of property in a country like Australia.
In 20 years, who will the smart one?
Someone who didn't buy a house because it was $50k over their limit.
Or the one who did and now $50k means S.F.A?
