Chinese Buyers On Global Shopping Spree, Buying Real Estate And Australian Assets As Prices Remain Lower Than In Recent Years
Chinese buyers have flocked to the Sydney waterfront to buy luxury properties at historically low prices
We have previously written on mainland Chinese buyers scouring the globe to snap up contemporary Chinese art, fine wines and antiques at auction, and in recent months this emerging group of shoppers has become far more visible in places like Australia, where wealthy Chinese buyers have become one of the most motivated buyers of luxury properties. As China Daily writes today, Chinese buyers are converging on some of the best luxury properties in Sydney including big homes on the harbor, and new condominium developments.
Chinese buyers are taking advantage of a number of factors that have benefitted them in the past few years, including a weaker global economy and lower prices on luxury goods of all classes, a stronger focus on spending rather than saving, and a more welcoming Australian property market. With an exchange rate that favors the yuan, relaxed Australian rules on ownership of property by foreigners, and an already populous Chinese community, the time seems right for Chinese with the means to buy some of Sydney’s prime waterfront real estate.
As Jack Levine points out, Australia has become one of the most popular destinations for Chinese travelers, students, and immigrants in the last decade, trailing only the UK and New Zealand:
Posted in Art, auction, Business, China, Chinese Art, Investment, Luxury
Tagged Art, auction, australia, China, Chinese Art, Luxury, real estate, sydney, wine
White Rabbit Contemporary Chinese Art Collection Is One Of Australia’s Largest, Eagerly Anticipated Privately Funded Art Museums
Graphic © White Rabbit Contemporary Chinese Art Collection
We have written recently on privately-funded contemporary Chinese art museums, which have sprung up everywhere from Beijing to Singapore and elsewhere. Recently, Australia’s White Rabbit Contemporary Chinese art collection has opened to the public, giving art fans the opportunity to view more than 400 works by 160 artists, and significantly bolstering Sydney’s Chinese art infrastructure. The collection, which focuses specifically on works created since 2000, and as The Australian points out, takes up “2000sqm of space, reportedly developed at a cost of about $10 million, on four levels. The publicity material describes it, with some justification, as one of the most significant collections of contemporary Chinese art anywhere in the world.”
Ashleigh Wilson, writing for The Australian, notes that the White Rabbit collection — one of several privately-funded art museums to have opened in Australia in the last few years — gives Australians interested in Chinese art an excellent venue to learn more about the country’s artists and evolving artistic trends. With the growing contingent of large-scale domestic Chinese collectors in China growing year-by-year, I would forecast that it is only a matter of time before privately-funded museums like White Rabbit begin to pop up in mainland China as well.
Posted in Art, Business, China, Chinese Art, Culture, Museums
Tagged Art, australia, australian, China, Chinese Art, contemporary art, contemporary chinese art, nielson, sydney, white rabbit