Chinese investors are the main applicants for new special investment visas.
Figures show nine out of ten applicants for the sub-class 188 scheme are currently Chinese-based. Under the visa rules, applicants must be able to bring in more than $440 million before the visa is granted.
The Australian department of immigration and border protection confirmed so far there have been 65 Chinese millionaires who have already qualified under the scheme, reports the International Business Times.
So far, the incoming funds have been invested in state government bonds, specific infrastructure and property investments mostly located in Victoria and New South Wales.
There has been strong interest from Chinese investors in recent years, especially in the country's real estate market.
Realestate.com.au recently launched a web site specially targeted for Chinese people with listings in Mandarin.
"We know that Chinese consumers have an enormous interest in property in Australia," explained Henry Ruiz, chief product officer at REA Group.
Posted by Craig Francis.
