One of Australia's most successful property developers, billionaire Lang Walker, has questioned the prices being paid by Asian groups for residential developments sites around the country. In the past two years dozens of Asia-based developers such as Greenland, R&F Properties, Fragrance, Aspial and UEM Sunrise, have spent at least $2.7 billion buying residential development sites around the country according to property consultancy firm Deep End Services' conservatives estimates. In the past decade they have spent $4.2 billion.
The RBA has noticed the acitivity saying last week "In recent year, foreigners, particularly from Asia, have also become more active in purchasing order office buildings to convert to other uses, especially apartments. "For Mr Walker, the logic behind the prices being paid is questionable.
Source: The Australian Financial Review - 30 September 2014