Investors flock to Aust.

Press, 12 May 1987, Page 51

Investors flock to Aust.

NZPA-AAP Sydney Foreign investors are pouring millions of dollars into the Australian property market following the relaxation of the foreign investment guidelines. The depreciation of the dollar plus the current tourism boom are other factors encouraging overseas investment, with most overseas property investment funds being earmarked for central business district properties and tourist resorts. International real estate

firm Jones Lang investment director, Mr . David Tomkin,' said foreign investors have forced prime real estate prices to sky-rocket The enormous amount of foreign money being spent in Australian central business districts can be guaged from developments over last week alone. Japan’s EIE Development Co., who purchased Sydney’s Regent Hotel in April for sAustl4s million, announced plans for an $BO million luxury hotel in

Sydney’s Grcular Quay. ’ And Japan’s construction giant, Kumagai Gumi, a partner in Sydney’s $525 million Carringbush Towers, was involved in finalising the sale of Brisbane’s $359.5 million Central Plaza office project A senior > investment manager, Mr Denis Wallace, said the relaxation of the Foreign Investment Review Board regulations had been the major reason for the flow of funds into Australian real estate.