Foreign ownership of land has become a sensitive issue in Australia and a flashpoint between Australia and China as debate rages over the effect of overseas investment on real estate prices and on national interests. "Foreign investment in Australia occurs on Australia's terms," Morrison told reporters at a press conference in Sydney. Foreigners must seek approval from the government's Foreign Investment Review Board before purchasing property in Australia. The government has forced the sale of 46 properties with a total value of A$93 million (US$70 million), mostly held by Chinese interests, since 2013. Neville Sanders, president of the Real Estate Institute of Australia, a professional association of real estate agents, said the foreign investment purchases were rarely scrutinised until 2015.

Source: The Edge Markets September 19, 2016 06:56 UTC