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China's wealthy are seeking luxury acquisitions abroad
Brief:According to the Foreign Investment Review Board annual report,Chinese investors amid the 9,770 approvals given to property acquisitions during 2010-11 year.
It was most noteworthy that Chinese buyers dominated the list of property transactions approved by the Foreign Investment Review Board, with some 5,000 approvals, mostly residential, amid the 9,770 approvals given to property acquisitions during 2010-11 year, according to the Foreign Investment Review Board (FIRB) annual report.

Just last week a Chinese mining tycoon and Australian citizen, William Han, chairman of China-based White Horse Australia Holdings Pty Ltd, beat Clive Palmer to acquire Lindeman Island for around $12 million.

Cici Dong, head of the Asia-Pacific desk at Savills, says during the recent three-day Beijing Luxury Properties Showcase her agency concluded several sales with Chinese investors of vineyards in the Bordeaux region.She says while there has been growing interest in the luxury asset, the real vineyard boom is still to come.

Apparently around 20 French chateaux have been bought by Chinese businessmen and even a government-owned company, in the last five years, Dong told.

No wonder Andrew Margan, president of the Hunter Valley Vineyard Association, told ABC news recently that the association was happy for fresh investment from overseas, as the wine industry in Australia was "at the bottom of the cycle”.

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