Maddison Johnstone - [email protected]
Sunnybank is the dragon’s head.
According to the ancient Chinese art of Feng Shui, the dragon’s head brings luck, power and strength.
LJ Hooker Sunnybank Hills realtor Owen Chen said Feng Shui drove the popularity of Sunnybank among Chinese residents.
“The first generation of Chinese people moved to Sunnybank because according to Feng Shui, it is the head of the dragon,” he said.
“Also, ‘sunny’ means energy and ‘bank’ means money, and this means good luck for Chinese people.”
With Sunnybank a popular choice among Chinese residents, it is also popular for foreign investors.
Last month, a Chinese family purchased a $1.4 million property for their son Kai Shen, who is studying an International Business degree at Griffith University.
Sunnybank is the dragon’s head.
According to the ancient Chinese art of Feng Shui, the dragon’s head brings luck, power and strength.
LJ Hooker Sunnybank Hills realtor Owen Chen said Feng Shui drove the popularity of Sunnybank among Chinese residents.
“The first generation of Chinese people moved to Sunnybank because according to Feng Shui, it is the head of the dragon,” he said.
“Also, ‘sunny’ means energy and ‘bank’ means money, and this means good luck for Chinese people.”
With Sunnybank a popular choice among Chinese residents, it is also popular for foreign investors.
Last month, a Chinese family purchased a $1.4 million property for their son Kai Shen, who is studying an International Business degree at Griffith University.
6 Selvage St was purchased at $1.4 million.
As Kai Shen and his parents are not Australian citizens and 6 Selvage St is not a new home, Australian law requires them to demolish it and rebuild.
“I always encourage my customers to buy with potential and that is why they are happy to rebuild,” Mr Chen said.
“Currently, we have a housing shortage. The Australian Government wants to attract foreign investors’ money to build more accommodation which will then accommodate more people.”
In 2011-2012, the Foreign Investment Review Board approved over $41 million of Chinese investment in real estate.
As Kai Shen and his parents are not Australian citizens and 6 Selvage St is not a new home, Australian law requires them to demolish it and rebuild.
“I always encourage my customers to buy with potential and that is why they are happy to rebuild,” Mr Chen said.
“Currently, we have a housing shortage. The Australian Government wants to attract foreign investors’ money to build more accommodation which will then accommodate more people.”
In 2011-2012, the Foreign Investment Review Board approved over $41 million of Chinese investment in real estate.
The report also showed that FIRB approved more investment applications from China than any other country.
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