Chinese buyers


PHOTO: Chinese buyers

As real-estate agent Adam Wong works through Australia’s worst property downturn in decades, he’s also found himself at the mercy of China’s slowing economy.

In Wong’s core market of Chatswood, a suburb north of Sydney’s harbor bridge where a third of residents claim Chinese ancestry, his sales have slumped by as much as half from their peak. That’s reflected in recent government data showing China is no longer Australia’s biggest foreign investor amid a plunge in property purchases.