Sydney Sotheby International Realty and Michael Pallier

stock market: A lot of high net worth individuals had already taken money out of the stock market because it was getting just too hot, Pallier, the principal of Sydney Sotheby International Realty, said, according to Euro News. There a huge amount of cash sitting in China and I think you’ll find a lot of that comes to the Australian property market. Sydney realtor Michael Pallier said in the past week alone he has sold two new apartments and shown a A$13.8 million house in the harbourside city to Chinese buyers looking for an alternative to stocks. Around 20 percent has been knocked off the value of Chinese shares since mid-June, although attempts by authorities to stem the bleeding are having some effect. Major shareholders sold 360 billion yuan in the first five months of 2015 alone, compared to 190 billion yuan in all of 2014 and an average of 100 billion yuan in prior years, according to Bank of America Merrill Lynch. Many wealthy Chinese investors had already cashed out. (news.financializer.com). As reported in the news.