8 May 2013 — Dominic Ong has been appointed as director of Knight Frank’s newly formed Asian markets division.
The division will target high net worth individuals from Asia, particularly China, with an aim of capitalising on the recent changes to the Significant Investment Visa and the predicted influx of Asian capital into the Sydney and Australian marketplace.
Mr Ong, who will be based on Sydney, previously spent five years with CBRE in Auckland, and the last two years in Sydney. While in New Zealand, he was one of the leading commercial property brokers and after relocating to Sydney, has built a significant contact based within the Sydney Chinese community.
Mr Ong said while the rules of the SIV specifically excluded direct investment in real estate, SIV applicants were allowed to invest in an unlisted managed fund that held Australian direct property assets and/or a trading business/ company.
SIV meant investors could invest AU$5million in approved investments for four years to be eligible for permanent residency, he said.
“There is no age limit and no English speaking requirements, but the applicants must stay in Australia for 160 days within the four years and the applicant, spouse or dependent family members can live in Australia immediately after approval.”
To further expand Knight Frank’s Asian Markets division, Andy Hu, formerly of Drake Commercial has been appointed as executive, investment sales and leasing.
Mr Hu has been working in the south Sydney and city fringe markets for the past four years and is originally from Shanghai.