As you are aware, the Treasury of Australia just announced new FIRB policy last Sunday.
Regarding the FIRB new policy,
Edmund and I are working on it.
FIRB new policy will have a big
impact on foreign investment.
For Residential Property
purchase-related, the policy has not been changed but the time frame has been
changed from 30 days to 6 months.
If we have a recent exchange contract
(especially our shanghai office), please review the relevant FIRB clause and
ensure our purchaser client will comply with the clause and if necessary we
have to seek to make a variation with the vendor solicitor regarding Subject to
FIRB clause.
Fei Wang
Prudentia Legal
31 March 2020
