Australia and Japan have recently taken steps to lure wealthy Chinese, in an effort to encourage investment and strengthen ties with the world's number two economy.
The Australian government has announced plans to alter its immigration rules to allow applicants who invest at least A$15 million ($13 million) in Australian assets to be eligible for permanent residency after one year, in what will be known as a 'premium investment visa,' the BBC reported on Tuesday. The new visa will be introduced on 1 July next year.
"This move is a clear sign that the Australian government is actively seeking to encourage foreign investment. And the government clearly recognizes the opportunities that greater ties to Asia present to Australia," said Paul Bloxham, chief economist at HSBC.
A similar program has been in operation since 2012 - the 'significant investor visa' - making those who invest A$5 million ($4.6 million) over four years open to permanent residency - and 90 percent of the successful applicants have been Chinese so far. The program has generated A$2.18 billion since it was implemented, according to the BBC.
Worry for Australian property?
The rule changes in Australia, however, could cause some controversy, considering that Chinese investors have been blamed for driving up house prices in the country, and stoking fears of a bubble.
Australian property is a popular investment for Asian investors, and just under 10 percent of affluent Chinese are invested in the sector, an HSBC report published earlier this year found.
"It's [the rule change] certainly aimed at wealthy Asian and particularly Chinese investors. It could mean more money coming into the property market, which in Sydney in particular, and to a lesser degree Melbourne, is already quite frothy, and will make it harder for the Reserve Bank to do its job of cooling it down a little," said Shane Oliver, chief investment strategist at AMP Capital.
Sydney and Melbourne's property markets rose 16 and 11 percent respectively in the three months to August, according to RP data, and the nation's central bank has recently voiced concerns that the sector looks 'unbalanced.'