• A “VERY significant” number of Chinese buyers are failing to settle their off-the-plan units and urgent action is needed to prevent a crisis, Australia’s richest man has warned.

Harry Triguboff, founder of Australia’s biggest apartment builder, Meriton, says he predicts an increasing number of Chinese buyers will be forced to forfeit their deposits as local banks pull funding and China cracks down on capital outflows.

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Australia’s richest man, Harry Triguboff. Picture: Jerad Williams