Australia imposes fees on foreign property buyers

Chinese and other foreign nationals buying residential real estate in Australia face additional fees as the government in Canberra seeks to curb soaring property prices and illegal home buying.

Australian Treasurer Joe Hockey said on Wednesday that the program will mean fees of A$5,000 ($3,940) for homes valued under A$1 million and they will increase by A$10,000 for each additional A$1 million.

The move is expected to raise A$200 million a year, which will help fund stronger enforcement of the country's foreign investment laws.