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Mirvac reassures on foreign buyer rules

AAP logoAAP 16/11/2016

Mirvac Group has reassured investors that it's protecting its residential business from the risks posed by new rules for foreign buyers.

The property group's chairman, John Mulcahy, has told the annual general meeting that, despite recent restrictions on lending to overseas buyers and other regulatory changes, foreign demand for property is still there.

"To balance the risks associated with this market segment, Mirvac has imposed a range of prudent restrictions and limits on pre-sales to foreign buyers on a project-by-project basis," he said in Sydney on Thursday.

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