Shadow lenders unleashed

Housing bubble: A cyclist riding past apartment buildings in the suburb of Rhodes in Sydney. Australia’s regulators imposed measures that forced banks to take fewer lending risks and made securing mortgages for investors, particularly foreign investors, more difficult. — Bloomberg

Australia’s crackdown on property lending fuels lucrative debt market

SYDNEY: Australia’s push to control a housing bubble by reining in bank lending to property developers has unleashed a highly profitable market for shadow lenders, including international hedge funds.