A Sydney-based hedge fund is targeting Australia’s largest real estate listings company, REA Group, betting that the Reserve Bank’s aggressive interest rate cycle and sweeping tax changes announced in the budget will intensify the slump in property prices.
Bristlemoon Capital, which is run by a former partner of Montaka Global Investments, George Hadjia, believes investors are underestimating the fallout from Australia’s rapidly cooling housing market, which is on track for its steepest downturn in 40 years.
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