Two views on Chinese investors and interest rates

Two views on Chinese investors and interest rates. Kelvin Tay, the CIO for Asia Pac at UBS says: Chinese buyers won't be deterred by marginally higher interest rates. They are buying properties with mostly cash. Australia has had a spate of robust capital city housing data in recent months, but Chinese buyers have been pushing prices up. Rate hikes will now be an ineffective tool to push down property prices and that is why UBS does not think the RBA should do it. Macrobusiness rejects this argument outright saying this is tripe. If the RBA raised rates local demand would dry up and the dollar would rocket. That would make prices less attractive for offshore investors on two fronts. If anything, rate rises are made more effective by foreign money. Who's side are you on?