HONG KONG and Singaporean investors have emerged as the largest foreign investors in Australia. These two groups accounted for almost 30 per cent of all major property transactions in Australia in the past two financial years, said Jones Lang Wootton National Investment Director John Henderson. He said Australia's nearest neighbours spent more than $8.5 billion (A$1.7 billion) in the past two years - predominantly in New South Wales, Victoria and Queensland. Mr Henderson said Hong Kong and Singaporean investors accounted for 72.2 per cent of all foreign sales from June 1991 to July 1993. JLW Research monitored all investments totalling more than $25 million in the 24-month period. It found Asian investors (27.84 per cent) were the second largest source of property investment funds after Australian private and corporate buyers (30.24 per cent). Mr Henderson said there were millions of dollars more of Asian investment in Australia under the $25 million mark and additional millions invested by Hong Kong and Singaporean investors with Australian residency. ''Hong Kong and Singaporean investors are regarded as astute buyers who have revived the CBD office market in Melbourne almost single-handedly,'' he said. Hong Kong buyers spent $2.6 billion in the period while Singaporean investors spent $3.2 billion. Hong Kong buyers accounted for 32.3 per cent of all foreign property investment during this period while Singaporean buyers accounted for 39.9 per cent. The next largest group was from China (6.8 per cent), Malaysia (4.4 per cent), Japan (four per cent), Indonesia (2.7 per cent), Taiwan (1.4 per cent) and Papua New Guinea (0.9 per cent). Other/unknown countries accounted for 7.7 per cent of total investment. Hong Kong investors favoured New South Wales and committed 72.6 per cent of their money there. Victoria, received 16.6 per cent while Queensland got 8.9 per cent and Western Australia 1.9 per cent. Singaporean investors spread their money around the country a little more evenly with 37.4 per cent going to NSW, 27.7 per cent to Victoria, 22 per cent to Qld, 11.4 per cent to WA and 1.6 per cent to South Australia. Mr Henderson said Asian investment in Australia had been well accepted locally and the federal government had relaxed foreign investment restrictions. ''The removal of Australian equity requirements from the Foreign Investment Review Board (FIRB) guidelines in April has officially told foreign investors their money is welcome in this country,'' Mr Henderson said. He said Asian investment was seen locally as part of the increasing integration of Australia into the regional economy. He said JLW handled more than 53 per cent of all Asian investment transactions in Australia with a total value in excess of $4.25 billion. Mr Henderson said Jones Lang Wootton was Australia's premier agency for Asian investment because it had foreseen the investment potential in the booming Asia-Pacific rim. He said JLW had established a unique network of local and international representatives that specifically deal with investment funds from Asia. JLW employs Australians in Hong Kong, Singapore, Kuala Lumpur and Jakarta. It has Singaporean and Hong Kong nationals in its Australian offices. Once contact is made in key Asian offices by investors, the requirements are sent to Australian capital cities to find properties that match the investment profile. As JLW is the largest real estate agency in Australia it offers a broad range of properties to suit all needs.