"Foreign speculators" refers to individuals or organizations from other countries who engage in buying and selling of assets or investments, such as stocks, real estate, or currency, with the intention of making a profit. Full definition
What makes you think that a large majority of foreign speculators borrow from banks where the property is located? (politics.stackexchange.com)
[11] It may also be useful to adopt the techniques used successfully by Singapore (and now others) to limit the ability of domestic banks to lend to foreigners in domestic currency, thus making it much harder for foreign speculators to take large short positions on the currency. (rba.gov.au)
As veteran Japan watcher Richard Werner (author of Princes of the Yen) recently described the situation to me, «while Japanese small firms were killed by the continued refusal of banks to expand credit (and many a small firm president was killed by having to sell a kidney to the loan sharks he was forced to resort to), foreign speculators received ample yen funds for a pittance.» (michael-hudson.com)