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In the past few years, Chinese buyers have started to make their presence felt on the global property market, snapping up everything from luxurious trophy homes and vineyards, through to more modest condominiums and investment opportunities. To many Chinese, global property investment is an emerging opportunity which until recently was out of reach.
Second only to the United States in terms of international buying power, Chinese buyers represent a tremendous new market opportunity for property sellers around the world. Yet with opportunity comes new challenges in reaching, communicating and engaging this new market.
China boasts some of the wealthiest people on the planet, whose personal fortunes can dwarf treasuries of medium-sized countries. However, the true power of the Chinese buyer is represented by over 63 million people whose wealth and incomes provide them with the ability to purchase international property.
Nearly all wealthy Chinese buyers are self-made. Highly entrepreneurial, wealthy Chinese have not inherited their fortunes, as quite frankly, until the last 15 years there was not much to inherit. With such drive and achievement, Chinese buyers want a better life for their families, and value many opportunities the world has to offer.
Lifestyle, emigration, investment and education are common motivations driving Chinese investment in global property.
Property is the investment of choice. It is viewed as a stable investment, which exemplifies wealth and status. The ability to own property within China has only been available for 15 years, and in this time China has experienced a property boom the world has not witnessed before.
Now Chinese buyers have their sights set on international property.
Chinese buyers spent US$28.7 billion on overseas residential property in 2011, and the Global Chinese Real Estate Congress projected sales to reach US$50 billion in 2012.
Industry analysts, such as Hurun make the observation those Chinese buyers already investing internationally are the early adopters rather than the mainstream rich. Over the next five years, the mainstream rich will enter the market creating a new wave of global property investment.
For property sellers, now is the time to start building your brand presence and market your listings to this lucrative market. Already Australia has witnessed 840% growth in Chinese buyers over the last three years, and the UK has experienced over 500% growth. France, Malaysia, Cyprus, Costa Rica, and New Zealand are each experiencing a new wave of interest in the second half of 2012.
Chinese are active internet users and within three years the Chinese language will take over from English as the most widely used language on the internet. Today, China has 540 million online users, with over 90 million searching for property online each month.
Like their Western counterparts, a Chinese buyer’s property search is dominated by the internet. For international purchases, Chinese buyers will conduct as much research as possible about a property listing, the company selling the property, the country property laws, immigration requirements, education standards, and many other personal criteria each individual may have.
They favour famous brands (Chinese or Western), or companies that can display their professionalism and good reputation. Most will confer with family members both offline and online via Chinese social media, and naturally information not in Chinese is difficult to consider.
Some Chinese buyers will establish early contact about a property, whilst others will take the time to research your company before making contact. For many Chinese, they often wait for their China travel visa approval and will call about the listing from the airport.
To tap into this lucrative market, you need early preparation, put your brand and listings in the right language, and benefit from the consumer reach of Juwai.com.