Real estate agents around the world are pushing hard to court Chinese buyers, heading into China to seek them out directly. Several savvy agents attended the premier luxury Top Marques show in Shanghai last week, where properties were showcased for the first time.
"Western real estate agents have suddenly woken up to the potential of all this loot," says Dave Platter of Juwai.com. "They are actively working on luring Chinese investment money to their listings."
Luxury homes featured at Top Marques included the stately ￡10.5 million Honiley Hall in the UK, a stunning 2-storey Venetian Way penthouse at South Beach in Miami, a swanky $6.5 million house in Byron Bay, Australia, and a classical $15 million riverfront mansion in Queensland.
Having spent US$8.2 billion on US properties this year, China’s wealthy elite are not shy in splurging on luxury. Juwai.com data shows that 85% of ultra rich Chinese consider the act of sending their children for education abroad synonymous with investing in a second home overseas. Many favour the US, with California, Florida, New York, Texas and Michigan as popular picks.