Concierge Auctions has started a tradition of hosting events to sell homes to Chinese homebuyers. Last year, we sold 14 properties in 36 hours, while taking bids from 50 individuals and completing transactions of over $60 million. These numbers are incredible on their own, and they show how willing foreign investors are to buy properties in America. If you’re still unconvinced of the untapped Chinese market, let me explain a few trends we noticed helped our sales.
Studying abroad in America is a big deal for the Chinese, and attending a prestigious school is an indicator of a high pedigree. Luxurious homes near our country’s top schools are looked at closely, and are prime real estate for parents with soon-to-be college students.
Everyone knows that real estate is a great investment, but the people of China may see luxury real estate as less of a returns investment and more of an investment in their children’s future. What better way to ensure your children are set for life than by investing in American homes?
Social status is one key feature of many Asian countries, and China is no different. Homes in well-known places are coveted for both domestic and foreign buyers alike, although Chinese buyers tend to place this priority high on their list. Showing off where they own property also shows their class.
Chinese buyers, just like any investors, will take a close look at how American luxury properties compare to Chinese ones. If American properties are shown to provide more value, there is a good chance they will buy.
Feng Shui and Numerology
One thing to keep in mind is Chinese buyers take Feng Shui and numerology very seriously. Feng Shui rules can lead to balance and prosperity in life, so the homes with the best Feng Shui often sell first. Likewise, the numbers 6, 8, and 9 are lucky in Chinese culture, and homes containing those numbers may sell faster, too.
This year, Concierge Auctions plans an attempt to replicate last year’s success by reaching more Chinese investors. We will hold events in Shanghai and Shenzhen from June 26-29, where we plan to host several auctions. I am excited to see which trends still hold true this year, and which new trends emerge. Visit Concierge Auctions for more information.