January 28th this year marks the start of the Chinese Lunar New Year, a national holiday spanning a whole week during which millions of Chinese head overseas. Whilst overseas, many of these people research and purchase properties, which is why the week is labelled ‘Golden Week’ for the property industry.
Ctrip, China’s largest online travel agency, recently released its ‘2017 Spring Festival Tourism Big Data Report’, which predicted that this upcoming holiday season is expected to surpass last year’s total of 6 million overseas travellers. Australia and the US are two of the top ten destinations for those going on a ‘propiday’ (property-buying holiday).
Although Golden Week is a big phenomenon in China, it’s only recently starting to come to the attention of those who wish to tap into this fast-growing market of offshore property purchasers. We offer our top tips to ensure your business is front of mind with the Chinese as these important buying decisions are being made.
1. Be prepared
Chinese buyers are extremely savvy and will need to be well-informed before committing to buy. They will have a lot of questions, so it’s essential that you’re ready with the answers. Make sure all your project information is up to date, detailed and easily accessible.
2. Speak their language
Less than 1% of mainland Chinese can read in English, so having mandarin or cantonese translations of your project information is essential. If you’re meeting with agents or buyers face to face, having a translator on hand is also helpful.
3 . Customise your pitch
When making purchasing decisions Chinese buyers have a unique set of considerations, so make sure you tailor your pitch accordingly. Find out what appeals to Chinese buyers and highlight those aspects, for example lucky numbers (numbers 7 and 8 are both considered lucky) or colours (red symbolises good fortune and joy).
If you’re still unsure how best to crack the Chinese market, or are looking to increase the number of Chinese channels you work with quickly, get in touch today and find out how Investorist can help.