The third and final day has been by far the busiest.
As I talked more and more to people, I learned that many of them are concerned with the possibility of a “bubble” in China, and are looking for other places to invest. Also, China limits the amount of property one person or entity can own, so if you are interested in investing in real estate, you are limited within China.
The whole economic situation (in China) is prone to change and so people are looking for a safe haven for their money. As Asian domestic markets show their own signs of difficulties, Chinese buyers in particular are keen to invest in markets they regard as more secure than their own if they can get through the regulatory minefield and release the funds.
“I’m looking for investment opportunities outside China to save enough money for my daughter when she grows up,” said Tracy Ma, 38, a Chinese executive who owns an apartment in Shenzhen in China’s south, neighboring Hong Kong.
More than 90 percent of China’s households own the home they live in, while more than a quarter own a second property. They want their capital to be global, not just restricted in China. It’s a kind of diversification of risk.
Well, what a great few days spent in China getting to know new people, understanding new cultures and learning about Asian buying trends. We have met many new people this week and will surely grow these relationships going into 2011.
Its goodbye to China for now but we will be back next year to build on where we left off.
As written by Engel & Völkers Newport Beach