Hong Kong buyers look for quality properties and quality businesspeople to work with. Know your stuff and you’re far more likely to tap into the lucrative market.
Roger Searl, Founding Partner of Info-nation in Hong Kong, spoke to OPP and passed on his 10 top tips for selling in Hong Kong.
1. The key Asia Pacific markets are Thailand, Bali, Japan, Australia, China and London. Hong Kong investors are very savvy London investors. The historical link with Britain (the holding of british national overseas BNO passports) with the high chance of family connections in the UK, are key driving factors.
2. Unlike Western consumers, fresh air, food and healthy space etc can often be more important than sun sea and sand. Focus on promoting the things Chinese like to do when travelling – proximity to shops and restaurants may be more important than a private beach…
3. Trophy homes are also important. However this is now a lot more low key, and tends to be displayed far less publicly.
4. Immigration specialists – especially if perceived as independent – can be useful. Chinese HNW individuals often look to secure immigration status in other countries (EU, US) to have a passport with more flexibility for travel etc.
5. You don’t necessarily need huge marketing budgets, but Chinese investors like to see a commitment to the market and need reassurances that their money is being wisely invested.
6. Don’t forget they will probably not even be able to read your website (or Google your company) in English. Translate!
7. There are a number of websites and a few magazines targeting Chinese investors, but this is no where near as mature a market as, say, Europe or US.
8. You need to think about a realistic approach. There is no point in placing an ad in a magazine without thinking it through and expecting the business to start coming.
9. Don’t get involved with how the Chinese will get their money out of China, they will know how.
10. Often property investment for HNW individuals is conducted through third parties rather than directly with the individual. This can be tricky and hard sometimes to know how real the opportunity is.