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unicas
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Get ready for the Golden Week - Forbes

Thu Sep 19, 2013 8:27 pm

http://www.forbes.com/sites/kenrapoza/2 ... lden-week/

The Golden Week holiday is coming in China on Oct. 1, and with it, hundreds of thousands deep pocketed Chinese scouring planet Earth (mostly U.S.) looking for real estate.

The Golden Week holidays are often used by savvy real estate marketers as a time to build relationships with Chinese buyers they can’t meet in person during most of the year.

“This travel surge will impact different markets in different ways,” says Andrew Taylor, co-CEO of Juwai.com, a Chinese real estate portal. “Some countries will see more viewings, others will transactions. If you get a buyer in from China and they want to see properties, sometimes you just have to drop everything and drive them around for a couple of days. They have limited time before they have to fly home, and it’s in your interest to find a property for them while they are in country.”

The Chinese are becoming the hottest foreign buyers of American real estate, especially on the West Coast. They hold a combined $13.1 trillion in investable assets, according to China Merchants Bank and Bain & Company.

And approximately $655 billion is allocated to overseas real estate markets, according to the bank. Moreover, some 60 million middle class Chinese are said to be looking at overseas real estate, says Juwai.

Juwai said their website sees a 66% surge in property searches in the two weeks prior to Golden Week holidays. During the holiday itself, mobile usage of Juwai.com doubles as more property hunters access property listings from their smart phones.

Wealthy Chinese are buying all around the world, with the U.S. their favorite place for house hunting.

They’re buying in Orange County, California, and in Queens, New York.

Christine Lu, founder of Affinity China, is hosting an event in Hawaii next month for China’s affluent. One of the topics is how to buy your American dream home.

“During the week, we’ll be providing complimentary tours of Hawaii’s best neighborhoods to give visiting Chinese an overview of Hawaii’s real estate market. They will tour some open houses and schedule follow-up private appointments with real estate partners,” Lu said.

Some Chinese walk the Great Wall, others go to Shanghai Disney. China’s one percenters ship off the mainland to buy a 5,000 square foot home in Oahu.

Golden Week started back in 1999 as a means to get Chinese to travel around the country to visit family. Traffic often comes to a complete stop, with people getting out of their cars to stretch or exercise. Those who want to avoid all that will be airport bound, and will be knocking on the doors of many American realtors in two weeks.
 
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 3:09 am

This reminds me of early this year when we were told to brace ourselves for the massive rush of Chinese buyers coming to scoop up every listing on MLS during Chinese New Year. It turned out that they were a no show.
Remember these comments from the "Whispers from the edge of the rainforest" blog?

The selling period associated with Chinese New Year (CNY) for 2013 is now coming to an end and statistics are proving the fabricated hype is once again just that: a fabrication.

The dedicated contributors to the comments section of Vancouver Condo Info show us the reality.

In the supposed HAM hotbed of Richmond there are 399 homes on the market with an asking price of over $1.4 million. That's a MOI (months of inventory) of 28 months!  There are 65 homes on the market asking over $2.4 million.  Only 15 such homes have sold in the past 12 months meaning there is a stunning 52 MOI!

Contributor VMD shares with us this translated Chinese news article revealing that there has been a 70% Drop in Home Sales Since Chinese New Year.

Contrary to what the condo marketers were telling us, there actually was no rush of buyers coming into the market this Spring. The CNY sales period has been a disaster.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 6:52 am

unicas reminds me of the bears on this forum...

Bears: Market gonna crash!

Unicas: Chinese holiday means these apparently smart people are going to buy during a superstitious time to buy!

Unicas, why arent you posting in Chinese yet? I thought we'd all be speaking it any day now. Or was that you crying wolf again?
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 7:39 am

Welcome to the Dim Sum capital of North America!
First we look at 20 houses,
Then you enjoy your lovely dim sum meal,
Then we write full price offers on 19 of those homes,
Yippee! Sound like fun? :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 7:42 am

You forgot the part about playing bumper cars between house visits :mrgreen:
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 7:46 am

Nope, we gonna take some of Austin's taxis.
What a fawkin' brilliant idea. B.r.i.l.l.i.a.n.t. ! :P

Austinnnnnnnnn! :P

hahahaha...Good times! :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 7:49 am

Well - you have to admit... he did get right to point of what realtors do. It's not like they need any kind of schooling other than a 2 week course and a pop quiz to do their job.

Hell, I think McDonalds has a longer training program LOL :lol:

I've actually developing a new technology to replace realtors... anybody want to invest?

Image
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:11 am

hahaha.... I've got 25 cents. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:26 am

Tom must feel threatened seeing as this new technology essentially does half of what a realtor does - we can train an immigrant Chinese to do the other half by filling in the blanks of a standard contract for $2/hour (which is a 1000% increase on their salary at the iPhone factory in China). :mrgreen: :mrgreen: :lol:
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:35 am

hahaha.... nice to see when you get bent out of shape monkey man.

You must be really bugged huh? :mrgreen:

S'ok your mummy in`law looks warm and cuddly.
She will take care of you :P
Hoo~Cudda~Not~Nod~ed????? :-)
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:39 am

So where's Tom and his high horse (no pun intended) about personal attacks.

Circle Jerkers Rejoice!

Whippy, I think the upcoming circle jerk party might be a special one!

:lol: :lol: :lol: :lol: :lol: :lol:
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:48 am

C'mon Chimp, snap out of it.
You are making a fool out of yourself. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
timber2012
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:51 am

Takes one to know one? :lol: :lol:
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
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WhipMaster
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 8:54 am

I never claimed to be anything else. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
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jesse1
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Re: Get ready for the Golden Week - Forbes

Fri Sep 20, 2013 10:05 am

Wait... rich Asians take Golden Week to travel, like the proletariat? Why would they wait until Golden Week to buy?
There is no shame in overpaying

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