Chinese interest in SA property

THERE was huge interest in the South African residential property market among high net worth visitors at the recent China International Luxury Property Show in Shanghai, where 50 exhibitors represented about 15 countries from around the world.

Andy Collett, MD of Pam Golding Properties’ (PGP) International Division, which was the only South African real estate group at the event, says that despite the fact that this was only the second international property exhibition ever held in China, it attracted about 6000 high net worth visitors.

“During the three days of the exhibition we interacted with at least 600 serious buyers who asked detailed questions regarding various developments,” says Collett.

Collett himself appeared on Chinese television twice during the exhibition.

Africa holds a “definite mystique for the Chinese market”, he says, although some had friends or relatives in SA and a few had even visited the country.

“It was much the same situation when we first showcased South African property in Ireland some eight years ago, it’s a matter of providing a great deal of information on the country, as well as the property market, and then a process of returning each year to attend top property exhibitions,” says Collett.

“The process takes several years, but once the idea has caught on, we anticipate an influx of new buyers.”

He says there is huge wealth in China with “ready cash available” and that price is not an issue.

Article from: www.businessday.co.za