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November 2013
Look East! Opportunities in the Chinese Market
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China is in the midst of a digital revolution. During the course of 2013, the number of active
smart devices grew from 380 million to 700 million.1
On Singles Day, the e-commerce marketplaces Taobao and Tmall posted more than
RMB 36 billion (almost US$6 billion) in sales in just 24 hours. Some five billion daily
searches are made through Baidu, and hundreds of millions communicate via WeChat,
Tencent’s mobile messaging app. Now with 632 million users (and counting) the internet is
fundamentally altering the fabric of daily life in China.2
1. McKinsey Global Institute 2. China’s digital transformation: The Internet’s impact on productivity and growth
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What is happening in China
• New government means new rules and structure.
• Major crackdown on corruption across the country.
• Pollution is a real issue in China.
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Property value in China
• Chinese citizens are restricted to purchasing one house.
• Cost of purchasing property has increased at a rate that consumers cannot keep up with.
• Property is purchased on a 70 year lease.
• Lately, some developments have started to discount their pricing which is creating panic
around pricing and value, plus the one purchase house rule has been lifted in 3 provinces so far to increase sales.
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The great firewall separates the Chinese internet from the west. Facebook, Twitter, Youtube and Vimeo are blocked
in China. Unique Chinese Social Media sites are - Weibo
- WeChat - Youku
- RenRen
The great firewall
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The 3 types of Chinese buyers are buying Australian property for:
They typically borrow about 70% of the purchase price through an Australian bank
Average sale price is around $685,000
Investment Education Migration
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2013 Immigration numbers
There were an additional 394,200 new residents in Australia over the past year, 60% of which can be attributed to net overseas migration.
Chinese migrants are the second most populous at 17,790
New Zealand was number 1 at 28,750
While movements from India (17,520) the UK (12,100), Philippines (6,760) and South Africa (4,750) are also large drivers of the migration flow.
Source RP Data
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Immigration and the Chinese HNWI 2014 report
Emigration destinations
The US and Canada are the top choices for investment immigration. Los Angeles,
San Francisco and Vancouver are the most desirable cities.
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Immigration and the Chinese HNWI 2014 report
Most desirable cities
The US is the first choice for overseas property investment, with 60%, followed
by Canada and Europe, with 22% and 7% respectively. Los Angeles, San Francisco
and Vancouver are the top 3 cities for buying property abroad.
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Education
Top 10 International Education Destinations in 2013
Source: Hurun Report, Chinese Luxury Consumer Survey 2013
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New property
• 1 in 6 new properties are sold to a foreign buyer
• Average sale price is around $685,000
• Chinese developers will build 50% of all new apartments that are planned to be built in Melbourne
and 36% in Sydney
• Foreign developers see Australia as a stable economy and a safe place to do business
• Project marketers charge around 3% to 6% for some projects
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Second hand listings
• The issue has been commission rates payable on second hand properties.
• The Australian newspaper recently reported that the FIRB has failed to prosecute any foreign buyer
for breaching the foreign ownership rules and there have been no prosecutions since 2010.
• It is very hard to get clear statistics on the total number of second hand properties.
• Overseas students studying here are buying property for family and friends.
• Overseas Chinese consumers are buying property directly via family and friends living in Australia.
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Why China? Chinese investment in residential real estate grew to $5.9 billion and makes up more than half of foreign investments in Australia.
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How do you find and service Chinese buyers?
• Load your properties on to China focused property portals
• Open an office to direct markets via newspapers and databases
• Use a network or project marketer to sell on your behalf
• Set up a internal team in Australia that focuses on Asia
• Target Chinese consumers here in Australia Note: Almost all enquire from myfun.com, the consumer asks for a mandarin speaking agent
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Why Australia?
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Why Australia?
• Clean air.
• Good food and services.
• Stable government.
• Country with a high level of natural resources.
• There are already 1 million Chinese living in Australia , this makes Australian property a very
secure investment for the Chinese buyer.
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Investment
• Good long term capital growth
• Good yields
• Good supply and demand
• Freehold title
• Good macroeconomics in Australia
• Australia has established itself as a good brand
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Purchasing in Australia
Overseas buyers are allowed to purchase the following:
• New apartments that have not been lived in
• New house and land packages
• Individual land lots
• Commercial property up to AUD $54,000,000*
• Rural property that is income producing
• If you are on a study or working visa, you are permitted to purchase second hand property
* Other properties or higher values for commercial property can be purchased if approved by the FIRB.
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President Obama passed legislation that requires people gaining a US green card to disclose all their sources of global income.
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China fast facts
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Hurun Report estimates China’s staggering wealth to consist of around 11,800 Chinese billionaires,767,000 super-rich (10 million or more), and 3.99 millionaires.
Wealth-X and UBS Billionaire Census 2013
Hurun Report Immigration & The Chinese HNWI 2014
Amazingly, some 89% of Chinese billionaires are self-made.
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15% of wealthy Chinese with US$10 million (that’s over 10,000 millionaires!) allocate 60% of their total assets to property investments, and 93% of China’s wealthy are more likely to make a legacy home purchase worth US$1 – US$3 million for the family.
Sotheby’s International Realty Luxury Lifestyle Report
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Overseas asset allocation On average, overseas investments accounted for 16% of their total wealth. 8% have put more than 50% of their wealth overseas. For more than 70% of those surveyed, overseas investments accounted for less than 20% or less of their total wealth. Immigration and the Chinese HNWI 2014 report
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Reasons for investing abroad Asset diversification was the most common reason given for investing abroad with 19.8%, followed closely by children’s education with 19.4%. Investing in the hope of being able to emigrate accounted for 16%, retirement nest egg for 11% Immigration and the Chinese HNWI 2014 report
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Population of China
1,351,130,000 which is almost
19% of the world’s population
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China has the largest internet population
in the world
596,000,000
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That’s almost
6 times the entire Australian population
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And it’s growing by
one person every 5 seconds
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In 2012 China added
50,900,000 new internet users
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Twice the size of Australia’s
entire population
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China is the world’s second
largest economy
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“ Chinese consumers are increasingly opting for quality goods at higher prices and going to online mediums to gather information & purchase.
“
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Mobile internet users outnumber PC based internet users in China
420,000,000 Mobile internet users
398,000,000 PC internet users
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Devices that Chinese netizens use to go online
75% Mobile
71% Desktop
46% Laptop
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Where they access the internet from
92% Home
32% Office
22% Cybercafe
16% School
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91% of China’s netizens visit social media sites daily
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Number of smartphone users in China
420,000,000
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That’s more than
the entire population of the U.S.A.
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Average time spent online
46 minutes per day
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China has the largest number of online shoppers in the world
242,000,000
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China’s total e-commerce transaction value in Q3 2012
US$ 319,000,000,000
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That equates to more than
US$ 40,000 in e-commerce transactions
in China every second
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Number of unique visitors to Taobao & Tmall
on Singles day 2013
402,000,000
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Almost one in every three Chinese, had checked out the deals on
Tmall and Taobao on Singles day
171.4 million orders; contributing to a total of 324 million parcels were delivered
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Total value of transactions Taobao & Tmall
on Singles day 2013 US$ 5,700,000,000
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Estee Lauder launched its official Tmall store on 21 May 2014 Within 24 hours had clocked 7,941 transactions averaging ¥339 ($54).
The day's takings totalled ¥2.7 million ($430,000), more than the average offline store does in a month.
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China's Alibaba signs deal with Australia Post to attract shoppers
The deal aims to connect Australian consumers with
Chinese manufacturers and boost Chinese consumption of Australian products
The Chinese company will also have its
Alipay purchase card distributed throughout Australia Post stores, allowing Australian consumers to purchase Chinese
product direct
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Unique viewers of online video in China
350,000,000
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Youku and Tudou attract more than
475,000,000 unique visitors each month
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So what is REA doing to help reach this market?
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myfun.com REA has invested in establishing a premium
property portal in China.
The site is now 8 months old and growing well, we have designed the site to offer a simple, efficient and stress free way of adding
property to this site.
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Homepage
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Search results
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Property details
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Trust and traffic
• We are at the start of the using the internet to find property.
• Privacy laws are changing this is pushing consumers to find property online. This is growing and
will become the number 1 place for consumers to find property in the near future.
• Trust is a big issue for Chinese consumers.
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Unique features of myfun.com
Two sites
• English (to show our clients here in Australia) & Chinese (simplified Chinese/Mandarin)
Reporting
• Full Omniture reporting (there is no independent reporting on most sites in China)
Local expertise
• Built by our own Chinese team in Xian
• Communication formats liaison person, up to 4 different people in China, one in HK, quick chat, and 10 social
media formats
Technical function
• Currently hosted in Japan- looking to eventually move to China for faster load times
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CHINESECONSUMER
MYFUN.COMCHINESE CONSUMER
SEES PROPERTYON SITE
AGENT/DEVELOPER SENDS LEAD BACKTO OUR PROPERTY LIAISON SPECIALIST
REA PROPERTY LIAISON FORWARDS THE LEAD TOBROKER CONCIERGE SERVICE WHO HELPS THE
AUSTRALIAN AGENT CLOSE THE DEAL
MAKES ENQUIRY SENDS LEAD INENGLISH TO
AGENT/DEVELOPER
PROPERTY LIAISON PERSONASKS CHINESE CONSUMER A FEW QUESTIONS
REA PROPERTYLIAISON SPECIALIST
OPTIONAL SERVICEIF AGENT/DEVELOPER CANNOT DEAL WITH CHINESE LEAD
REA PROPERTYLIAISON SPECIALIST
BROKER CONCIERGE
AUSTRALIANAGENT
AUSTRALIANAGENT
No sales channel in China?
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China based sales team
CHINESECONSUMER
MYFUN.COMCHINESE CONSUMER
SEES PROPERTYON SITE
AGENT/DEVELOPER SENDS LEAD BACKTO OUR PROPERTY LIAISON SPECIALIST
REA PROPERTY LIAISON FORWARDS THE LEAD TOBROKER CONCIERGE SERVICE WHO HELPS THE
AUSTRALIAN AGENT CLOSE THE DEAL
MAKES ENQUIRY SENDS LEAD INENGLISH TO
AGENT/DEVELOPER
PROPERTY LIAISON PERSONASKS CHINESE CONSUMER A FEW QUESTIONS
REA PROPERTYLIAISON SPECIALIST
OPTIONAL SERVICEIF AGENT/DEVELOPER CANNOT DEAL WITH CHINESE LEAD
REA PROPERTYLIAISON SPECIALIST
BROKER CONCIERGE
AUSTRALIANAGENT
AUSTRALIANAGENT
Broker or Project marketer
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Agent admin
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Translation admin
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Our liaison team
We have 4 dedicated people that handle the day to day enquiry from myfun.com
Their role is to obtain contact details from Chinese consumers and send it to the agents.
They obtain these enquires via many communication systems including:
• Phone
• Quick chat
• And around 8 social media platforms
They operate from 10.00 am until 9.00 pm China time, 7 Days a week*
*Please note we do not offer this service during Chinese new year or public holidays
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Our translation team
We have a team of 12 translators based in Xian China.
All have English degrees and are proficient at communicating in both Chinese and English.
We also operate a temp team that gives us the ability to handle a large amount of property description translations
within 24 hours notice.
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Our agency in China
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Traffic plan: SEO &SEM
We are currently utilising SEO and SEM best practice from both our digital agency and our own internal team.
We have designed the site to index across many of the Chinese search engines such as:
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Social media traffic plan
We have already started using social media to build brand awareness and
drive traffic back to www.myfun.com.
Article submissions, points of interest about the Australian property market
will make sure we become the number 1 source for Chinese consumers
looking to invest or immigrate to Australia
975,000 Weibo followers
1,317 WeChat followers
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Traffic plan: House ads
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Traffic plan
We have presented at two property shows in China.
Shanghai International Property Show
• 14th - 16th of March 2014
• 29th April - 2nd of May 2014
More to follow
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Syndication partners
www.ausproperty.cn
Myfun is currently exploring syndication deals throughout China to
gain maximum exposure for our listings.
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Syndication partners & alliances
30m Million visitors per month
1.73m Million registered Realtors
9,984 Developers
Cooperate with over 70% Developers in
New Home Industry
100,000 Brokerage Agencies & Realtors
Cooperate with over 85% Brokerage Agencies &
Realtors in Resale Industry
8,200 Home Furnishing
Companies Cooperate with over 60% Home Furnishing Companies in Home
Furnishing Industry
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Fang.com key facts
15 million Soufun Card members
With Overseas property purchase demands
With Domestic property purchase demands
We are powering au.fang.com Source: 2012 Chinese Buyers Overseas Home Buying Trend Analysis
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Squarefoot.com.hk
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Competitors
www.juwai.com
www.chineserealestate.com.au
www.acproperty.com.au
www.ausproperty.cn
www.gifang.com
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Broker concierge
We compiled a list of Broker concierge companies located in China to help our
Australian agents manage the sale. The Broker Concierge will be treated like a
conjunctional agent agreement. You agree on the commissions structure direct with
them
Your own office in China ?
We also work closely with another company that offers you a chance to have a real
presence in China by setting your business up with a 400 phone number, email ,
website, desk, a consultant that speaks Mandarin and English, will answer the
phone as your business and negotiate for you any leads in China. This is a shared
service therefore very economical and a great listing tool.
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Realcommercial.com.au
• Site is now live
• 3 month evaluation period
• Hard launch in October
• Only for sale properties to have access to the site
• Estimated traffic of around 20,000 investors per month
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How much does it cost?
• The cost is $330 for 90 days
• Any premier is bundled on to myfun.com
• Any project profile is bundled on to myfun.com
• Commercial property rates have not been decided at this time
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Who is the next rising country to view Australia as a great place to buy investment properties? Currently in second place behind the Chinese is Singapore. In the near future we are expecting
Indonesia
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Xièxiè – Thank you!
谢谢
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