China’s real estate firms will use a peculiar marketing tactic to attract buyers
China’s property market is in a deep slump, so real estate companies have come up with some strange ways to attract buyers.
Due of the severe downturn in China’s real estate industry, real estate companies have devised a peculiar marketing plan to attract homebuyers. China’s real estate developers have begun accepting watermelons and other agricultural products as payment for homes.
“Recently, real estate developers in Chinese third- and fourth-tier cities have launched a variety of promotional campaigns, including encouraging homebuyers to pay a portion of their down payment with wheat and garlic, in an effort to entice farmers to purchase newly built homes in order to dispose of excess housing inventory,” according to the Global Times.
According to Global Times, a developer in Nanjing announced it would accept payment for homes in watermelon at a rate of 20 yuan per kilogram. The media site, citing a corporate representative, reported that the odd promotional event has been halted on the orders of the company’s headquarters. “We were instructed to remove all promotional posters from social media sites,” the spokesman stated, adding that new promotional activities may be developed.
The objective of the promotion is to support local watermelon producers, according to a sign advertising a promotional event from June 28 to July 15.
The real estate market was one of the few sought-after destinations for family money. The developers and homebuyers were also eager to take out bank loans, but China’s good times stopped a year ago.
The household debt surpassed 10 trillion dollars. Approximately 27% of bank loans in China are related to real estate, according to the Policy Research Group (POREG).
This industry was formerly the largest employment provider in China, but it is now referred to as a “Lehman moment” in reference to the 2008 failure of Lehman Brothers, which precipitated the global financial crisis. More so now that the number of empty homes has surpassed 65 million (some estimates put it at 90 million) – enough to accommodate the entire population of France – and raised the specter of a stumbling global economy.
Real estate was one of the few sought-after investments for family wealth. Also eager to obtain bank loans were developers and homebuyers, but China’s good times ended a year ago. The consumer debt exceeded 10 trillion dollars. Policy Research Group estimates that 27 percent of bank loans in China are related to real estate (POREG).
Formerly the greatest employer in China, this industry is now referred to as a “Lehman moment” in reference to the 2008 bankruptcy of Lehman Brothers, which triggered the global financial crisis. More so now that the number of vacant homes has topped 65 million (some estimates put it as high as 90 million) – enough to house the entire population of France – and raised the specter of a faltering global economy.
The real estate crisis pushes Chinese to invest overseas
Some tips and advice to sell real estate properties to Chinese investors
Initially, you should consider the mentality of Chinese investors. More emphasis should be placed on advertising real estate developments that include innovations and new technologies. Before beginning to sell real estate in China, it is essential to have a comprehensive awareness of buyer purchasing patterns. Gaining insight into what they are seeking across China’s many marketing platforms can be really beneficial.
China’s secret is its “digitalization,” which is the most crucial fact to know. With a 900 million dollar investment and a 70 percent Internet penetration rate, the entire investment ecosystem has been focusing on online platforms and technologies.
Reach out to China’s Real Estate Investors: Online Leads/prospect Generation
China currently has a 70% internet penetration rate, with over 940 million users connected online. Approximately 350 million’middle-upper class’ persons are online every day in China. Therefore, if you wish to reach China’s middle and upper classes, a full digital strategy would be required. Why? Due to the fact that the Chinese market is distinctive and has its own internet portals, e-commerce platforms, and social media.
Adapt to the Chinese market
In China, the best way to get leads is through digital means. China is one of the most online-focused places in the world, and investment is no different. You should know that the average Chinese person spends 1.5 hours a day looking for information online. Also, because they are tech-savvy, young people are always on social media and sharing content with their friends and peers.
Make a website in Chinese
Your digital strategy should be built around having a Chinese website. You should know that most Chinese people don’t speak English well, so if your website isn’t written in simplified Chinese, they won’t even look at it.
This is also a very important factor in how well you rank on the search engine Baidu. No matter how good your reputation is in the U.S., keep in mind that when your business goes to China, you are almost completely unknown. Because of the “great firewall,” no one can see your good reviews.
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As specialists in the Chinese market with almost 10 years of experience, we basically know all the strategies in order to succeed in China. Over the years, we were able to enhance our services and strategies in the Chinese market.
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