While the Covid-19 pandemic has brought dramatic changes to our lives and to the world as a whole, Australia’s success in fighting its effects has not gone unnoticed around the globe and foreign investors are keen to enter our comparatively safe and stable property market. In particular, from mainland China.
Leading Australian property specialists, The Agency Group (ASX: AU1), has recognised that growing interest and moved to fill an important gap.
“The interest in buying Australian property from mainland China is significant, we have seen buyers purchase sight unseen from China via Zoom. This investment trend will increase once travel restrictions lift as there is a lot of disposable income in China, their economy has fared well despite the pandemic,” The Agency’s Linda Wu says.
While overall investment from mainland China in Australia has fallen over the last few years, particularly throughout 2020, Linda Wu predicts both a return in foreign investment and a second wave of migration from Hong Kong residents similar to that of the late 1980s.
“After the civil chaos we saw in 2019 and the recent introduction of new security laws in Hong Kong by mainland China, there is enormous demand from Hong Kong residents to relocate to Australia,”_Linda Wu explains. “_Once the Covid-19 travel restrictions lift we will see an influx of Hong Kong property buyers.”
In the late 1980s Australia saw a wave of migration from Hong Kong in response to Australia’s immigration restrictions lifting. Most of these migrants entered Australia under the Skilled Migration Program and Concessional Family Migration Program, many of whom were business owners. Between 1984 and 1996 a total of 75,480 people arrived from Hong Kong in Australia prior to the 1997 return of Hong Kong to mainland China.
“There are many second generation Hong Kong migrants in Australia, who returned to Hong Kong to work, they are wanting to bring the third generation back to Australia for schooling and to live,” Linda Wu says.
In response to local demand from the Australian Chinese community and pending foreign demand for translation, negotiation and campaign assistance tailored to the Chinese market, Linda Wu and The Agency’s CEO Matt Lahood have launched a national China Desk service.
“Linda Wu will be heading up a national service available to all our agents, in person or via digital means such as Zoom, this will include working with Chinese vendors and buyers and assisting with translation, negotiation and campaign strategy,” Matt Lahood says. “Linda Wu is an incredibly experienced agent with more than two decades in the business, she was born in Hong Kong and speaks both Cantonese and Mandarin. For some time I have felt the need to establish this important service to our agents.”
Linda Wu is looking forward to imparting her knowledge to the team, this will include attending OFI’s, listing presentations and conjunction on campaigns. The China Desk service will go well beyond translation services, as Linda Wu is a skilled negotiator, problem solver and highly regarded within the Australian Chinese community.
