ATLANTA—With the rising interest in commercial real estate development in China—and Chinese buyers entering the US condo market—there's plenty to learn. GlobeSt.com caught up with Josh Cunningham, Investorist's vice president of Sales for Americas, to get his expert tips. You can still read earlier parts of this exclusive interview series: What it Takes for US Developers to Succeed in China, The Real Reason So Many Chinese Buyers Use Agents, Dos and Don'ts of Marketing to Chinese Buyers, and Why The Time Is Literally Ripe To Sell To Chinese Investors.
GlobeSt.com: Is it necessary to have a completed display suite before marketing the project?
Cunningham: Display suites definitely have a place. And for those investors taking 'Propi-days' or property-buying holidays during Golden Week, the display suites of short-listed properties will be visited, or alternatively a relative living locally will be sent to view the display. For an off-market China-only launch at the start of the sales campaign, they definitely are not necessary to make sales.
GlobeSt.com: Do property expos still work?
Cunningham: Large one-off property expos have limited success in China today. Launching a property development with fly-in and fly-out sales presenters without committing to an ongoing presence in China very rarely works. Responding to client demand, Investorist has developed a China Concierge program to assist developers in this area where they don't have the in-house expertise or staffing resources on the ground in China themselves.
GlobeSt.com: What legal and financial information is required for foreign purchasers?
Cunningham: For US developers, the legal, financial and regulatory aspects of the sale are hugely important. Providing education on how this works is absolutely paramount to the success a developer or lead agent will have in China.
There are so many property laws and taxes that vary from state to state. A well- prepared developer will provide their agents in China with all of the contacts and education necessary to procure a sale.
While the buyers sign the English version of the contract, they like to read over a Chinese version. The Investorist platform provides all contract and other documentation in the property listing for easy access.
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