The Chinese word for crisis is “危机 (wēi jī)”. Wēi means ”danger” while “jī”, interestingly, means ”opportunity”.Being ground zero of the Covid-19 pandemic, buying properties in China may not be at the top of most people’s minds right now but a gutsy investor could be entering the market at the most opportune time.
Covid-19 has undoubtedly hit the property industry on a global level. In China, the temporary closures of many businesses affected manpower and the construction material supply chain. In early 2020, most physical sales galleries were closed.
According to Hoon Teck Ming, group managing director of GuocoLand China, developers quickly adopted online sales galleries with live-stream introductions by sales staff. However, Hoon predicts that even with such initiatives, sales are expected to be lower than usual. So, while it might sound counter-intuitive, this might be the best time to look for a great deal.
What should one pay attention to then when investing in the Chinese property market, especially during these volatile times? We glean insights from Hoon.
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This story is from the May 2020 edition of The PEAK Singapore.
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This story is from the May 2020 edition of The PEAK Singapore.
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