Inessa Falina, head of property services at Oracle Capital Group and managing director of Ashton Rose, recently attended the Shanghai International Property Show, LuxProperty, China’s leading platform for luxury properties. This two-day event, which attracted wealthy buyers, industry experts and high-end media participation, was held in conjunction with a variety of conferences.
“The properties marketed at the show were mainly from Singapore, Hong Kong and Malaysia,” says Ms Falina, “although the Chinese themselves are particularly interested in America and Australia as there are large established Chinese communities in these countries.
“In my experience, Chinese taste in property is similar to that of Russian clients. Both nationalities want excellent yield, good views, high ceilings and prefer lateral properties, generally over only two floors. Also just like Russians, HNW Chinese who are relocating to London are looking for commercial property opportunities as well as residential property for themselves and their children, along with help with visas and schools for their children and concierge services.
Ms Falina attended a variety of conferences during the show and saw a number of new developments in Shanghai, which she describes as similar in style to developments in London although more expensive. For this reason, she says, the Chinese would be interested in London property. “As well as being more expensive, property in China offers lower yields, only about 2%. Property yields in London can be 4%, 6% or even 8%.”
