Read indepth magazine
Savills Explain China's Global Hunt for Luxury Property
Property is the most sought after commodity in the world, with China continuing to grow in both regional and international health in the luxury world. We caught up with Savills to discuss the growth of property in China and the draw of the globe to its buyers.
“Savills came to Asia a long time ago. It first came here 20 years ago so it has a long history in China,” explains Michelle Zhou of Savills. “Since then it’s become a very well-known and established brand in China and Asia. When we first came to China it was a very small operation but now we have 120 offices, and in China we have 50 offices. So it’s a big operation in China now, the business is growing rapidly, especially in China.”
Savills is one of the most respected property agents on the planet, with a reach across each coast, city and location attracting the eye of the evolving modern Chinese buyer.
“Compared to most of the overseas countries like UK, China has a relatively short history of real estate. Our real estate market, started booming 15 years ago. The wealthy in China is growing so fast it’s driving a lot of demand for luxury homes. Property is lifestyle.”
“In terms of number of ultra wealth individuals, per statistics, Chinese have the number one Ultra wealthy in the world. New York was number one, but last year Beijing became number one.”
Watch the full video above for more information on the Chinese taste for international property and the cultural reasons they embark from Asia.