Newly released data shows that Chinese buyers flew to Australia, the US, the UK, Cyprus, France and a slew of other countries to spend a small fortune on international real estate property, during this year’s October Golden Week national holiday.
“Golden Week” is the term Chinese use for the pair of seven-day-long holidays they have each year. One Golden Week celebrates National Day and in 2012 ran from October 1 to 7. The other is for Chinese New Year and in 2013 runs from 9 to 15 February.
According to data from Juwai.com, in the lead up to the October 2012 Golden Week, Chinese hunting for international property on Juwai.com was up 66 per cent.
Once Golden Week started, they shifted their online overseas property research from desktop and laptop computers to mobile devices, which suggests they were traveling while researching property. Mobile access to Juwai.com in the first two weeks of October was up 99 per cent, compared to the entire month of September.
More than half, 60 per cent, of Juwai.com’s users report intending to buy international property within the next four to nine months, in a survey by the website.
A record more than 80 million Chinese, reports the official source China Travel Trends - Dragon Edition, will travel overseas this year. For the October 2012 Golden Week, total Chinese international travel grew from last year by 30 to 40%, according to the China Outbound Tourism Development Annual Report.
Andrew Taylor, Juwai.com CEO Sales & Marketing, said: "Wealthy Chinese take advantage of the unusual length of the Golden Week holiday to go abroad and scout or purchase property.
"Often the property hunt is accompanied by a school hunt, as Chinese parents typically invest in property in the same cities where their children attend school.
"We saw a big run up in overseas property searches by Chinese buyers as Golden Week approached. That indicates they were preparing for their property hunting trips by learning more about listings on the market and targeting the properties they wanted to visit.
"Once Golden Week started, online property hunting shifted to mobile devices, which is consistent with the travel data which shows many high net worth Chinese went overseas during Golden Week to buy real estate.
"Property marketers should plan ahead to take advantage of the next Golden Week, which will be Chinese New Year in early 2013.”