Why Chinese do well in the property market
Stuff reports:
All those stereotypes about the Chinese are true – and that’s why they’re beating Kiwis on the property ladder, says Hamilton real estate agent Tony Tang.
Billboards plastered across the Waikato city advertise Tang as a Chiwi, or a Chinese Kiwi, cementing his proclaimed specialty in the market.
They [Chinese people] don’t have a flat white habit, they don’t head off to Europe on holiday and they don’t go drinking on Saturday nights, he says.
They work seven days a week, eat at home and they buy a house anywhere. Less desirable suburbs will do, says Tang.
Tang says the Chinese culture emphasises both property and financial security.
“My [European Kiwi] friends would prefer to buy a boat, buy a ute or go to Europe.
“My Chinese friends are still going to buy a nice car, but they are going to secure their living situation first.”
Chinese are taught to save their money, buy a house and build up from there, Tang says.
I wonder if the difference in attitudes comes from the welfare state. The Government in China doesn’t pay you a welfare benefit if you are not working or retired. You and your family are responsible for you.
The Chinese are geared towards saving and have a long term plan when it comes to their financial health, he says.
“I know people who have worked seven days a week for the past three years without taking a holiday. They are saving all the money they can.” …
Gisborne mayor Meng Foon is a Chinese Kiwi.
He reiterates that owning property is part of the Chinese culture.
“We definitely use property as a vehicle to provide for our family, and provide security for them.”
The Chinese also like to help their children and grandchildren get into property where they can, and will make sacrifices to ensure it happens, Foon says.
There is no notion that they have to start in a similar house to their parents, it is instilled that they just need to get into the market.
Chinese will happily take a two bedroom house that needs a lot of work.
A good attitude.