How to Handle Chinese Buyers: What to Ask Before Selling Property

Some Chinese buyers are looking for Condo penthouses.
Some are looking for houses priced 40–100 million.
Some are looking for 400 rai of land to build an international school.
Some are looking for 1,000 rai to build a residential village.

.

Please... be calm first.
Don’t get too excited.
Then read what “Agent Monk” is about to preach below.

.

After Songkran,
it’s expected that Chinese buyers will start coming back
to buy and sell Thai properties again.

And I must humbly address all agents
who come asking about properties:
Before you ask if the property is available,
or if this or that spec is available,
please ask your Chinese client first:

.

#1
Where is the money now? (Thailand or China?)
If it’s in China,
can your client explain clearly
how they plan to transfer it into Thailand and how?

.

#2
If the money is already in Thailand,
do they know that to own non-condo properties here,
they must hold it via a company,
and Thai shareholders must hold at least 51% (any number of people).

The business in Thailand
must be established for at least 1–3 years (depending on the type).

.

The business cash flow
and registered capital value
must correlate with the value of the asset to be purchased.
Or the company’s financial statement must make sense.

.

#3
What’s their occupation?
Some professions in China,
such as government officials,
find it extremely difficult to transfer money abroad.
Which brings us back to #1 —
how will they get the money into Thailand?

.

#4
Ask to see ID / Passport / other identification.
If they hesitate or avoid,
don’t get attached to this client.
Drop them.
Because these people are definitely not coming in clean.

.

.

.

If they can’t answer these basic questions,
don’t even bother asking about properties yet.
You’ll just waste your time.
#If it’s a rental case, these questions might not be needed.

.

Chinese buying/renting behavior:

1. If they don’t like it… they’ll catwalk from front to back and leave immediately.

2. If they like it… they put down money right then and there. No overthinking.

3. Cash or cheque. If they have money in Thailand already, anything is possible.

4. Carrying tens of millions in cash to pay on the spot really happens (carrying it is heavy).

5. They love fully furnished homes. Don’t show them empty ones.

6. Don’t suggest properties that don’t fit their specs. They’re picky, but if it clicks, they take it.

7. Some buy just from photos without visiting (only when they trust you).

8. Bargaining? Only certain types do that.

9. Speaking Chinese is a huge advantage. Even though you can use a translator app, if they can choose, they prefer to talk with someone who actually speaks Chinese.

10. Usually they come late. Don’t rush to open the house (rarely on time).

11. They want this and that, immediately. After closing the deal, better set aside some money for painkillers to treat the headache.

12. For rentals, collect a big deposit, like 3–5 months. The chance of property damage is high.

13. Lease and sale contracts — write them as tight and strict as possible.

14. They love modern, open, wide-front houses more than other styles.

15. A house with a swimming pool? Big, big selling point.

16. Preferred areas: Ladprao, Ratchada, Huai Khwang, Rama 9 (their “Rama 9” means CBD, not Rama 9–Krungthep Kreetha).

17. Condos: must have at least 3 bedrooms (they like to squeeze into Belle Rama 9 and Wellington).

18. Houses: must have 4 bedrooms. If it’s 3 bedrooms, no way.

19. There is no item #9.

20. Be fully prepared this May.

.

Join the discussion at

https://www.facebook.com/Ex.MatchingProperty/posts/pfbid0QLf5Puub5f3Gur5tSL6nB7Qbb94vyGr85PCxbFmTKuU1d6jMJsxBe8HzTTQQCcbAl