A luxury realtor based in Melbourne hope to woo members of China's nouveau riche at a luxury expo in Beijing.
MIG Real Estate, a realty company based in Melbourne’s western suburbs, will debut at the SR Luxfo event at the Beijing International Hotel over the weekend as part of efforts to market more luxury property to China’s burgeoning class of super rich parvenus.
The “Royal Asscher-Beijing Sparkle roll Luxury Brands Culture Pinnacle Forum & Distinguished Exhibition,” or “SR Luxfo” for short, is an annual event which seeks to promote high-end luxury brands to status-coveting members of China’s nouveau riche.
The event enjoys the participation of glittering bevy of the world’s leading producers of luxury goods, with jewellers, wine-makers and fashion labels in heavy representation.
According to Amit Miglani, chief executive of MIG Real Estate, this makes SR Luxfo an ideal platform for marketing high-end real estate to cash-flush Chinese investors, giving them opportunity to see Melbourne property alongside the world’s most expensive luxury products.
MIG will be vending between $10 million and $15 million’s worth of development and land sites situated in Melbourne’s western suburbs at the event, as well as providing a number of “silent listings” for luxury properties in Melbourne, Sydney and the Gold Coast which are not officially on the market, with price expectations rising as high as $22 million.
Efforts by MIG to heighten the lustre of Australian luxury property in China will no doubt receive a mixed reception at home, where concerns are mounting over the influx of Chinese investors and its impact on the local real estate market.
Australia has proven immensely popular with Chinese investor of late as a result of its proximity to the rest of Asia-Pacific, its stable, first world economy and status as an English-speaking, Anglosphere country.
According to data from Juwai.com, the leading realty website specialising in the sale of overseas properties to Chinese buyers, Australia is the second most popular country for real estate purchases amongst mainland Chinese after the United States.