A new property portal has been set up to allow Mandarin-speaking mainland Chinese buyers to browse property in the UK. Luckywu.com has been created exclusively for Chinese online consumers and according to an article in PropertyWire, is the world’s first website focusing purely on Chinese property investors.
Research has shown that Chinese buyers are looking towards foreign markets including London, New York, Paris and Beverly Hills, something that property developers and vendors have long been keen to tap into. However, doing so has not been easy, due to language, social, economic and culture difficulties. The new portal has been created to allow full integration with well-known property websites in the UK including Rightmove and Findaproperty, and will initially focus on the UK market with a minimum of 500 listings for new build, off plan and resale property in and around the London area.
The website plans to include the rest of the UK by the end of the year, and will gradually add targeted worldwide destinations during 2012, and expects to include Australia and the United States by the latter half of next year. Luckywu will charge for advertising in exactly the same way as domestic portals, but currently has a special launch rate allowing agents and developers to advertise for just £100 a month.
The website also plans to include relevant information such as immigration, economic news and information about education available locally. Chinese investors certainly view UK property as being a good buy, especially as the Yuan has grown in strength against sterling over the last few years. Chinese buyers bought more than 5% of residential property in central London last year, and this figure is predicted to grow by up to 35% year-on-year, meaning there is a huge untapped potential.