Case Study: Hong Kong Event October 24 & 25, 2020
Uncertainty has become the new norm during this global pandemic — which means that acting fast and catching opportunities are crucial in today’s marketplace.
With Vancouver’s pre-sale market slowing down in the last 18 months, developers are actively exploring options on the global stage. Hong Kong has become one of the most valued destinations for Vancouver developers. More than 300,000 Hong Kong Canadians currently live there, and, amongst other reasons, the ongoing Hong Kong protests have sped up those residents’ decisions to purchase property overseas. Because of all this, and despite the pandemic, there’s been a record high number of sales and marketing events held in Hong Kong for Vancouver properties.
According to the Soho Overseas Property Exhibition Report 2020, “The first half of 2019 saw a strong rise in Canadian property exhibitions over 2018, and 2020 is still above the 2018 level. There’s been a significant shift in project locations — in 2019, there was a greater share of Toronto projects; this year, it’s Vancouver projects most active in Hong Kong.”
As the only Vancouver-based real estate sales and marketing subsidiary in Hong Kong, our partner, Canadian Real Estate Investment Centre (CREIC), has become a major player in marketing Vancouver properties within that region.
October 24, 2020 Shangri-La, Hong Kong
On October 24 and 25, 2020, CREIC hosted a Vancouver-focused property show in Hong Kong’s stunning Island Shangri-La, with views that travel right across the harbour. Over 230 people came to learn about four projects, including condo, townhome, and single-detached pre-sale developments in Richmond, Burnaby, Vancouver West, and Squamish:
- Hollybridge by ASPAC Developments
- Suntowers 2 by Belford Properties
- Cambie Gardens by Onni Group
- University Heights by Holborn Properties
With a deep understanding of the prospective buyers and developers, we decided to challenge the norm of Hong Kong property shows, which is to host only one or two projects each weekend. We knew we could succeed with four. Our new set-up not only reduced developers’ costs to participate, it also helped buyers compare different product offerings.
Knowing that most of our visitors would be Canadian passport holders wanting to return to Canada in the next four to six years (some for their retirement plan and others for their kids’ education), we have crafted special incentives that would help buyers make decisions during the sales process.
The purpose for purchasing has changed in recent years — people are now more interested in purchasing for self-use purposes, which is a longer, more personal decision-making process than purchasing investment properties.
Being in Hong Kong is a smart long-term strategy for Vancouver developers. Not only do they benefit from overseas sales, but also long-term
brand recognition and project awareness with potential buyers. Brand recognition is vital, and we are seeing that developers are willing to invest in a market like Hong Kong. We are ready to facilitate that connection.
CREIC and Macdonald are planning to host more events to build a stronger bridge between Vancouver developers and prospective Hong Kong buyers in the coming year.
Understanding that most people will be staying in Hong Kong this Christmas, we already have another sales event in the calendar this December, and we are expecting it to be just as busy. It looks like the right time to shop for overseas properties.
