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Focusing on foreign real estate investors like Chinese and Japanese market may not be easy. Learning to understand their culture and behavior is the first step towards turning them into buyers
The Philippine government has always been very vocal when it comes to encouraging foreign investments in the country. This is something that is not new; even in recent news, foreign direct investments (FDI) nearly tripled during the first quarter of 2017. As our country’s economy and gross domestic product continues to grow, we are also transforming into a real estate hotspot in Asia. More foreign investors flock in to conduct business, and have also become interested in staying in our country due to the potential in real estate investments. While our government has mandated that no foreign nationality shall be allowed to buy or own land in the Philippines, this restriction has not stopped foreign buyers from finding an alternative. Thus, investing and acquiring units in luxury condo developments become the wisest and best choice for foreigners.
China and Japan are two countries that have recently been very active involved in a lot of business dealings with our current administration. Apart from the fact that Chinese and Japanese citizens are part of the largest number of tourists that go in and out of the Philippines, partnerships and new business ventures between our country and theirs are being created to further enhance our ties with them. In order to closely monitor their business interests here, these business owners may choose to live in the country, but it certainly does not hurt that the country also has an attractive tropical climate, stunning beaches, and an abundance of natural resources.
Focusing on foreign real estate investors like those from China and Japan may present certain challenges due to factors such as cultural differences and the language barrier. However it is not impossible for brokers and realtors to target them as clients; the key is knowing how to approach and understand them. Here are some things to keep in mind in order to successfully bridge the gap.
Learn and Respect their Culture
Chinese people find it alright to talk to each other loudly in public places while traveling or aboard public transport. Japanese people, on the other hand, consider it impolite to talk loudly in public places; some would even put their mobile phones on silent mode as a form of respect to those around them. These are just a couple of things that make them distinct, and adjusting your approach based on their mentality and beliefs can help you gain a better understanding of how they might be as clients.
How They Handle Money Matters
In Japan, small and large purchases are paid either by cash or debit cards. Credit cards are rarely used because according to the Japanese, they take away the real cost from your mind. For many people, especially those in the middle-income group, having life savings is very important. Chinese culture is about frugality; they spend wisely and also pay in cash, and even haggle when needed. When making a loan, the Chinese people keep it in mind to always look for a better offer before taking the plunge. Both cultures are similar when it comes to handling finances; they are generally money savvy people and spend to invest because it is important for them to prepare for their future.
Work Ethics and Motivation
When it comes to work ethics and motivation embedded to the Chinese and Japanese people, they are different in every way. Culturally, Chinese workers are motivated to strive for their families, which is why they transfer from one employer to another to find better opportunities. Japanese employees value the company that they work for and tend to stay until they retire. Hard work and dedication are two important things for both and likewise as leaders, both also expect quality output from their subordinates.
As Tourists and Travelers
Chinese and Japanese outbound tourism have fairly increased over the years, and their most loved destinations are Europe and other countries in Asia. According to the 2017 China National Tourism Administration, outbound Chinese tourists have increased in number by at least 5 percent during the first half of the year alone, partly because outbound tourist destinations included in Chinese passports have increased. Similarly, Japanese travelers have always been consistent in going abroad, and one of their top destinations is the Philippines, especially last May of this year.
Value for Honor and Family
The value for honor and family are two great and important factors in Chinese and Japanese cultures. Men, women, and children have different roles to fulfill, but the importance of family values, whether traditional or modern, remains to be the main focus. Families are honored, respected, and cherished. Interpersonal relationships are very important as roles extend from family to society. For many centuries and even up to the present, honor has been embedded in their minds, and to be honorable is to gain respect from others.
The demand for luxury condos from both local buyers and foreign investors has resulted to the transformation of Metro Manila’s skyline over the years, owing in part to the creation of luxury condo developments that meet these demands. Buyers are not the only ones in competition, though; real estate developers are also vying for the attention of potential clients by offering the best locations, amenities, promos, perks, and best financing terms.
One topnotch condo development project is Megaworld Corporation’s San Antonio Residence, a 40-story residential tower in Makati ideal for those who seek the good life in a home where work, leisure, and peace of mind come together. Scheduled for completion in 2021, San Antonio Residence offers easy access to the Makati central business district’s commercial establishments, office buildings, and civic institutions, making it the perfect home for anyone, from young professionals to starting families.
Another piece of good news is that this project is not just limited to the local market. It is a welcome opportunity for foreigners who would like to invest in it, whether for personal use or investment purposes. Its family-oriented lifestyle amenities include Parent-Kid B.O.N.D. (Begin, Open, Nurture and Discover) open area, swimming pool, children’s pool, pool deck, dance studio, fitness center, street fitness park, outdoor seating area and function rooms.
For more information on San Antonio Residence, contact +63917 887 6223, email firstname.lastname@example.org or visit www.sanantonioresidence.com
This article was sponsored by Megaworld Makati.