Uoolu sees ris­ing in­flux of Chi­nese buy­ers

Web­site cites prices for surg­ing in­ter­est

Bangkok Post - - BUSINESS - KANANA KATHARANGSIPORN

Uoolu, a global real es­tate in­vest­ment plat­form in China, ex­pects the num­ber of Chi­nese buy­ers of Thai prop­er­ties to con­tinue ris­ing this year no­tably be­cause of their rel­a­tively cheaper prices.

Uoolu’s founder and chief ex­ec­u­tive Huang Xiao­dan said Chi­nese in­ter­est in Thai prop­er­ties has surged since late last year, with around 5,000 users vis­it­ing its web­site and us­ing its ap­pli­ca­tion a month since March this year.

“Thai prop­erty prices re­main cheap for Chi­nese buy­ers and worth the in­vest­ment,” he said yes­ter­day dur­ing a visit to Bangkok to launch the com­pany’s new prod­uct Uoolu+ for Thai developers to in­tro­duce their projects to po­ten­tial Chi­nese buy­ers.

Dur­ing the first half this year, sales of Thai prop­er­ties bought by Chi­nese via Uoolu to­talled around 300 mil­lion yuan (1.5 bil­lion baht), com­pared with 50 mil­lion yuan in the whole year of 2016.

Mr Huang ex­pects Thailand this year to rank the fourth largest overseas mar­ket for Chi­nese prop­erty in­vestors, up from the sev­enth last year. The top three coun­tries are the US, Bri­tain and Aus­tralia.

Last year, the US was the No.1 choice for Chi­nese prop­erty buy­ers, fol­lowed by Bri­tain, Canada, Aus­tralia, New Zealand, Ja­pan, Thailand, Malaysia, the United Arab Emi­rates and Viet­nam.

In Thailand, Bangkok was the most at­trac­tive des­ti­na­tion among Chi­nese buy­ers, fol­lowed by Phuket and Chi­ang Mai. The top five lo­ca­tions were Asoke, Thong Lor, Huai Kh­wang, Rama IX and Phrom Phong. The big­gest mar­ket among Chi­nese buy­ers was unit priced be­tween 1-2 mil­lion yuan.

Ac­cord­ing to Uoolu, the high­est unit price bought by the Chi­nese was 10 mil­lion yuan while the fastest time they spent ex­plor­ing Thai prop­er­ties via its web­site or mo­bile app and mak­ing a de­ci­sion was only two hours.

Uoolu has 30 prop­erty projects with around 6,000 units in Thailand on its web­site and app and ex­pects the num­ber to rise to at least 50 projects by the end of the year. It also aims to close sales of around 2,000 units in Thailand in 2017.

Yes­ter­day, Uoolu signed an agree­ment with Thai developers to in­tro­duce their projects to its plat­form. They in­clude Ocean Beach Group, Sena De­vel­op­ment Plc, Rai­mon Land Plc, Areeya Prop­erty Plc and Sin­ga­porean-owned Pa­cific Star De­vel­op­ment Ltd.

Mr Huang said developers or sell­ers should also pro­vide suf­fi­cient in­for­ma­tion to draw more in­ter­est from China. Chi­nese buy­ers are also con­cerned about the par­ties that would take care of their as­sets while they are not in Thailand, and af­ter-sales ser­vice.

The Chi­nese buy prop­erty in Thailand pri­mar­ily for in­vest­ment and are most at­tracted by dis­counts, he added.

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