Want to do business with the Chinese? 5 MUST know tips
*Be fair and diplomatic.
If your Chinese counterpart believes that you are being unreasonable, they may not openly say so, but your negotiations are likely to stall and go nowhere, says Jack Perkowski , who has lived in Beijing for almost two decades and written the book “Managing the Dragon: How I’m Building a Billion Dollar Business In China.” If you disagree with your counterpart, don’t simply reject their position out of hand, but carefully explain your reasoning, adds Perkowski.
*Be as clear as possible
“The Chinese are by nature suspicious, they don’t trust people easily and I can understand this, especially when they are planning to purchase property overseas,” said Daphni Korobeli, a Greek lawyer who has been based in Shanghai and Beijing since 2009. “In order to overcome cultural differences, it is best to be as explicit as possible, when it comes to communicating with Chinese clients. Of course, speaking their language as I do and understanding their culture, really helps.”
*Think long term
To target the Chinese market, it is important to form a long-term strategy, says Australian real estate marketing company Campaigntrack. Like any home buyer, they prefer to work with agents who are experienced and can support their individual needs, it adds.
*Spot the motivation
Education is a key motivator for Chinese buyers, but it’s by no means the only one, says Juwai.com, an English language portal that links Chinese investors with properties overseas. Chinese property investors are increasingly looking to purchase overseas for retirement homes, holiday homes, pure investment, and in recent years, for proximity to good medical care. By understanding what’s propelling them to purchase abroad, you can narrow down your list of properties that could be the best fit for them, and increase your chances of them sealing the deal, adds Juwai.com
Get ready for some tough negotiations as the Chinese drive a hard bargain, adds Korobeli, who has been involved in tens of Greek property purchases by Chinese buyers.