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Ultra-wealthy Chinese will be sold Australian property for the first time at luxury expo

Ultra-wealthy Chinese will be sold Australian property for the first time at luxury expo

NATHAN MAWBY HERALD SUN MAY 20, 2014 10:01AM

PROPERTY from Melbourne’s western suburbs will be sold alongside Lamborghinis and high-end jewellery at a Chinese luxury expo.

It will be the first time international real estate has been marketed at next weekend’s SR Luxfo event in Beijing, according to the operators of China based international real estate website Juwai.com.

Amit Miglani, chief executive of MIG Real Estate based in Melbourne’s western suburbs, will be trying to sell development and land sites worth between $10 million and $15 million from the city’s west at the event.

He will also be offering a number of “silent listings”, high-end property not being officially marketed for sale, from Melbourne, Sydney and the Gold Coast with expectations of prices up to $22 million.

The mix will include penthouses as well as brand new luxury homes in the suburbs.

“Chinese millionaires and billionaires will visit the Conference Centre at the Beijing International Hotel and for the first time see Melbourne property marketed alongside the world’s most expensive cars, jewellery, wine, timepieces and other luxury goods,” he said.

Currently in Beijing following a separate event last weekend, the Luxury Property Show, Mr Miglani said he was pursuing wealthy Chinese investors to get the best outcome for his vendors.

And he’s attempting to learn the language to do so.

“You don’t have to speak Chinese to succeed with these buyers, though I am trying to learn Chinese. That’s going to take a couple of years,” he said.

Andrew Taylor, co-chief executive of Juwai.com, said with Australia the second most popular choice for Chinese investors looking to buy overseas property “Australia has a good brand in China, as a place to live with a beautiful and protected natural environment”.

But the push to link Aussie property with luxury brands comes as the website’s data shows the UK is expected to later this year surpass Australia as the second-most popular investment country among mainland Chinese.

The US is firmly entrenched in top spot.

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