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Chinese property buyers are losing interest in Australia, due to the tougher government regulations and new tax rules, according to a recent report published by The Herald.
Based on the data revealed by Juwai.com, a Chinese international property portal, the number of Chinese inquiries in Australian residential property has gone down 9.7 percent in the first half of the year compared to the same period in 2016. The median inquiry price has also reduced to about $350,000 from $394,000.
As the Chinese regulators adopted new guidelines in an attempt to restrict Chinese corporation investment overseas, the number of new developments in the Australian property market has also gone down.
Australia has been the second-most popular country in the world for Chinese investment. “Their top goals are risk diversification and children’s education,” said Jane Lu, the Australian head of Juwai.com. She thought Australia is very appealing both areas.
However, the new tax rule applied by the Australian government make some Chinese buyers retreat from the property market. For example, New South Wales doubled its foreign-buyer surcharge to 8 percent, while Queensland implemented a 3 percent surcharge.
As Chinese buyers turn away from Australia, US remains the top destination for them.
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In the latest report about China’s luxury consumers, McKinsey&Company indicated that by 2025, Chinese consumers could account for 44 percent of the total global luxury goods market. By that time, 7.6 million Chinese household will represent 1 trillion RMB in global luxury sales, which would double the amount of 2016 and equivalent to the size of the US, UK, French, Italian and Japanese markets combined in 2016.
In terms of consumer behavior, the report said that Chinese luxury consumers have become much more impulsive when they make buying decisions. One in two of their purchases are decided within a single day. The report also found that “world of mouth” has increasingly played an important role in helping rich Chinese consumers make buying decisions.
More content about this report can be found from here.
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Chinese outbound property investment reached nearly $34 billion in 2015, doubling that of 2014, according to a recent report of Knight Frank. Knight Frank is a London-based global real estate consulting company providing global residential and commercial property advisory services.
Driven by the softening of Chinese market conditions (devaluated Chinese currency, turbulent Chinese stock market, and fierce domestic competition), the growth of Chinese overseas property investment is an indicator that Chinese investors are now considering the overseas property market as a relatively safe haven among their alternative investment portfolios.
Gateway cities in the developed markets of the US, UK and Australia have been the top destinations for the Chinese outbound property investment in recent years, according to the report. In 2015, Manhattan has become the top investment destination for the Chinese property investors, followed by Sydney and Melbourne, and London.
With the Chinese government policy encouraging firms to expand overseas, the report predicts that the growth of overseas property market will continue to be driven by Chinese institutional investors, banks and developers in 2016.
Hurun Research Institute‘s latest report shows that Mercedes-Benz owners in China are the country’s most wealthy, while Chinese Infiniti owners have the lowest average wealth.
The average luxury car owners in China is 33.5 years old, and their annual household income is just over $160,318, according to the report. China’s Mercedes-Benz owners have about $1.8 million in household assets.
The report is based on interviews with a group of 800 luxury car owners in 10 cities across China. “Spending money on a nice car is the first outward sign of success for many Chinese. The objective of this report is to highlight the brand image of these luxury cars in China,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
China is expected to overtake the U.S. as the world’s largest premium car market by 2016.