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In a globalized market, lucky numbers result in unusual deals

In a globalized market, lucky numbers result in unusual deals
The difference between eight and four can mean deal or no deal
October 09, 2016 04:00PM

From the New York site: A Chinese developer recently picked up an office building in the heart of Sydney for an eye-catching figure: $88,888,888 (AUD). For real estate experts who routinely work with Chinese buyers, the unusual figure will come as no surprise — the number 8 is considered lucky in Chinese culture. And that pursuit of good luck is driving unusual sales around the globe.
The number eight is pronounced “ba” in Chinese and is similar to the Chinese word “fa,” which means prosperous, according to Market Watch.
“Eight is definitely a very popular number,” Gaby Rogers, associate director of sales at Colliers International in Sydney, told Market Watch, adding that not only does it crop up in sales but in street addresses, unit numbers or building floor counts.
Jamie Mi, an international relationship executive at real estate agency Kay & Burton, noted that buyers specifically from southern Chinese cities like Hong Kong, Fuzhou and Guangzhou, tend to value the number.
Brokers from around the world say that when a property is on the eighth floor, or with eight in the address pops up, the Chinese are quick to pounce. However, quite the opposite is the case from properties with the number four, a number associated with death in China.
Some developers are even removing floor numbers like 4, 14, 24 or any units with a 4 in them. It may sound crazy, but it works. [Market Watch] –Christopher Cameron

Source: The Real Deal

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