Chinese Firm Pays A$88.88m For Property — For A Superstitious Reason

A Chinese firm just made an investment in real estate for a staggering 88.88 million Australian dollars— and they have a very superstitious reason for doing so.

Most buyers would consider themselves lucky if they bought a property for the lowest possible price, but that’s not always the case.

Chinese firm Bridge Capital, partnered with Australian investment company iProsperity Group, recently bought a high-rise building, which they plan to develop into an opulent residential building and hotel in Sydney with a view of the Darling harbor, for a whopping 88,888,888.88 Australian dollars ($68.2 million) – an amount higher than the owner expected.

The 333 Kent Street office block was bought for that specific amount because the number eight is “auspicious” and is regarded as the luckiest number in Chinese culture. The Chinese term for eight, “ba,” sounds similar to the word, “fa,” which means fortune, wealth or prosperity. Therefore, some Chinese businessmen favor it very much.

Vince Kernahan, a real state agent involved in the deal, said the project attracted nine other offers and exceeded the owner’s expectations on market interest.

“This is not the first time that Chinese buyers have chosen to offer a price that includes numbers that are considered lucky,” Kernahan of Colliers International, told BBC.

In the case of this particular building, “the buyer's offer was very close to several other offers. They just chose these numbers for luck and as it turned out their luck was with them.”

Sydney can definitely do with a bit of luck, particularly since it was awarded the fourth spot on the global housing bubble index recently. Aside from Vancouver, London and Stockholm, the Australian city is the most risky real estate market.

Banner and thumbnail credit: Reuters, Thomas Peter 

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