The Second home market for baby boomers who are retiring: Zhuhai, Guangdong Province, People's Republic of China
Zhuhai, located west of the estuary of the Pearl River, borders Macau to the south and faces Hong Kong (36 nautical miles) and Shenzhen on the other side of the Pearl River estuary. Zhuhai is 140 kilometers from Guangzhou, the Capital of Guangdong Province. The city covers 1,653 sq. km. and 5,972 sq. km. of marine area dotted with 145 islands. There is a hydrofoil ferry service linking Zhuhai and Hong Kong. Zhuhai is one of China’s Special Economic Zones and has experienced strong, steady growth since the early 1980’s.
Zhuhai has a total population of around 1.5 million, about 1/3 are temporary residents from outside. The mild subtropical climate offers very amicable living with average temperature of 23 oC and annual total rainfall of 2100 mm. Indeed Zhuhai is a garden city with long coastal line endowed with rich ecological and beautiful mountains, rivers, beaches and islands.
Project - Riviera
The Riviera project is located near the Doumen district at the western side of the city. It has been designated as the future center for the local city government. Zhuhai domestic airport is only about 15 minutes away, and the population density is lower than the other 2 districts of Xiangzhou and Jinwan near the border to Macau at the eastern and central parts of the city. A light rail transportation system will be built to connect to Macau border points, and a freeway will be built to connect Zhuhai Airport to the Hong Kong - Zhuhai bridge being built now (will be the world's longest sea crossing bridge that spans 50 km when completed in 2015).
Second Homes in China's Retirement Destination - The Market for Baby Boomers:
Baby boomers represent the 68 million living American born between 1946 and 1960. The second home market is undergoing a period of rapid growth due to the impact of the wealth accumulated by the Baby boomer generation and the heightened interest in fast growing and appreciating real estate investment in other countries such as China, Malaysia, Canada, Mexico, Costa Rica, Spain etc.
Now, roughly one out of every four baby boomers either owns a vacation home, second home or a rental property in addition to the home that they live in. And some of them are actively looking for transitional homes that they can vacation in now and settle into when they are ready to retire.
The Baby Boomer Buyer Motivations & Attitudes for Retirement Purpose are:
- Lower Cost of Living;
- Increasing Real Estate Investment Value;
- Mild Climate and Clean Environment;
- Infrastructure and Convenience;
- Health Care and Medical Services
- Stable Government and Personal Safety;
- Leisure, Culture and Freedom.
