Feb. 4, Chinese New Year, means a lot to the Chinese all around the world. It could also be a lucky day for real estate.
According to Commercial Real Estate, Feb. 4, which is the first day of the Chinese spring festival known as "Li Chun," is also considered lucky day to deposit money. And by deposit it also means real estate deposit. So CBRE's Mark Wizel's received $14.8 million from a Chinese investor as payment for one of the development spots he sold at 280 Normanby Road in South Melbourne.
The real estate news website added that the deposit has to be executed at a certain "lucky hour" according to one's zodiac sign. For example, those born in the year of the Ox, should make the deposit between 3 a.m. and 5 p.m. on Li Chun day this year. The best time to make a deposit for every sign will change next Li Chun day.
The practice of depositing money on Li Chun day is believed to bring an "amplifying" effect on wealth for the rest of the year. The practice is also very popular in Singapore and Malaysia and, on Li Chun day, banks have to tackle long queues of Chinese folks making a deposit. Surprisingly, it is not a common belief in China. According to Sydney feng shui consultant Mina Zheng, "Li Chun deposit day is not so popular in China, some people have never even heard of it." However, she added that in China, what people are more concerned about is plotting their financial plans.
Back in Australia, banks did not face long queues from Chinese depositors. So the Chinese investor who made a deposit on one of Mark Wizel's projects is only one of those who still believe in the practice. In addition, Wizel's Chinese client demanded a settlement at exactly 11 minutes after 11 p.m.
