Bahamian companies and the government have been urged not to take a "passive approach" to efforts to tap into private Chinese wealth, with one top local realtor suggesting that even as the appetite and capacity to invest abroad grows within the Asian giant, the Chinese know little about this country.
Fresh from helping to coordinate Mario Carey Realty's (MCR) participation in a luxury property showcase for high-net-worth Chinese, Danny Lowe, a Beijing-based consultant for MCR, noted that many countries are far ahead of The Bahamas in channelling Chinese investments abroad.
Speaking with Guardian Business after returning from the Shanghai Luxury Property Show, where 5,000 high-net-worth individuals (HNWIs) who were "hand-picked" to attend the event were invited to view a presentation he conducted on The Bahamas, Mario Carey said his experience in the country taught him that The Bahamas is "not well known there".
"They want to know where The Bahamas is, so we use reference points like New York City, Toronto, places they would know, because they have no idea," said the realtor, who has concluded over 100 sales transactions in Ocean Club Estates on Paradise Island.
His comments come as recent surveys suggest that Bahamian sectors such as real estate, tourism and financial services stand to benefit from becoming better known in China.
In 2013, a comprehensive survey revealed that the number of HNWIs in China has more than doubled in the past four years to 700,000.
One in three wealthy Chinese have investments abroad, and of those, 60 percent would like to increase their overseas holdings, according to the survey from China Merchants Bank and Bain & Company released in mid-2013.
That's roughly double the number of HNWIs who reported making similar investments in 2011.
Meanwhile, in 2013, around 60 percent of HNWIs reported some interest in moving abroad.
Some commentators have noted that this interest is increasing as China seeks to shift its economic model away from that which made many of its super wealthy rich, to one that seeks to even out some of its inequality. This could lead to higher taxes for the wealthy, along with other changes that could threaten their wealth.
Other surveys have revealed significant "anxiety" among Chinese entrepreneurs about the security of their investments, based on concerns about the rule of law and lack of regulated business norms.
In the China Merchants Bank and Bain & Company report, the most prominent issues concerning Chinese who are considering moving or investing abroad are environmental issues like air pollution and the low quality of drinking water and food safety.
Many people are also worried about the education of their children as well as their own retirement plans.
Lowe, who speaks fluent Mandarin and specializes in Chinese and Asian consumer behavior, said that there is a lot of competition for private Chinese investment.
While the relationship between the Export-Import Bank of China, the China State Construction and Engineering Corporation and Baha Mar has played a role in informing mainland Chinese residents about The Bahamas, there is more that could be done by both the public and private sectors to raise this country's profile in the Asian giant, said Lowe.
'Passive approach'
"The Bahamas is thinking that once Baha Mar comes they will come; that's a passive approach, why not move ahead instead of waiting for Baha Mar?
"There are a lot of competitors for the Chinese dollar. We definitely need to get a foot out there in getting ourselves known so that the Chinese know there is a paradise on this side of the world," said Lowe.
"At the trade show there were so many other countries there promoting themselves and they are way ahead of the curve in attracting the Chinese consumer."
Carey agreed, adding that a promotional campaign in China would be money well spent for this country.
"I think The Bahamas, the government, the ministries of tourism and finance, need to think about increasing the presence of this country there through a marketing campaign in that market. If there is anywhere we could be spending the money, I think we would benefit from it there," said Carey.
The promotion does not necessarily have to sell something new to Chinese, but elaborate on and illuminate what The Bahamas already has to offer, said the realtor.
"What we already have works. We just need to let them know what differentiates us. We are English-speaking, the dollar is on par with the U.S. dollar, and you can become a permanent resident if you invest over a certain amount."
"Bahamians have this misconception that the Chinese will come and buy up everything but the government has policies in place for that."
Visa exemption
On the plus side, the mutual visa exemption agreement between The Bahamas and China, signed last month, is a major step forward for encouraging tourism, and potentially investment, said Lowe.
"The Chinese usually find it very attractive that they can enter into another country without a visa; it shows on a political level that the country's ties are stable and furthermore they want to do these things on the fly.
"Although the Bahamian embassy in Beijing, China does facilitate visas it's much more convenient that they wouldn't need to be processed and can come directly," said Lowe.
Carey said he has received some very positive responses from potential investors following MCR's presentation and meetings in China.
"Based on what I've done, I'm already getting some tremendous feedback from it. I think it will pay off.
"I've been nurturing this for a while. We have our website in Mandarin, we have Danny in China as our Chinese consultant; it's a determined strategy and it's starting to pay off, so the next step now is to create business opportunities, form partnerships."
Down the line, the realtor anticipates one day having an office in the Asia-Pacific region.
"It's safe to say we could have an office in the Asia-Pacific region; that's one of the goals we have. Why wouldn't MCR take advantage of having Bahamians (students) there? The culture and etiquette are very important when dealing with clients on a global level, so its important that they can see Bahamian people taking time out to reach out to them," he added.

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