A Chinese property investor shares how the combination of Eastern and Western cultures helped him succeed

Do you speak about property investment with your Chinese friends and relatives?

William Leung: Believe it or not ... for the last 10 years, when I set the goal [like, for example,] I want to buy 10 properties in 10 years [or] I want to retire ... when I'm 50, a lot of people, especially my Chinese friends ... they are laughing at me, thinking I'm just joking.

Do you still share your vision with them?

William Leung: I do share all the information I gain the hard way. They still tend to be more skeptical because they just didn't have the mindset ... They just want to see some instant results.

[With] properties, you can't see [results] instantly … It takes a minimum of two, three years. It's hard to track ... By the time they realised what I have done, they think that maybe I'm just lucky or maybe it's just [what happens in] Sydney. I said, "Well, why don't you do the same as what I did 10 years ago?"

They're not as educated, I have to say, because they don't want to spend the money to be educated as well.

Is property investment a regular topic of conversation in the Chinese community?

William Leung: Most of them will try to sell you apartments now. That's why they are skeptical … They will sell you some with [a] nice picture of the Sydney Harbour, of [the] Opera House.

What’s the advantage of being exposed to the Western culture?

William Leung: Good thing about the Western culture is I can actually be educated. I mean, 10 years ago, it was just books, but still, books are good … Nowadays, too many information, everyone can be a property guru. They just wear a nice suit [and] pretend that they know what they are doing. Most of them, they don't have any [experience] ... They [have] only gone through one cycle.

Phil Tarrant: It matters who you take advice from—that's important … You've got to challenge every single person and every single idea you hear [in order to know] whether it's right for you.

Would you say you’re caught in the middle of the ‘Chinese way’ and the ‘Aussie way’?

William Leung: I'm sort of caught up half in the middle because we moved to Australia … I'm conscious of the past [but I’ve also got a foot in the now, towards the future].

Has your attitude towards debt been different since moving to Australia?

William Leung: Totally different … because of education ... the books I have read. [Now, I am] thinking that, yes, you need money to make money. Where can you get the money from? I'm earning mediocre pay, 9 to 5, day to day. How can I maximise my capital to invest?

The only way is to borrow money, so you have to ... I could borrow 90 per cent, 95 per cent, if the opportunity is available or if the bank lends me the money ... I was [thinking], ‘If I miss it now, I may miss the opportunity.’ Based on the result, I was right. If I wait for another $10,000 or $20,000 … I [would have] probably missed at least half of the properties on the spreadsheet.

What do your parents think about your debt?

William Leung: They don't know that … [I think] they would be very against it. They'd think I'm gambling … They associate debt more into gambling [because you don’t have control] … They think that I'm only literally legally owning a certain percentage of it. If it falls, if things go farewell or whatever, then I'll be on my ass.

They didn't understand what I've been through and what sort of education I have. They didn't understand I have the team ... I have a good accountant who is also my mentor. I have a good broker … He helps me out, gets me the best deal.

What are the guiding principles that you would take from your parents' generation and the new generation?

William Leung: [It] is all about that hard work. It's all about being patient, have the persistence. If you can't do it straight away, you've got to keep doing it. [From] the newer generation, you look at the information, you look at education.

If you combine both—if you have persistence, if you have hard work, you dedicate to what you believe in, at the same time, you use the modern technology, you use the modern information provided, I wouldn't say it's hard to achieve the portfolio that I've got.

What’s your advice for budding property investors?

William Leung: At the end of the day, you have to know what you're doing, too. You can't just listen and then just do it … If you are lucky enough to meet with good professionals ... that would be [great]. Still, you need to make sure [that you know] what you're doing.

Phil Tarrant: 90 per cent in winning is beginning, right? If you keep waiting for more money, waiting for greater savings, waiting for the perfect property … in that period of time, the missed opportunity costs are considerable. 

Tune in to William Leung’s episode on The Smart Property Investment Show to know more about the Hong Kong and Chinese mindsets on investing and debt, the importance of goal setting and cycles, and why property investors should learn to love numbers.