CNY: The Origin & Traditions
More commonly known as Chinese New Year, the Lunar New Year is more than just the beginning of a new calendar year. The Lunar New Year is viewed as a period of gathering and rebirth, denoting the end of winter and the beginning of spring. Legend has it that a wild monster, Nian, appeared at the end of every year, attacking and killing villagers. Firecrackers and bright lights were used to scare the beast away, and the Chinese New Year festivities were born.
For two weeks, the celebration incorporates the act of giving and ceremonies that bring in luck to invoke a prosperous and blissful year ahead. It all starts on the 26th day of the last lunar month when cakes and puddings are made, believing that eating them will lead to growth and progress in the upcoming new year.
Following that, a major clean-up is done in homes on the 28th day. It’s believed that the act of cleaning frees your home from any misfortune that is collected throughout the past year.
The main feast formally happens on New Year’s Eve, with loved ones gathering around the table as the countdown to New Year begins. The main dish is, more often than not, the hot pot. The reunion dinner addresses solidarity, unity, and togetherness, with loved ones gathering to eat without apprehensions or quarrels over food.
The menu is painstakingly picked to incorporate dishes related to luck, including fish (the Chinese word for it translates to “abundance”), puddings (represents headway), and food sources that appear as gold ingots (like dumplings).
Countries that observe the Lunar New Year regularly offer three to seven days of public holidays; however, festivities aren’t finished until the fifteenth day of the first lunar month, otherwise called the Lantern Festival.
Interest in Property Peaks during CNY
During Chinese New Year, many who celebrate believe that it’s the time of good fortune and that investments and new wealth acquired during this period will be beneficial to them throughout the year. For the high net worth, new wealth comes in the form of acquiring real estate or upgrading their current investment.
Many who are considering buying real estate often use the holidays to do their research while traveling. Pre-Covid, Chinese New Year was the most popular time of year for travel by Chinese citizens. Global cities such as the U.S., Australia, Canada, and Singapore tend to see wealthy Chinese buyers looking to purchase property.
In the U.S., with interest rates being low, these homebuyers often use the property as a summer vacation home. It is then used as short-term rental giving the owners passive income throughout the new year.
With America Mortgage’s Holiday / Airbnb Investor Program, investors can get up to 75% LTV in all 50 states. Best part? You can get pre-approved for this loan within 72 hours, and once approved; you’ll be issued an “approval letter,” which will allow you to go shopping! It’s as easy as it sounds.
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