Business opportunities between China and Australia continue to grow, powered by the China-Australia Free Trade Agreement.

Hosted by Mark Llewellyn, today’s episode , The Art of The Deal, highlights two standout companies making waves in this growing trade landscape: ZBOM Home Furniture and Mrs. Toddy’s Tonic.

ZBOM, a Chinese company established in 1998, has combined innovative design and technology to become a leader in home furnishings. With a focus on blending human creativity with robotics, ZBOM is now targeting Australia as its first international market. Partnering with IGF Australia, the company is set to establish a presence in Melbourne and Sydney, marking an exciting phase in its global expansion.

The Chinese market

On the health front, Mrs. Toddy’s Tonic, founded by Sophie Todd, is tackling health concerns with its natural turmeric-based formula. Despite overcoming personal health challenges, Sophie’s tonic is poised to enter the Chinese market, targeting the country’s large diabetic population. Mark Llewellyn delves into how this health product could strengthen the connection between the two nations.

In this episode of Beyond the Deal, host Dion Besser talks with Nicole Rich from the Consumer Affairs Victoria about the reforms and issues on underquoting schemes.

The Australian government has proposed reforms to tackle underquoting in real estate, prompted by ongoing complaints from buyers. Underquoting has been a contentious issue for years, with Nicole Rich noting frustrations arise when properties sell above advertised prices. Consumer Affairs Victoria has operated an underquoting task force for three years, yet complaints persist.

Deemed misleading

Current laws from 2017 require agents to provide reasonable price estimates and ensure advertising aligns with these estimates. Underquoting occurs when a property is advertised below the estimated price or rejected offers, which is deemed misleading. Recently, guidance on selecting comparable properties was revised, addressing concerns about agents cherry-picking data.

Proposed reforms include requiring agents to disclose the reserve price a week before auctions, improving transparency for buyers. While the Queensland model of not disclosing prices has mixed opinions, Rich believes that seven days provides a reasonable timeframe for market testing.

Discussions also explore a potential registration system for bidders to foster fair competition. Rich emphasizes that the industry must comply with laws, and buyers should educate themselves on local prices. Collaboration among all parties is crucial to eliminate underquoting and ensure transparency in the market.

Leanne Tritton, co-founder of Don’t Waste Buildings, discussed asset revitalization and urban futures in a recent interview with host Belinda Coates. Don’t Waste Buildings, co-founded by Tritton, Will Hurst, and Richard Nelson, advocates for reusing existing buildings as the most sustainable choice. The group views these structures as community resources rather than mere assets.

In the UK, many buildings face unnecessary demolition yearly. Tritton highlighted that the financial system discourages reuse, particularly outside London. New constructions benefit from zero VAT, while reusing existing buildings is burdened by a 20% VAT, complicating the process for small to medium enterprises.

Retrofit Policies

Tritton praised London as a leader in retrofitting, showcasing innovative reuse of even mundane buildings from the 1960s. However, she noted a “confused” policy environment, where local authorities vary in their commitment to retrofit policies despite national goals aimed at achieving net-zero emissions by 2050.

While Tritton recognizes that some buildings may need demolition due to structural issues, she suggests a broader perspective on preservation. She emphasized that recent constructions often have shorter lifespans, citing the Broadgate Tower as an example.

The Don’t Waste Buildings group aims to develop an AI model to gather global best practices in building policy. For further information, visit dontwastebuildings.com.