- So the trust is built through
a series of dinners and meetings.
A lot of wannabes talk big and make a lot of promises
in the hope of impressing others.
So we're talking about
this guy, right?
But could not in any way back their talk.
They really didn't have the money,
or the connections, or the business
that they were trying to make others think that they had.
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- Yes, Andrei?
- [Andrei] Got a question, to what extent-
- To what extent?
- [Andrei] Can you actually build that trust
if you don't speak Chinese like your translators?
Their translators, your translators.
Is that something that never happens
or is it something that can happen?
- If you don't speak the language,
what you need is not a translator,
what you need is someone who is more than translation.
It's kind of your assistant or whatever,
but that person needs to understand
what we're talking about.
And that person needs to watch and observe.
Because they might say one thing
you don't want someone to just say, translate
That's what he said.
No, no, he said this, but actually what he means is this.
You need someone like that.
If you have that person, you will still be fine.
Yes?
- [Woman] Do you mean the way their body language
and they way they make speaking
is not gonna be understood by somebody else,
so that assistant that you that you would choose
would be picking up-
- Yes, so that assistant that you choose
basically would have to understand the mind game, too.
They would have to understand that's what they're saying.
So it's not like, yeah,
Mr. Chan said he's very interested.
No he's not interested.
He needs to tell you what's going on,
and the culture-wise, the difference, right.
So that person, whoever you choose.
But here's the thing, affluent Chinese,
when they're in North America in a lot of cases,
they want to deal with a Caucasian or Caucasian company.
It's more comforting for them.
But remember, they're getting scammed every day in China.
Same thing, the onion theory.
They need a little bit of time to trust.
They actually prefer to work with someone locally, they do.
Because they understand,
they know that you guys follow the laws.
What a concept!
(laughter)
You obey the laws!
Awesome, but I just don't know if I can trust you.
That's the problem.
- [Man] Regardless of the language barrier,
does it matter?
- It doesn't matter, it really does not matter.
Now, it helps if you speak just a little bit.
Because it shows respect, like hello, how are you,
things like that, just basics.
It bonds, right?
But you can still do business with them
with a person, like an assistant.
I don't want to say translator,
but some, like a right hand person, you could.
You could.
Make sense so far?
Okay.
Pretty fucked up right?
But interesting, right?
Yeah, it's different.
Just know, that's what it is,
that's who you're dealing with.
Doing business with the fluent Chinese is simply different.
What is it?
- [Audience] It's different.
- Because it's the other way around.
For instance,
how much you spend in entertainment fees is a hint for them
on how much you're willing to work with them.
So it goes back to the realtor.
There's a realtor,
10 houses, all these things.
After you close a deal,
most Caucasian realtors would be, oh great, thank you,
maybe give them a bottle of wine, if they're smart.
But with this realtor, nope, she wants us to buy
a big dinner for the buyer,
the buyer's friends and everything else, a big dinner.
I think she spent like a dinner,
last time it's like $1000,
wine and everything else
because that's how they do business.
It comes off her commission, but it's expected.
Because to them, that's how much,
the entertainment fees,
that's a hint of what you,
how much you're willing to work with them.
Not that they're cheap,
that's how they see things.
I suppose the Western people, where you first sit
at a table and negotiate a contract, sign it,
then only then go for dinner and drinks.
They are the what?
Opposite.
They go to drinks, they go to dinners first.
Before, way before you do the deal.
So, it's just a question of time, timing.
When a fluent Chinese nods their head,
Western people thought, we have a deal.
A fluent Chinese,
what they're actually saying is, it's time for dinner,
let's continue our conversation there.
Then nod your head, it means,
cool, let's have dinner.
Then we'll talk real business there.
Do not be surprised by endless meetings.
Meetings are followed by tours, dinners and drinks,
and some more drinks with some negotiations
and deal-making sprinkled in.
Patrick, how many, with that investor, the four years,
how many times have you guys met?
Or talked?
- [Patrick] All the time.
Too much.
- Like how many times?
- [Patrick] It's like we see each other almost every day
when it's coming to deal sign.
- Yeah. - ]Patrick] And there was...
- When it comes to deal sign, yeah.
- [Patrick] We have broken our contact
and he called me back after like four years.
- Yeah.
- [Patrick] And he said, okay,
this is ready to to the deal.
- Interesting.
- [Patrick] So.
- There you go, right.
- [Patrick] You would have never guessed,
at least I didn't know he would.
- And did you expect that he would do that big of a deal?
- [Patrick] No, I thought he would buy like,
a mil or maybe two mils. - A mil, two mil, right?
And during the four years,
did he reveal how much money he has,
or how much money he was invested?
- [Patrick] Actually, I have a partner.
- You have a partner?
- [Patrick] Who does all the running around for me.
- Yup.
- [Patrick] And we use an intermediate guy
because it's hard to read those people.
- Yup.
Ah, that's a good question.
- [Patrick] Someone that runs around.
- Yeah, yeah, some,
yes, a question?
Go to the mic.
If you have a question, go to the mic.
Is this on?
Chris, is this on? - [Chris] I think so.
Is it on? Is the mic on?
- [Chris] Can you guys talk in it, see if it,
test it.
- Yes, yes, no?
- Testing.
- [Dan] Little bit, try again.
Can you hear that?
Hey, we're on. - [Dan] Oh, we're on, yes.
- Dan, regarding the timeline, if the Chinese partner
or investor is actually very aggressive around the timeline,
is that a fake timeline, or is that-
- [Dan] Yeah. - It's fake?
- Most of the time it is, because think.
In some cases, maybe it is urgent, but you gotta think
in their shoes, what's so urgent about it?
If they want to invest, they wanna buy a house,
whatever they want to do, we've got that much money,
why wouldn't you look at more options?
So sometimes, I'm just telling you, they say it's urgent,
number one they may be testing you,
or second is, they might be looking at three, four,
five deals at the same time and they want to see which one
comes back with better terms so they can make a decision.
All right, but usually, it's not that urgent.
Usually, yup.
Round of applause?
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