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Beijing :2017-09-23 01:01:01

Chinese Investors Buying 27% London's New Homes

2013-08-20
Brief: Chinese investors bought 27% of new homes sold in London in 2012, and Chinese mainlanders bought £1.5 billion worth of such properties in downtown London
London property prices have surged this year—up 8.1% in June, compared with the same month in 2012.

One cause of rising prices: Chinese investors. They bought 27% of new homes sold in London in 2012, according to a report by Chinese Weekly, a UK-based paper, quoting data from Savills. Chinese demand for new housing amounted to about 17% of total residential real estate transaction value last year, says the report. 

That trend is growing. Chinese nationals bought about £170 million ($266 million) of residential property in the first half of 2013, according to data from Knight Frank, a property consultancy, that was cited in the report. Gary Kwok, CEO of iNewHome, a UK property developer, said Chinese buyers are mainly invested in properties worth £1 million or more.

And while prominent investments in commercial real estate by Ping An Insurance, China Investment Corp, a Chinese sovereign wealth fund, and other government-backed foreign exchange funds have grabbed headlines in the last year or so, individuals are snapping up those properties, as well. Chinese mainlanders bought £1.5 billion worth of such properties in downtown London, though the period of time for that figure is unclear.

Related Chinese News: 中国富人购买伦敦三成新房 投资高达15亿英镑


  Source: Quartz
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