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Chinese Investors to Spend £5 Billion on UK Property
Brief:Major developments across the north of England look to receive £5 billion from Chinese investors as their taste for UK property continues to grow.
 
Major developments across the north of England look to receive £5 billion from Chinese investors as their taste for UK property continues to grow.

Summary:

    The government looks to attract £5 billion from Chinese investors into the Northern Powerhouse
    Interest from Chinese investors is now 40% higher than it was before the EU referendum
    With the pound at a 30-year-low and the Chinese housing market at a 25-year-high, Chinese property investors have a rare currency window of opportunity


The government is looking to attract £5 billion of foreign investment for 13 major new development projects in the north of England.

The projects, including three in Greater Manchester, have been identified ahead of a visit from China’s vice-premier this week, a visit that comes after months of increased UK investment activity from the country.

“These real-time and market-ready projects will build on the successes of the Northern Powerhouse region, which has for centuries been a global hub of commerce, science, technology and innovation,” said International Trade Secretary Liam Fox.

“Setting out opportunities like these show to Chinese investors, and to the world, that the UK remains open for business.”

There has been a huge spike in Chinese investment for UK property since Brexit. China’s biggest international property portal reported that the number of Chinese buyer inquiries into UK property in the month after Britain voted to leave the European Union was 40% higher than average.

This popularity has continued in the months since the EU referendum, in part due to the currency window of opportunity that has been created. The pound has fallen to a 31-year low against the dollar and, coupled with prices in key Chinese cities rising 40% in the last year, for many investors the opportunity in the UK is simply too strong to ignore.

Terry Li, Project Director at Chinese private company CY Infotech and property investor, commented: “The British currency is at a 30-year low; the Chinese housing market is at a 25-year high. Why look any further?”

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