Chinese investments pour into London property

Updated 2017-03-01 10:37:19 China Daily

Chinese investors broke records by spending 805 million pounds (.01 billion) on property in London's West End in January, around 80 percent of the amount spent by Chinese investors in that market during the whole of 2016.

Total transactions in London's West End commercial property market during January came to 841 million pounds.

Four out of six deals transacted during the period involved Chinese buyers, according to the latest statistics issued by estate agent Savills.

Savills said the numbers confirmed a trend of increasing Chinese investment in London's property market since Britain's vote to exit the European Union referendum in June, with Brexit uncertainties leading to a depreciation in the value of the pound of more than 10 percent against the Chinese currency-the yuan.

Another reason for the surprising January statistics was a single massive transaction involving CC Land Holdings Ltd, which acquired One Kingdom Street in Paddington for 292 million pounds.

By Savills' calculation, it was the second-biggest transaction ever by a Chinese investor in the West End market, and was one of three deals each worth more than 200 million pounds.

Paul Cockburn, director of the central London investment team at Savills, said that the influx of overseas investors prompted by sterling's devaluation was continuing.

"From a Chinese investor's standpoint, London looks attractive as the currency shift means that entry prices may appear 15-20 percent lower than this time last year," he said.

The numbers from Savills match the latest statistics from property broker JLL, which show Chinese investors bought more than 3.15 billion pounds worth of central London commercial assets in 2016, accounting for 22.5 percent of total central London transaction volumes, compared with their purchase of less than 1 percent in 2006.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 19 2018 01:57:08

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 19 2018 01:57:08

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 19 2018 01:57:08

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords