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Chinese interest in London up
By Cao Qian |
September 17, 2011, Saturday
|
Print Edition
Print Edition
LEADING independent global property consultancy Knight Frank yesterday said it expects transaction value of newly-built properties in London sold to Chinese mainland buyers to double in the next 12 months.
The London-based company, which has sold about 15 million pounds (US$23.71 million) worth of new properties in London over the past 12 months, has just set up a full-fledged International Project Marketing division in its Shanghai office to tap the rapidly-growing demand from Chinese mainland investors.
"We've noticed a dramatic increase in the percentage of newly-built property in central London going to Chinese mainland buyers over the past year and a half," said Seb Warner, Knight Frank's Asia-Pacific regional director of international project marketing. "We're pretty confident that the figure could double to 30 million pounds in the next 12-month period."
Knight Frank said the surge is mainly driven by a favorable exchange rate and London's status as a top destination for international property purchases.
In particular, about 10 percent of Chinese mainland buyers are keen on the super-prime market while the majority seems to be most interested in properties with a price tag of between 2 million yuan (US$313,480) and 10 million yuan, according to Knight Frank research.
The London-based company, which has sold about 15 million pounds (US$23.71 million) worth of new properties in London over the past 12 months, has just set up a full-fledged International Project Marketing division in its Shanghai office to tap the rapidly-growing demand from Chinese mainland investors.
"We've noticed a dramatic increase in the percentage of newly-built property in central London going to Chinese mainland buyers over the past year and a half," said Seb Warner, Knight Frank's Asia-Pacific regional director of international project marketing. "We're pretty confident that the figure could double to 30 million pounds in the next 12-month period."
Knight Frank said the surge is mainly driven by a favorable exchange rate and London's status as a top destination for international property purchases.
In particular, about 10 percent of Chinese mainland buyers are keen on the super-prime market while the majority seems to be most interested in properties with a price tag of between 2 million yuan (US$313,480) and 10 million yuan, according to Knight Frank research.
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