Since the opening up of the Chinese economy several years ago, many more millionaires (and there are quite a handful of them) are continuously looking for good investment locations all around the world.
No doubt London is one of the most sought after property destination of any right thinking fellow whether from Asia or North America. The Chinese are taking advantage of their strong Yuan against a weakening Sterling; they are set to take charge of the annual overseas property exhibition in places like Kuala Lumpur, Hong Kong, and Singapore.
London, you must remember, is hosting the 2012 Olympics and Paralympics, making it an attractive destination for realtors in 2011. Reports show that in 2011, around 5 to 10% of all London house sales at overseas showcases will be to Chinese buyers and about 25% of those buying at exhibitions will be looking for somewhere to use themselves. That’s quite a huge chunk I must say.
Also, the Chinese seem to have an edge owing to the fact that there is very little competition in the U.K at the moment. Another factor that would drive this move this year is the stringent property tax regime operated by the Chinese government in recent times. A wise Chinese businessman/woman would rather invest in a more secured, and investment-friendly city like London.
Interestingly, even buyers who are not millionaires or real estate professionals are now looking to buy in London, predominantly with their children in mind for study or work. Indeed, London has become the toast of real estate professionals and adventurers all across the world.
