The rich Chinese elite are increasingly snapping up property in a number of Europe’s most prestigious addresses, in the United Kingdom.
According to Knight Frank Residential Research, more than one in 10 of all buyers of new properties in central London hail from Mainland China or Hong Kong, with plenty of Mainlanders channelling their money through the Special Administrative Region.
Individuals in China cannot spend more than $50,000 per year outside the country, compelling plenty of to bypass these restrictions by Hong Kong.
Sebastian Warner, partner in residential development at Knight Frank, said: "Hong Kong has been a massive market. it's always been significant but the last year-and-a-half has been dramatic.”
"It is often difficult to choose whether the people we are selling to are feeding mainland money through Hong Kong or are people who have moved to Hong Kong & have taken their money with them."
In order to capitalise on the flush of Chinese money, plenty of estate agents are hiring Mandarin speakers, while some like Savills, have set up dedicated China desks in its London office. Furthermore, a host of estate agents are holding property exhibitions in China itself.
A necessary side effect is that property developers are also seeking advice on feng shui, with some new apartment blocks in London having no floor numbered six, considered unfortunate in Chinese culture.
Although London remains the choice pick for very all of Chinese buyers, they are also taking a look at other areas of Europe, including old world castles & chateaus with vineyards in France as well as southern spain.
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