High end London estate agency Aston Chase says there’s already been a surge in interest in property in the UK capital by Hong Kong investors worried about the political situation at home.
The agency says fears over Chinese plans for an extradition treaty and the Beijing government’s growing influence over Hong Kong have driven investors based there to seek a 'safe haven’ abroad.
Even with Brexit and the continuing economic and political uncertainty associated with it, London appears to be a favoured destination for worried HK investors, says the agency.
This is down to the UK’s relative long-term stability, legal system, exceptional education amenities and its recognition as a hub for business and commerce alongside the convenience of its worldwide central location.
As a direct consequence the agency says it’s recently agreed terms on the sale of a substantial PCL apartment to a Hong Kong resident.
Although predominantly intended as a second home the apartment will act as a ‘safe haven’ if political tensions with the Chinese government deteriorate thus preserving Hong Kong nationals’ assets and wealth.
“[We’ve seen] an unmistakable surge in enquiries from Hong Kong residents looking to buy property in London. In the past two weeks alone, we have had four serious high end enquiries from prospective purchasers looking at homes here with many citing the political unrest in Hong Kong as being the primary motive to buy” says Mark Pollack, the agency’s co-founder and director.