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CrazyFruits » Entertainment Movies Trailors & More Interesting Things » General CRAZY DiscussionS » Chinese investors on shopping spree for landmarks

Chinese investors on shopping spree for landmarks

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BigBossAdmin

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First, it was The Cheesegrater; then, The Walkie-Talkie. Now, industry analysts are asking what will be next as Chinese commercial property investors snap up London landmarks. The Gherkin? The Shard?
The buildings are all high-rise towers in and around the City, London's main financial district.

China's LKK Health Products Group paid 1.28 billion pounds (US$1.68 billion) last week, the biggest-ever price tag for a UK building, when it bought 20 Fenchurch Street, which is colloquially known as The Walkie-Talkie.

The massive purchase followed the sale of the Leadenhall Building earlier this year, which is known as The Cheesegrater.

The other two buildings, also nicknamed for their unique shapes, are not for sale, but neither was The Walkie-Talkie before LKK made its owners an offer they could not refuse.

The purchase of commercial property in London by Chinese buyers has been accelerating at an unprecedented rate.

The latest figures from real estate agent CBRE show Chinese investors bought UK commercial property worth 4.5 billion pounds in the second quarter of 2017, a six-fold increase year-on-year.

Meanwhile, statistics from real estate agent JLL show Chinese buyers invested 3.4 billion pounds in London properties overall in the first half of this year, which was 42 percent of all purchases.

Eric Pang, head of the China Desk at JLL, said, "We continue to witness the emergence of Chinese capital globally."

He said he expects China's share of investment in the UK to continue to rise.

Depreciation of the pound because of uncertainties around the UK's exit from the European Union is a key contributing factor, helping Chinese investors buy sterling assets at a discount.


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