LONDON (Reuters) - The British real estate market has been held hostage by investors from China and Hong Kong who have pumped billions of dollars in recent years to buy real estate in London, who are threatened with a new tax on capital gains on their property, according to a new plan the British government plans to implement in the future.
Hong Kong investors have been showing growing interest in the British property market in recent months after voting for exit from the European Union, despite a decline in prices and market concerns, Economist said in a report seen by Al Arabiya.net. British real estate.
Hong Kong-based GLL is receiving a growing demand from local Hong Kong investors for real estate in Britain, the magazine said, citing current demand exceeding purchases in 2015.
Investment property owned by China and Hong Kong accounts for 49 percent of overseas investment in London's real estate market during the first nine months of 2017, while real estate sales for both Chinese and Hong Kong are 14 percent in 2015, according to Economist.
According to GLL Properties, only 38% of new commercial real estate investors were British during the period.
According to the magazine, the well-known Chinese investor Lee Kum Kee bought the Talke and Lucky Tower on 38th Street in Finchorsch in July, paying 1.3 billion pounds, or 1.7 billion dollars.
Hong Kong's open appetite for property purchases in Britain was caused by a depreciation of the pound, which fell 19 percent against the dollar-linked Hong Kong dollar following the vote to leave the European Union.
It is noteworthy that most Britons voted in the referendum in June last year in favor of exit from the European Union, while only 48% voted for the survival of the British Union, which raised a lot of concerns about the economy, including the real estate sector which Has been reviving for years.
Source
alarabiya
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