With Hollywood stars, tech tycoons and Chinese government entities buying in, London’s property boom is reading more like a spy thriller than a market trend.
What do George Lucas, Jack Ma’s wife and Larry Ellison have in common? They’ve all bought properties in London in the last twelve months. They’re also multi billionaires. The tall, imposing, Georgian buildings in London’s leafy Belgravia are quintessentially British. Their owners, however, come from all over the world. Most notably, from China and the United States. The rivalry is taking over the capital.
Lygon Place, owned by Cathy Ying Zhang, Jack Ma’s wife (Beauchamp Estates)
Earlier this year, data from Knight Frank revealed that America had overtaken China as the biggest buyer in prime central London. Additionally, The London Evening Standard reported Ryan Gosling, Eva Mendes, Zoë Kravitz and Zendaya had all made the move across the pond. They’ve branded this transition from “Hollywood to Hampstead” the latest development in transatlantic movements.
Luke de Pulford, the founder and Executive Director of the Inter-Parliamentary Alliance on China, has spoken out against the Chinese government and mega-rich buying up property in London. Speaking to City News, he said: “London welcomes investment, but we can’t ignore the surge of purchases by Chinese state-linked entities and ultra-wealthy individuals. The United States has already tightened scrutiny of such acquisitions for security and transparency reasons. Britain should do the same. Protecting our openness without allowing it to become a vulnerability.”
Luke de Pulford (Taipei Times)
Many Americans blame President Trump’s policies, London’s very own Trump effect. The mayor of London has welcomed the new arrivals. Sadiq Khan said: “London is the greatest city in the world, safer than major US cities, and we’re delighted to welcome the record number of US citizens moving here.”
Chinese investors have seen London as a safe bet for well over a decade. The country’s sovereign wealth fund, the China Investment Corporation, was set up in 2007. A few years later, it bought shares in Heathrow airport.
Kerry Brown, a China expert at King’s College London, was less sceptical. He praised the investment in historical buildings and its effect on the property market. “I don’t think this is an issue of specifically Chinese, Russian, or others buying properties, unless there are sanctions in place that prevent this. It should be an issue of making sure that those that buy such properties, wherever they are from, are aware of the responsibilities to maintain them, and, where necessary, allow access to them if they are of particular historic interest.”
But it’s not only individuals buying up classical townhouses with beautiful columns, grand entrances, and arches. Back in 2018, the Chinese government bought the site of the Royal Mint Court in Tower Hamlets for £255m. The People’s Republic of China plan to use the building as a new mega embassy. The Royal Mint Court has important historical value. Built in the early 1800s, the complex is grade-II listed. The sale of the site raised questions about its strategic value and location. The government has yet to approve the plan with a recent spy scandal putting strain on UK-China relations.
There is no shortage of demand for property in London. The average house price stands at £566,000, well above the national median. American and Chinese buyers continue to dominate the market. Parliament’s foreign affairs committee is currently working on an inquiry into the UK’s strategy towards Beijing.
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HeadlineAmerican Cash and Chinese Capital snap up central London
Short HeadlineChinese and American billionaires are taking over London
StandfirstThe UK property market slump hasn’t stopped some of the world’s wealthiest snapping up prime real estate.
With Hollywood stars, tech tycoons and Chinese government entities buying in, London’s property boom is reading more like a spy thriller than a market trend.
What do George Lucas, Jack Ma’s wife and Larry Ellison have in common? They’ve all bought properties in London in the last twelve months. They’re also multi billionaires. The tall, imposing, Georgian buildings in London’s leafy Belgravia are quintessentially British. Their owners, however, come from all over the world. Most notably, from China and the United States. The rivalry is taking over the capital.
Lygon Place, owned by Cathy Ying Zhang, Jack Ma’s wife (Beauchamp Estates)
Earlier this year, data from Knight Frank revealed that America had overtaken China as the biggest buyer in prime central London. Additionally, The London Evening Standard reported Ryan Gosling, Eva Mendes, Zoë Kravitz and Zendaya had all made the move across the pond. They’ve branded this transition from “Hollywood to Hampstead” the latest development in transatlantic movements.
Luke de Pulford, the founder and Executive Director of the Inter-Parliamentary Alliance on China, has spoken out against the Chinese government and mega-rich buying up property in London. Speaking to City News, he said: “London welcomes investment, but we can’t ignore the surge of purchases by Chinese state-linked entities and ultra-wealthy individuals. The United States has already tightened scrutiny of such acquisitions for security and transparency reasons. Britain should do the same. Protecting our openness without allowing it to become a vulnerability.”
Luke de Pulford (Taipei Times)
Many Americans blame President Trump’s policies, London’s very own Trump effect. The mayor of London has welcomed the new arrivals. Sadiq Khan said: “London is the greatest city in the world, safer than major US cities, and we’re delighted to welcome the record number of US citizens moving here.”
Chinese investors have seen London as a safe bet for well over a decade. The country’s sovereign wealth fund, the China Investment Corporation, was set up in 2007. A few years later, it bought shares in Heathrow airport.
Kerry Brown, a China expert at King’s College London, was less sceptical. He praised the investment in historical buildings and its effect on the property market. “I don’t think this is an issue of specifically Chinese, Russian, or others buying properties, unless there are sanctions in place that prevent this. It should be an issue of making sure that those that buy such properties, wherever they are from, are aware of the responsibilities to maintain them, and, where necessary, allow access to them if they are of particular historic interest.”
But it’s not only individuals buying up classical townhouses with beautiful columns, grand entrances, and arches. Back in 2018, the Chinese government bought the site of the Royal Mint Court in Tower Hamlets for £255m. The People’s Republic of China plan to use the building as a new mega embassy. The Royal Mint Court has important historical value. Built in the early 1800s, the complex is grade-II listed. The sale of the site raised questions about its strategic value and location. The government has yet to approve the plan with a recent spy scandal putting strain on UK-China relations.
There is no shortage of demand for property in London. The average house price stands at £566,000, well above the national median. American and Chinese buyers continue to dominate the market. Parliament’s foreign affairs committee is currently working on an inquiry into the UK’s strategy towards Beijing.
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