The great haul of China: Far East investors rush to buy London homes | News
Wealthy investors are snapping up huge numbers of London homes in "buy a property" cocktail parties in Hong Kong and China.
A weak pound and soaring domestic prices have made the London property market so attractive to Asian buyers that more than half the homes in some Docklands developments are being bought by them.
Developers are mounting marketing campaigns and Far Eastern investors are jetting into London and the Home Counties to view schemes.
Peter To, of estate agent City Quays, said: "We are seeing an unprecedented stampede by buyers from the Far East, especially mainland China, Hong Kong, Singapore and Malaysia, snapping up top end apartments in and around Docklands.
"And the investment from China so far is only the tip of the iceberg. It can only keep on growing as investors get to understand our market and mortgages more."
One advert for an exhibition at the five-star Landmark Mandarin hotel in Hong Kong organised by Berkeley invited investors to buy apartments in "one of London's most desirable locations" at the Kidbrooke Village development in Blackheath. The scheme is not due to complete until autumn 2013 with prices starting at £229,950 for one-bedroom flats.
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