Chinese investment in London UK has reached an all-time high. The sale of The Cheesegrater to CCL Land, a Hong Kong based developer, is a significant acquisition. The £1.15 billion purchase doubled Chinese investment in the UK capital in quarter 1 to an all-time high of £2.3 billion. There are other Asian investors interested in investing in London. These include Malaysia, Singapore and Taiwan, but China is by far the biggest.
The Cheesegrater is the name given to London’s Leadenhall Building, a 50 storey 225 m high building in Leadenhall St. in London. It is situated right opposite the insurance market Lloyds of London building. The buyer, CC Land of Hong Kong, is not new to investment in London.
CC Land also recently purchased 1 Kingdom Street in Paddington, London. This is a 260,000 sq ft office block that CC Land Holdings purchased in January. The UK capital is favored by oriental investors because it offers value along with stability. London is certainly an epicenter for investment in real estate, particularly for orientals.
This placed total acquisitions by Chinese companies at 69 percent of all deals in London, up from 25 percent in 2016. Only American investors are more active in investing in real estate in London than the Chinese.
Without doubt, the depreciation of sterling after Brexit has made UK property worthy of investment. Another driver for the push to purchase UK real estate has been the Chinese government. It has made it clear that restrictions on the requisition of certain forms of real estate may shortly be regulated.
Chinese firms with spare cash to burn are trying to buy up all they can while they are still able to do so. Oriental companies are looking to purchase large properties, particularly office blocks in the capital.
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