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This year Morgan Pryce has run several articles focusing on Chinese investment in London, not only in terms of purchasing buildings already in existence, but investing in new schemes such as a Chinese financial district in the dockland area.
Figures arising from research by carried out by Jones Lang LaSalle indicate that investment from this booming Far East economy into London’s property market has increased by over 1500% during the last three years.
The investment level now stands at £1 billion, up from £54 million in 2010. London, it would seem, is absorbing over 50% of the amount that Chinese business is investing in Europe, an incredible statistic considering the other successful European economies. It is also a figure which does, at least a little, contradict the recent news reports that China viewed London as a city to visit and in which to attend college, rather than a serious player in the world economy.
So where does this place China in relation to other countries investing in the UK? The figures have placed China third in terms of non-domestic purchasing, after Germany and the USA. With the Chinese economy’s rapid growth, there are businesses, state wealth, wealthy individuals and trusts who are all looking for reliable and stable investment opportunities, with the backing of a robust legal and financial system. London can offer the high-quality property portfolios they are looking for, with a wide range of property types and development opportunities.
The report indicates that the Chinese investors favour mixed-use developments that include offices, retail, hotels and even industrial sites. This year, Chinese investment has targeted the Lloyds building and the Royal Albert Dock while the ZhongRong Group in October announced its intention to invest £500 million to rebuild the Crystal Palace.
The indications are, there will be much more Chinese investment to come in the future, if London is ready for it.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.