Chinese pour into London to buy houses to replace Russian Middle Eastern billionaires

Photo: UK property prices have fallen 10% in two years, but the price of luxury flats has risen 8.75% global network reporter Shishan September 19 reported that China's booming economy, investors holding a large amount of capital to enter the overseas property market, which London has become the most favored by their place.　　Chinese buyers have replaced Russia and Middle Eastern billionaires as the most frequently-bought property buyers in some parts of London, a london-based industry source said. UK property prices have fallen more than 10% per cent since the collapse of Lehman Brothers in 2008, but the London luxury market has recovered fastest, according to Wen Wei Po.　　Last year Britain's luxury luxury homes were priced at 8.75%, largely backed by overseas investors such as China. According to the Shanghai Hurun Research Institute, the number of people with more than 10 million renminbi assets in China has increased by 6.1% to 875,000 in 1 years.　　They are looking for investment opportunities overseas, with the property of the Knight Bridge Street and Canary Wharf Financial district in London very popular. The UK property company survey found that Chinese investors accounted for 5% of all overseas buyers in the London luxury market worth 500,000 to 1 million pounds, a sharp increase from less than 1% per cent last year.　　Unlike buyers in Russia or the Middle East, most Chinese investors buy their own homes and use them for rent-collecting investments. Reports say London property is welcomed by Chinese buyers for many reasons. First, Britain has almost no restrictions on foreigners owning real estate, followed by the emphasis on education by the Chinese, and the natural attraction of prestigious universities in Britain, which last year had 948 Chinese students from universities in London.