Chinese developer Dalian Wanda has recently invested heavily in London’s luxury property market.
That’s according to the Financial Times, who report that the company – the largest developer in China – has agreed to buy £470 million worth of land for development to the south of the river Thames.
The land had previously been the site of the New Covent Garden flower market, and is part of the Nine Elms project, close to Battersea Power Station.
There had been fears amongst some commentators that Brexit could bring an ‘exodus’ of highly-paid workers from London to other European cities, resulting in a falling demand for luxury accommodation. However, Dalian Wanda are clearly satisfied that demand will remain high for the latest high-end developments.
Dalian Wanda is not the first Chinese company to have shown confidence in London property, despite the potential impact of Brexit.
In March, CC Land of Hong Kong purchased London’s ‘cheesegrater’ (which is actually called the Leadenhall Building) for a record-breaking £1.15 billion.
To put that figure in perspective, we understand that it’s the second highest price ever paid for a British property – the first being the sale of HSBC’s headquarters in Canary Wharf for a slightly higher figure.
Jul 21, 2017 0
Special coverage on China's Two Party Sessions by The Daily Mail - People's Daily