London calling: Asia investors load up on UK property

Published on Reuters
By Lee Chyen Yee, HONG KONG | Wed Sep 15, 2010 8:59am EDT
 

(Reuters) – Without ever setting eyes on the property, Hong Kong resident Irene Chu snapped up a flat 6,000 miles away in London, a city she has visited but has no intention of ever living in.

“I’m not buying the high-end property. I just bought one close to the tube line and that’s a pretty safe investment,” said the 40-something business executive who paid 215,000 pounds ($322,500) for her apartment.

Chu isn’t alone.

Over the past year, Asians have invested a total of 761 million pounds, or more than $1 billion, in newly built apartments in central London, up from around 250 million pounds a year earlier, according to real estate company Knight Frank.

Further details on Asian investments

Tags: asians, business, executive, investors, pounds, property, uk

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