How “platinum students” from Hong Kong and China are buying more prime real estate in London

The pandemic has sparked a surge in the number of ultra-wealthy Chinese buyers and renters buying prime London real estate, real estate agents have announced.

In the nearly two years since the Covid-19 outbreak, the number of “millionaires and billionaires” from Hong Kong and mainland China looking to buy and rent prime real estate in the city has “risen sharply.” according to Jeremy Gee, managing director of British real estate company Beauchamp Estates.

While Chinese buyers and tenants have been a major force in the real estate market in central London for several years, there has been a shift towards larger properties since early 2020, suggesting a desire to have a “home away from home” in the capital Find. and not just an investment property. It could also be tied to the weaker pound.

Tenants are willing to spend up to £ 40,000 a week on the right property, he explained. Among these mega-rich tenants are so-called “platinum students” who live on their parents’ huge fortune while studying in Great Britain.

Super prime real estate: The pandemic has sparked a surge in the number of ultra-wealthy Chinese buyers and renters buying super prime real estate in London, real estate agents have announced. Beauchamp Estates recently arranged the rental of a 6,000-square-foot, five-bedroom penthouse in Knightsbridge, pictured, to a “young man” who is studying for a Masters degree

Luxurious Living: The property, Lancelot Place Penthouse, has a roof garden, large reception rooms, pictured dining areas and a large master bedroom with a walk-in dressing room and marble bathroom

Some are willing to spend so much money that they will outbid corporate clients.

While this market has traditionally been dominated by students from Saudi Arabia, Qatar, Kuwait, Russia, Singapore, Malaysia and Nigeria, the number of students from Hong Kong and mainland China has increased over the past two years.

“The Mayfair rental market is booming right now as the Chinese super-rich demand the best for their students and young celebrities,” said Peter Wetherell, founder and chairman of Mayfair real estate agent Wetherell.

‘They outbid corporate tenants, even though corporate demand itself remains strong, especially tenants from continental Europe. The wealthiest Chinese renters and other Far Eastern students are happy to pay £ 1,500 to £ 3,000 a week to rent an apartment in Mayfair, while the celebrities with billionaire parents can afford up to £ 10,000 plus a week to buy Mayfair’s finest homes to buy. ‘

Beauchamp Estates recently arranged the rental of a 6,000 square meter five bedroom penthouse in Knightsbridge to a “young man” who is doing a master’s degree in London.

No identity has been given, but he can afford a staggering £ 11,000 a week rent.

Lots of space for two! Elsewhere, a Kensington mansion pictured has been rented for nearly £ 8,000 a week to a Chinese mainland businessman seconded to London and his public figure, Mr Gee revealed

No expense spared: Wycombe Square Mansion offers 5,100 square feet of living space, including five large bedrooms, an entrance hall, a dining room, a family kitchen, pictured, a private cinema and a garden

The property, Lancelot Place Penthouse, has a roof garden, large reception rooms, dining areas and a large master bedroom with a walk-in dressing room and marble bathroom.

Elsewhere, a Kensington mansion was rented for nearly £ 8,000 a week to a Chinese mainland businessman seconded to London and his public life girlfriend, Mr Gee revealed.

Wycombe Square Mansion offers 5,100 square feet of living space including five large bedrooms, an entrance hall, dining room, family kitchen, private cinema and garden.

Wetherell found it rented Culross House on Culross Street to a 24-year-old Chinese heiress for £ 1.55 million a year.

Close to nature: Wycombe Square Mansion has access to beautiful gardens which are pictured but costs £ 8,000 a week

Mr. Gee told FEMAIL, “In recent years, mainland China and Hong Kong billionaires and millionaires have become a driving force in the luxury real estate market in central London, accounting for 15 percent of transactions for homes over £ 1 million and 20 percent cents the deals worth over £ 10 million.

“We saw a sharp increase in inquiries from China during the COVID-19 pandemic, possibly driven by the weaker pound.

‘Buyers from China are now looking for bigger properties than they used to be, so they may be moving away from the investment model and looking for a home in the capital and beyond.

“The COVID-19 pandemic has resulted in some renters and owners living in central London choosing to move to Home Counties to buy larger houses with gardens.

‘This outflow gave China and Hong Kong buyers and tenants an opportunity to step in and purchase apartments, penthouses and houses in central London.’

Leave a Comment