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Guest blog: ‘Hong Kong flight turns from trickle into torrent’

Veteran North London estate agent, Trevor Abrahmsohn, reports on the large numbers of Hong Kong islanders seeking refuge in London's prime market.

Trevor Abrahmsohn, Glentree International

trevor

The Chinese government has much to answer at the moment but perhaps the most vexed are the actions of President Xi and his cronies tighten the imperialistic legal controls on Hong Kong citizens, in order to bring them – forcibly – under Communist dictatorship.

But as one door closes, another one opens, and it is no surprise that the wealthy and ambitious island-dwellers of Hong Kong aren’t too happy about Big Dragon Brother’s antics and are nervously looking at all routes west.

Lo and behold, is it any surprise therefore, that these moneyed Hong Kong residents are coming to the UK, with their saddlebags stuffed with booty, ready to buy a piece of English heritage – i.e. residential property – and invest in this country with their substantial intellect and resources?  We couldn’t be happier to receive them.

Torrent

This trickle has become a torrent and we are noticing an increased number of highly-educated Hong Kong nationals who, despite the UK Stamp Duty ‘tank-trap’, would rather invest their largesse in the world’s greatest city (London) than risk being vulnerable to the intrusive tentacles of the authoritarian Chinese state.

Glentree has had at least eight enquiries for top-end properties in recent weeks, some up to £50 million each. Amongst the buyers are also prospective tenants, with budgets of up to £40,000 a week, which could turn into significant purchases further down the track.

Many of them want leafy modernist homes and good schools. So small wonder then that our Oriental friends are flocking to the quaint, sylvan enclaves of Hampstead, Kenwood and Highgate, which fulfil all their demands in an attractive package.

July 17, 2020

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