A wave of affluent Chinese are investing in new blocks of flats rising in and around London's former wharves and docks - now among the most sought-after locations in the city. Others are buying large homes in prime central London.
The mainly cashed-up buyers who do not depend on mortgage loans have been largely unaffected by the credit clampdown in China, which has triggered a sharp fall in mainland sales.
Estate agency Knight Frank reports that over the past 12 months, 31 per cent of clients buying homes through its Canary Wharf offices were from China. Most were after two-bedroom flats priced at GBP300,000 to GBP600,000 (HK$7.1 million).
Their preferred location was Mill Harbour, near Canary Wharf, because they believe the 2012 Olympics in neighbouring Stratford will lift property values throughout East London, Knight Frank reports.
'Generally, we have found Chinese like to buy below the GBP1 million price point,' said Meriam Makiya, a Knight Frank sales manager. 'They prefer apartments on high floors with good views.'
When buying in the suburbs, Chinese investors wanted locations with good transport links to the capital's city centre, she said. They also preferred developments that offered security and facilities like a gym or swimming pool.