THE sudden rise of Hong Kong as a major player in Britain's property market has been one of the most remarkable stories of the 1990s but, until now, it has not been clear where the money went.
Latest data from a leading estate agency chain reveals a pattern: Hong Kong residents overwhelmingly prefer London apartments, not for their own use but as investments.
Moreover, they are unimpressed by period residences with old-world charm that often attract overseas buyers. Instead, they are investing in modern developments.
The statistics show that no less than 91 per cent of purchases originating in Hong Kong were intended as investments, and 88 per cent were apartments, not houses. Less than a third fell into the period/conversion category.
Just as the type of property preferred had been unclear, so the amounts paid were a matter of conjecture.
Data shows that the average price per unit was GBP246,500 (about HK$2.85 million).