China’s Greenland launches sales for tallest residential building in Western Europe

Greenland Group, the third largest developer in China, is expecting heightened interest from Hong Kong investors in its new £800 million residential development in London following increases in stamp duties for properties in Hong Kong.

The development, dubbed Spire London, will be the tallest residential tower in Western Europe at 235 metres and 67 storeys. It will have 765 apartments priced from £685,000 (HK$6.65 million).

Spire London is scheduled for completion in 2020, according to a statement from Greenland, and will be located along the waterfront and be adjacent to Canary Wharf, an international financial centre in the UK.

Sales promotions for the development were launched in the UK and mainland China, and since September more than 1,180 people have expressed interest in buying units.

The development will exhibit in Hong Kong in two weeks, with real estate services firm Jones Lang LaSalle (JLL) acting as the sole agent.

Many Hong Kong investors are looking to diversify assets into London after the Hong Kong government more than doubled the stamp duty for non first-time home buyers to 15 per cent, which will dampen overheating secondary property markets.

The stamp duty change has created “some turbulence in the local market”, pushing investors to look abroad, JLL’s head of international properties Mandy Wong said. Around 150 buyers expressed interest in overseas real estate markets at a JLL exhibition over the weekend, up from an average of 80 clients previously, according to Wong.