Hongkongers splash out on London property as Boris Johnson’s visa offer, weak pound buoy market

Teow Leong Seng, President & CEO of Eco World International Berhad, says low sterling has made UK property prices ‘much more affordable’

Developer sold US$25 million of London property to Hong Kong buyers in May and expects sales to rise further

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A protester holds a BN(O) passport during a lunch hour demonstration at the IFC shopping mall in Central. Photo: SCMP

Published: 6:00pm, 11 Jun 2020Updated: 9:29pm, 11 Jun 2020

A Malaysian property developer that sold £20 million (US$25 million) worth of London property to Hong Kong buyers in May expects sales to rise further, citing a weak pound and the UK’s offer to grant up to 3 million Hongkongers the right to live and work in Britain.

“It has been very encouraging for us in Hong Kong,” said Teow Leong Seng, President & CEO of Eco World International Berhad (EWI). “The present low sterling makes property prices in the UK very much more affordable for international investors.”

EWI, which is listed on the Kuala Lumpur stock exchange, has 18 projects in Britain and Australia with a gross development value of £4.8 billion and A$716 million (US$500 million) respectively.

The properties sold over the three weekends in May ranged in value from £500,000 to over £1 million.

“Hongkongers have always been very savvy property investors and they have long been invested in London – the recent proposed changes to the UK visa system in favour of Hongkongers certainly adds to the many reasons they may already have to buy a property there,” said Teow.

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