Hong Kongers are rushing to snap up luxury property in London after China imposed its draconian national-security law

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A woman walks past a poster for the National Security Law in Hong Kong on July 28, 2020. - The European Union will restrict exports to Hong Kong of equipment that could be used for surveillance and repression after Beijing imposed a controversial new security law, diplomatic sources said on July 28. (Photo by Anthony WALLACE / AFP) (Photo by ANTHONY WALLACE/AFP via Getty Images)

Hong Kongers have been scouting out London properties since China imposed a new national-security law on the city almost four weeks ago.
“We have seen a 20% upturn in enquiries from Hong Kong buyers,” Jeremy Gee, Managing Director of Beauchamp, told Business Insider.
Luxury agent Glentree also told Business Insider that it has seen increased demand from Hong Kongers.
London is already extremely popular with Hong Kong’s business class, with thousands owning second homes there long before tensions with China intensified.
The national security law essentially deprives the city of the political autonomy it had previously enjoyed from China.
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Hong Kongers have been eyeing up luxury property in London in the weeks since China imposed a sweeping new law that all-but-ended the city’s autonomy.

In the wake of the law’s passage, UK Prime Minister Boris Johnson said that three million Hong Kong citizens and their families would be able to get full British citizenship. Britain ruled Hong Kong for around 150 years until it handed it back to China in 1997.

Two of London’s leading luxury estate agents, Glentree International and Beauchamp Estates, told Business Insider they have both seen an increase in enquiries for London properties from Hong Kong buyers since June 29, the day China’s rubber-stamp parliament passed the national security law.

“Since the recent political issues and new laws being imposed by mainland China, we have seen a 20% upturn in enquiries from Hong Kong buyers,” Jeremy Gee, Managing Director of Beauchamp Estates, told Business Insider by email.

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“This is likely to become a steady stream of ongoing enquiries now that the UK government has confirmed that three million Hong Kongers can have residency rights in the UK.”

The UK Home Office declined to say how many Hong Kong citizens have renewed their British National (Overseas) Passports, which would allow them to live and work in the UK until they can apply for full citizenship.

Glentree International, a luxury real-estate agent in north London, has also seen increased demand.

Trevor Abrahmsohn, the founder of Glentree, told Business Insider that his firm is in discussions with at least eight Hong Kongers who contacted the company after the law was passed nearly a month ago.


Abrahmsohn said the most expensive home under consideration is worth £50 million ($64 million), with another Hong Konger interested in renting a property for as much as £40,000-a-week ($52,000).

The rush for London may have …read more

Source:: Business Insider

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