A leading Far East real estate company has stated that they are excited about the prospect about investing in the UK property right now, with Manchester a particular target.
Far East Consortium International chairman David Chiu Tat-cheong likens the situation in Manchester at present as being close to when the company launched into the Australian market in the late 90s.
“The situation with Manchester is close to that when we first decided to invest in Melbourne 17 years ago,” said Chiu.
With both home and land prices relatively lower than London and the British pound on a downward trend, Chiu believes Manchester shows great potential for investment.
Manchester is an education centre which attracts many overseas students and the city’s technology level is high.
Chiu believes there will be more interest in overseas property, particularly in the UK, as Chinese middle-class numbers grow and look for safe investment for their money.
Recently released figures show that Far East Consortium’s net profit for the six months ended 30th September surged by 158.9 percent compared with the same period last year, while revenues rose 59 per cent.
The company said it has recorded strong sales in residential developments in Melbourne.
“We have sold over 1,000 flats from our Melbourne residential project – West Side Place – launched in June in just a few months,” said Far East Consortium managing director Chris Hoong Cheong-thard.
“We estimate that about 70 percent of the buyers of flats from West Side Place are Chinese people from different cities in Asia.
“Asians acquiring properties overseas in places such as Australia, Britain and Singapore will be one of our focused businesses over the coming months,” Hoong added.
Article published 29th November 2016