Buy what you know, close to home, the buy-to-let mantra goes. It was ignored by investors – mainly Chinese and some UK expats – who recently flocked to Hong Kong’s Mandarin Oriental, 45 of whom exchanged contracts on the day for flats 6,000 miles away in Stratford, east London.
The flats in question were at Capital Towers, a Galliard Homes scheme that consists of 191 waterside units costing from £280,000 for a one-bed apartment. Due to complete in 2016, the development benefits from having the Westfield Stratford City shopping centre and excellent public transport links right on its doorstep.
It’s exactly what Asian – and, in particular, Hong Kong Chinese – buyers want from London, says Robert Fraser, managing director of estate agency Fraser & Co, which is marketing Capital Towers. Fraser adds easy access to the West End and universities for their children to the typical Chinese property checklist.