Thursday, December 15, 2011
OOH NO – no more cheap money for property
Chinese investorsâ€™ share of prime London home purchases in the cityâ€™s most expensive neighborhoods fell by more than half in the third quarter as stock market declines hurt spending power, Hamptons International said. Buyers from the worldâ€™s second-largest economy accounted for 4.9 percent of sales in Chelsea, Kensington, Knightsbridge and Belgravia in the three months through September, down from 12.6 percent in the previous quarter, said Adam Challis, head of residential research the London-based property broker. They represented 10.6 percent of the purchases in the three months through March.