The Hong Kong skyline
(Picture: Galliard Homes)London developer Galliard Homes is betting on continued demand for British property from Hong Kong investors despite an exodus of many wealthy locals due to the growing influence of Beijing on the peninsula.
Galliard, the largest private property developer in the capital, has announced the opening of its first dedicated sales office in Hong Kong, which will market London flats to Chinese investors.
Galliard’s Ben Waterman said: “The strength of the UK’s vaccine and booster roll-out programmes, the reopening of the UK and the international perception that London remains a safe haven for investment, is resulting in a renewed appetite to buy in the UK — as an investor or an owner-occupier.
“British universities are now returning to face-to-face teaching and we are seeing the return of international students into new-build apartments too.”
Galliard recently sold a £21.4 million Oxford Street penthouse to a wealthy Chinese buyer in what is thought to be the most expensive residential deal ever in the area.
The decision to open a dedicated marketing suite comes despite an exodus of many wealthy Hong Kongers from the area due to the growing influence of mainland China. Beijing pushed through a controversial and widely condemned National Security Law in 2020 that cracked down on freedom of expression.
The UK last year began offering a special path to citizenship for Hong Kong residents who wanted to resettle in Britain. More than 80,000 people applied in the first nine months of the scheme.
Galliard’s push also comes as other Western businesses go the other way. Bank of America and Wells Fargo are both looking at moving staff out of Hong Kong as strict Covid-19 quarantine measures make business in the region difficult. Travelers visiting from anywhere outside China must quarantine in a government-sanctioned hotel for 14 days upon arrival. Hong Kong is currently in the midst of what leader Carrie Lam has called a Covid-19 “onslaught” that has overwhelmed health facilities.
Waterman said: “There will also be total connectivity between the Hong Kong-based arm of Galliard and UK operations, with capacity for members of the UK sales force to fly out and interact with Hong Kong clients.”
Chrissy Yan, who will head the new office, said: “The ambition is to grow our already impressive network of local agents and introducers and to offer yet more services to prospective clients.”
