Manchester’s market fundamentals are set to attract further investment from China, with the north-west city being compared to the world’s ‘most liveable city’ Melbourne.
- Manchester can expect to receive further investment from China as strong market fundamentals attract investors
- Chairman of Far East Consortium International predicts that there will be more activity in overseas property by the Chinese as their middle-class continues to grow
- Any market uncertainty caused by Brexit appears to be no deterrent, with Chinese appetite for UK property growing
Is Manchester the UK’s answer to Melbourne?
When it comes to property, the Chairman of Far East Consortium International, David Chiu Tat-cheong, certainly believes so.
Tat-cheong is optimistic about the prospects of Britain’s property market and is looking to invest in Manchester due to the city’s similarities to Melbourne, where he has experienced success.
“The situation with Manchester is close to that when we first decided to invest in Melbourne 17 years ago,” said Chiu.
The discrepancy of home prices and population between Melbourne and Sydney today has narrowed and Melbourne is now one of the most liveable cities in the world.
Attracting thousands of overseas students yearly, Manchester has a reputation as an international talent pool and has benefited from successive governments’ attempts to invest more money outside of London. With a booming rental population, Manchester was named last year by HSBC as the city with the highest yields in Britain.
With both home and land prices relatively lower than London and the British pound falling to its lowest level in 31 years, Chiu believes Manchester shows great potential for investment.
Chiu believes there will be more interest in overseas property as Chinese middle-class numbers grow.
Chancellor Philip Hammond has voiced his thoughts on the UK’s relationship with China, explaining the significance of tapping into the current Chinese market as “our trade relationship with China is now more important than ever”.
Brexit seems to be no deterrent – China’s already healthy appetite for UK property is only growing. According to Chinese diplomat Sun Dali, Chinese investors’ ‘love affair’ with the Northern Powerhouse, Manchester in particular, began when President Xi Jinping visited the UK city last year.