How ‘platinum students’ and socialites from Hong Kong and China are snapping up more prime London real estate since start of the pandemic – including a Knightsbridge penthouse being rented for £11,000 per WEEK
- There has been a spike in buyers and renters from Hong Kong and China snapping up London real estate
- So-called ‘platinum students’ are paying as much as £11,000 per week for sprawling pads in the city
- Socialites are willing to spend up to £40,000 per week, according to one high-end property expert
- Rise could be tied to the weak pound over the last year, or a desire to set up a second home in London
The pandemic has sparked a surge in the number of ultra wealthy Chinese buyers and renters snapping up super prime properties in London, estate agents have revealed.
In the almost two years since the outbreak of Covid-19, there has been a ‘large increase’ in the number of ‘millionaires and billionaires’ from Hong Kong and mainland China seeking to buy and rent super-prime real estate in the city, according to Jeremy Gee, managing director of UK-based property firm Beauchamp Estates.
While Chinese buyers and renters have been a major force in the central London property market for several years, there has been a shift towards bigger properties since the start of 2020, suggesting a desire to find a ‘home away from home’ in the capital, rather than simply an investment property. It could also be tied to the weaker pound.
Renters are willing to spend up to £40,000 per week for the right property, he explained. Among these mega rich renters are so-called ‘platinum students’ who live off their parents’ vast wealth while studying in the UK.
Super-prime property: The pandemic has sparked a surge in the number of ultra wealthy Chinese buyers and renters snapping up super prime properties in London, estate agents have revealed. Beauchamp Estates recently arranged the rental of a 6,000 sq ft five-bedroom penthouse in Knightsbridge, pictured, to a ‘young man’ studying for a masters degree
Luxury living: The property, Lancelot Place Penthouse, boasts a rooftop garden, large reception rooms, pictured, dining areas and a large master bedroom suite complete with a walk-in dressing room and marble bathroom
Some are willing to spend so much they are outbidding corporate clients.
While this market was traditionally dominated by students from Saudi Arabia, Qatar, Kuwait, Russia, Singapore, Malaysia and Nigeria, over the last two years there has been a spike in the number of students from Hong Kong and mainland China.
‘There is currently a boom in the Mayfair lettings market as the Chinese super-rich demand the best for their student and young socialite offspring,’ explained Peter Wetherell, founder and chairman of Mayfair estate agent Wetherell.
‘They are outbidding corporate tenants although corporate demand itself remains strong, especially tenants from continental Europe. The wealthiest Chinese renters and other students from the Far East are happy to pay £1,500 to £3,000 a week to rent a flat in Mayfair whilst the socialites with billionaire parents can afford up to £10,000 plus a week to snap up Mayfair’s finest homes.’
Beauchamp Estates recently arranged the rental of a 6,000 sq ft five-bedroom penthouse in Knightsbridge to a ‘young man’ studying for a masters degree in London.
No details of his identity were given but he is able to afford an eye-watering rent of £11,000 per week.
Plenty of room for two! Elsewhere a mansion in Kensington, pictured, has been let for almost £8,000 per week to a mainland Chinese businessman on secondment in London and his socialite girlfriend, Mr Gee revealed
No expense spared: Wycombe Square Mansion offers 5,100 sq ft of living space, including five large bedrooms, an entrance hall, dining room, family kitchen, pictured, private cinema and a garden
The property, Lancelot Place Penthouse, boasts a rooftop garden, large reception rooms, dining areas and a large master bedroom suite complete with a walk-in dressing room and marble bathroom.
Elsewhere a mansion in Kensington has been let for almost £8,000 per week to a mainland Chinese businessman on secondment in London and his socialite girlfriend, Mr Gee revealed.
Wycombe Square Mansion offers 5,100 sq ft of living space, including five large bedrooms, an entrance hall, dining room, family kitchen, private cinema and a garden.
Wetherell noted it had let Culross House on Culross Street to a 24-year-old Chinese heiress for £1.55 million per year.
Close to nature: Wycombe Square Mansion has access to beautiful gardens, pictured, but costs £8,000 per week to rent
Mr Gee told FEMAIL: ‘Over the last few years mainland Chinese and Hong Kong billionaires and millionaires have become a driving force in the Central London luxury property market, accounting for 15 per cent of deals for homes valued at over £1 million and 20 per cent of deals valued at over £10 million.
‘We have noticed a large increase in enquires from China throughout the COVID-19 pandemic, perhaps driven by the weaker pound.
‘Buyers from China are now looking at larger properties than previously so perhaps moving away from the investment model and looking for a home in the capital and further afield.
‘The COVID-19 pandemic led to an outflow of some tenants and owners living in Central London who have chosen to relocated to the Home Counties in order to purchase larger houses with gardens.
‘This outflow led to an opportunity for Chinese and Hong Kong buyers and tenants who have been able to step in and acquire apartments, penthouses and houses in Central London.’
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