Chinese investors seem to be buying up property in London, prices across the board (£320,000, which is about $500,000), on the lower end, to more than $26 million on the other end and even higher. Investors are betting that real estate prices will go up before the Games in 2012. Apparently many of the wealthy Chinese pay in cash. Chinese citizens require approval from their local authorities to invest more than the equivalent of $50,000 a year overseas. But many wealthy Chinese elude the restrictions with help from trust funds and foreign bank accounts, real estate brokers say.
While it may seem as if the London property market has slowed down recently, Chinese and Hong Kong investors are bidding on luxury apartments in the high-end Knightsbridge district not far from Harrods and the Canary Wharf financial district. In some pockets of London, Chinese investors have already replaced those from Russia and the Middle East as the busiest real estate buyers with with the deepest pockets. They’re now accounting for 5 percent of all purchases by foreigners of London properties valued from £500,000 to £1 million, up from 1 percent last year.
Renee Blodgett is the founder of We Blog the World. The site combines the magic of an online culture and travel magazine with a global blog network and has contributors from every continent in the world. Having lived in 10 countries and explored nearly 80, she is an avid traveler, and a lover, observer and participant in cultural diversity.
She is also the CEO and founder of Magic Sauce Media, a new media services consultancy focused on viral marketing, social media, branding, events and PR. For over 20 years, she has helped companies from 12 countries get traction in the market. Known for her global and organic approach to product and corporate launches, Renee practices what she pitches and as an active user of social media, she helps clients navigate digital waters from around the world. Renee has been blogging for over 16 years and regularly writes on her personal blog Down the Avenue, Huffington Post, BlogHer, We Blog the World and other sites. She was ranked #12 Social Media Influencer by Forbes Magazine and is listed as a new media influencer and game changer on various sites and books on the new media revolution. In 2013, she was listed as the 6th most influential woman in social media by Forbes Magazine on a Top 20 List.
Her passion for art, storytelling and photography led to the launch of Magic Sauce Photography, which is a visual extension of her writing, the result of which has led to producing six photo books: Galapagos Islands, London, South Africa, Rome, Urbanization and Ecuador.
Renee is also the co-founder of Traveling Geeks, an initiative that brings entrepreneurs, thought leaders, bloggers, creators, curators and influencers to other countries to share and learn from peers, governments, corporations, and the general public in order to educate, share, evaluate, and promote innovative technologies.
