London Construction Companies Court Aisian Super Rich
Construction companies in London are increasingly relying on wealthy Chinese and
Indian citizens to finance new building projects as the weak pound and the downward spiral in the buy-to-let market continue.Money originating in the economies of Asia is being injected into the capital, keeping London construction companies in business at a time when they might have lost everything due to the recession.
Bosses of London construction companies have found that the international super-rich favour the UK capital as a hub for their European operations.
Eleven foreign billionaires, including steel magnate Lakshmi Mittal and mining entrepreneur Anil Aggarwal have property interests in London.
Some analysts have warned that the money flooding in from offshore will artificially inflate the housing market, freezing many locals out completely, but London construction companies are hardly worried about that.
The construction company Berkeley Group recently reported that sales of new homes to international buyers now accounted for 30% of houses sold.
Rob Perrins, chief executive of Berkeley, told The Financial Times: "The demand from sophisticated investors, who want to get money offshore and into a stable investment, or want a place for their children to live in when they come here for university, has no match in the domestic market."
The wave of Asian cash has also helped rejuvenate the restoration and refurbishment sectors, as existing buildings are transformed to further the business interests of foreign investors too.
A spokesman for west London construction company, Clinton Foakes, which operates in the exclusive Kensington and Chelsea and Knightsbridge areas, said: "We are certainly enjoying the benefit of this new investment, especially at a time when other industries are not doing so well."
"It just reinforces how respected and valued London is internationally and we are proud to be associated with such a vibrant and exciting location" he added.
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London Construction Companies Court Aisian Super Rich
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