HONG KONG/LONDON -- A 27-story condominium complex is under construction among old brick buildings in the city of Manchester, central England. Investment from mainland China accounts for some 70% of the purchase contracts signed to date.
Purchases by Chinese buyers are outpacing those from the Middle East and Singapore, said an official at Axis Manchester, which is developing the building. Inquiries about properties in the city have increased sharply since stock prices declined in China last year, a local real estate agent said -- with even apartments for students immediately finding buyers. "Tier two cities in the U.K., like Manchester and Birmingham, are hot places (for Chinese investors) at the moment," said Paul Hill, director of Headland Developments, a Hong Kong-based real estate developer.