Chinese top spenders on London property

Property buyers from the Chinese mainland have become the biggest spenders in the prime central London property market, the Financial Times reported.

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In the 12 months to the end of February, mainland buyers, spent 6.5 million pounds ($10.10 million) on top-end property purchases, out-shadowing 60 other nationalities that bought in the capital of the UK over the same period.

Investors from Malaysia followed their peers from the Chinese mainland with an average purchase price of 6.2 million pounds, and Hong Kong, paid 5.5 million pounds, the paper said, quoting figures from Knight Frank.

Russian buyers, once the biggest buyer in the market, fell to fourth place by spending an average of 5.4 million pounds over the past 12 months.