Originally published on Exeunt
In London, one of the most expensive cities in the world, the housing market is booming – a greedy monster that feeds on foreign investment like a child in a sweet shop. Seemingly innocuous plots of wasteland are being sold for billions of pounds to Russian oligarchs, Middle Eastern oil sheikhs and Chinese business moguls. It is estimated that the latter will have paid in over £105 billion to the British economy by 2025 – small wonder, then, that property developers are actively seeking Chinese investment.
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