By RUTH LYNCH
Chinese banks looking to expand into the West are favouring the capital for their new office space. London office space has been an attractive prospect for overseas investors for some time, due to the relative weakness of the pound and health of the sector.
Now, a recent study has found that Chinese banks are targeting London preferentially over other European capitals. The last month has seen two large deals go ahead, with major banks taking office space in London. Different banks have secured several large offices in the last 18 months.
More broadly, China’s economy has recovered faster than the UK’s from the financial crisis, and Chinese investors are favouring commercial property of all types in the capital, including residential properties.
Earlier this month, David Cameron warned of the problems of money travelling one way across the globe, as China’s exports to the UK were not matched by reciprocal ones.
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