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Asian investor warns against tax forfeits on foreign homebuyers

22 April 2014

Penalties on foreign investors buying London property could damage the capital’s status as one of the world’s most attractive cities, a leading Asian developer has warned. Ching Chiat Kwong, one of Singapore’s richest people, said a government crackdown on foreign homebuyers would make them feel less welcome. As the value of London property soars, Mr Chang said he liked investing here because “the market here does not crash” and added: “we are here to stay”. Last month, the Government increased tax on homes in an attempt to counter the impact of wealthy foreign buyers on the British...

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