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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 market. But while Labour and the Liberal Democrats want a “mansion tax” on high value homes, the Prime Minister and Mayor or London, Boris Johnson continue their efforts to attract investment from Asia. Mr Ching, chief executive of Singapore-based Oxley Holdings said developers and investors came to Britain because it has the “freest economy in the world” and praised its “highly tolerant culture”. The firm’s first London scheme is the 3,400 home Royal Wharf at Royal Docks, near the O2 arena. Mr Ching told the Financial Times: “You have a feeling of being equal to everyone on the street; it is a highly tolerant culture. In some parts of the world, you have elitism that never lets you be part of the club if you are an Asian, but not in London”. Source – Evening Standard

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