Lo Ka Shui, chairman of Great Eagle Holdings which owns The Langham London, has suspended plans for a 250 million pound real estate project in London because of the uncertainty following Britain’s decision to withdraw from the European Union.
1 The Langham London
In an interview with Bloomberg, Lo said that Brexit is likely to send property values lower, noting that seven listed property funds in the UK had halted client withdrawals.
He added: “There will be some opportunity for us, but maybe a little bit later.”
Asian investors are the largest international group with direct real estate investments in the UK, according to Jones Lang LaSalle, including developers such as Dalian Wanda Commercial Properties, China Vanke and Oxley Holdings.
Hong Kong-based Great Eagle had been negotiating to buy private land in London’s trendy Shoreditch neighbourhood to build an Eaton Hotel, part of the group’s lifestyle brand.
