Chinese investors divesting of London property as market peaks
Chinese investors in UK property, particularly in London, are reportedly beginning to divest of these assets. Various reports in recent weeks have indicated that prices have stopped rising at the top of the London property market; this has come despite other reports having suggested that as China experiences an economic slowdown, investors from the country would be likely to invest further in the property markets of Western economies.

'Those who own completed properties 'shrink wrapped' them rather than letting them out,' property expert says

Cheap steel is not the only thing being dumped on the global markets by the Chinese, a leading British property expert has warned.

The warning focused on Chinese investors who own property in London and are beginning to sell their investments as they seek to take their profits and run.

It comes during Chinese president Xi Jinping's four day visit to Britain, which is seen as being key to cementing economic ties between the two countries.

Chinese president Xi Jinping and his wife Peng Liyuan were officially welcomed to the UK

Chinese buyers have invested millions of pounds in Britain's property market, particularly in London, where prices have risen by an impressive 6.6 per cent during the past year to an average of £493,026.

However, buying agent Henry Pryor said the tide has turned and the Chinese are more likely to be selling properties in London.

He told MailOnline: 'The first round of Chinese buyers, most of whom bought off-plan, would like to crystallise their significant gains and these yet-to-be completed flats are popping up on Rightmove and Zoopla.

'Those who own completed properties 'shrink wrapped' them rather than letting them out and one or two are being offered for sale. They are struggling to compete with the latest phase the developers have released, a problem that many buyers of the newly built residential enclaves will face and one reason I am not advising clients to speculate in these quarters.'

Pryor went on to criticise Chinese buyers, claiming they have 'little understanding' of how the British property market works.

He said: 'I am loathe to work for Chinese nationals, they have little understanding of the regulations that we operate in the UK, our anti-money laundering requirements and they are impatient and often aggressive dealers.'

British estate agents ran roadshows in China to attract investors to buy property in London

Many Chinese investors bought new build properties in London following a spate of roadshows in China by London lawyers and estate agents.

Pryor continued: 'Many I fear will regret their long distance purchases, in many cases bought unseen.

'These days the roadshows have rolled on from the prime areas to the Chinese equivalent of Basingstoke where the first rush of Chinese buyers are now reselling their 'investment grade' London property.

'Once the Dragon realises that London property has already seen its growth spike, interest will move on to some other international destination leaving thousands of square feet of expensive London property dark, unloved and depreciating.'

It follows Prime minster David Cameron boasting that the four-day visit will unlock £30billion in trade deals, creating 3,900 jobs in Britain. However, he has faced criticism for brushing concerns about human rights and cybersecurity under the carpet.