????海外房地產投資愈來愈受歡迎，皆因中國股市波動，驅使大中華區散戶投資者尋找更穩定的投資。最近三周內，盡管中央政府官員試圖阻止指數下滑，但上證綜合指數依然下跌約30%。

????在英國，尤其是倫敦，長久以來看到很多來自中國的投資。英國房地產咨詢公司第一太平戴維斯指出，中國買家僅在2014年已豪擲33.2億美元投資英國首都的房地產市場。時至今日，中國高凈值投資者投資日趨多元化，遠離投資價格過高的倫敦房地產，轉而在英國二線城市尋找更好的投資價值。

????英國政府刺激伯明翰等主要二線城市的經濟增長，以支持中國高凈值投資者的投資。因此，來自亞洲的精明投資者期望能在當地房地產發展的早期階段作出投資。但投資成功的關鍵，是他們必須利用自身對當地市場的了解來抓住合適的投資機會。。

????而亞洲發展商對此有深入了解，故被亞洲投資者聘用來管理他們于英國的房地產投資。此類的發展商深諳亞洲文化和習俗，同時了解英國當地市場，有助替亞洲投資者找到合適的投資機會。

????中國投資者尤其需要這類合作伙伴來確保其在英國等海外市場的投資得當。中國合格境內個人投資者(QDII2)計劃將進一步促進此類需求的增長，因為特定人士可選擇投資價值達其國際金融資產總值一半的項目進行投資，譬如房地產等。

????那么當中國投資者投資英國等海外市場時，他們需要注意什么呢？他們要注意當地稅收及法律所帶來的影響，及構思恰當的組合，同時確保所獲的機會能同時反映他們個人的風險概況及收益要求。另外，他們亦要確保當地有適合的合作伙伴去搜羅這些機會，從開始到完成時能適當地進行項目管理，并定期更新及提供項目每個階段的信息。

????“The Franklin”項目乃遠離倫敦進行投資多元化的最新例子。該座現代建筑風格的綜合大樓=位于伯明翰，提供79間公寓。萊坊已于香港開售「The Franklin」，該項目由英國當地發展商Court Collaboration與總部設于香港及代表其亞洲投資者的凱卓發展（Headland Developments）共同開發。

????愈來愈多來自大中華地區的投資者選擇穩定的投資而轉投英國，他們需與值得信賴的發展商合作，減低投資風險。于建設、發展及資金管理方面擁有良好記錄，并擁有強大的當地發展伙伴網絡的亞洲發展商，將成為中國投資者海外投資的不二之選。

????作者John Gunning ([email protected]) 及Paul Hill ([email protected]) 分別為凱卓發展的董事總經理及投資經理。

????Overseas property investments are again increasing in popularity as China’s stock market swings drive retail investors in Greater China to look for more stable investment alternatives. The Shanghai Composite Index recently fell approximately 30% over three weeks as central government officials tried to halt the slide in values.

????The United Kingdom, in particular London, has historically seen a lot of investment from China. In 2014 alone Chinese buyers splashed out US$3.32 billion on real estate in the UK capital, according to UK-based property consultant Savills. Today, high net worth Chinese investors are diversifying away from overpriced London properties into second-tier cities in search of better values.

????They are supported by the UK government’s effort to boost economic growth in stand-out second-tier cities such as Birmingham. As a result, the smart money from Asia is looking to invest in the early stages of select property development cycles there. But they can only do so armed with local market knowledge and the ability to seize the right opportunity, which remain key to investment success.

????Asian developers who have that in-depth knowledge are being engaged by Asian investors to manage their UK property investments. Such developers bring an understanding of the Asian culture and customs as well as local market knowledge to the task of finding the right opportunities for their Asian investors.

????That is the kind of partner Chinese investors need to be certain of getting their investments right in overseas markets such as the UK. China’s qualified domestic individual investor (QDII2) scheme will make this more important than ever, as a select group of individuals could have the option of investing up to half of the total value of their assets in international financial asset classes such as real estate.

????What do Chinese investors require when investing into a market such as the UK? There are tax and legal implications of which they need to be aware and have structured appropriately. They need to ensure that the right opportunity is sourced that reflects their individual risk profiles and return requirements; and that they have the right partner to source these opportunities, manage them appropriately from inception to completion as well as providing regular updates and information at each stage of the project.

????The latest example of the diversification away from London is The Franklin, a modern complex of 79 apartments located in Birmingham. Knight Frank has launched sales of The Franklin in Hong Kong, which is being developed by British local developer Court Collaboration in partnership with Hong Kong-based developer Headland Developments on behalf of its Asian investors.

????As more investors from Greater China turn to the UK for stable investment alternatives, they will need trustworthy developers with whom they can work to lower their risk. Asian developers with a proven track record in construction, development and funds management, who in addition have a strong network of local development partners, will become Chinese investors’ go-to sources for overseas investment, which we broadly term cross border investment with local execution.

????John Gunning ([email protected]) is Managing Director and Paul Hill ([email protected]) is Investment Manager of Headland Developments Limited.