“Overseas buyers of property will not be able to hide their identities under the register plan, but the buoyancy of the UK market will continue to attract their money, analysts say…
Hong Kong and mainland Chinese buyers of British property may not be able to shield their identities when the country introduces a public register of ownership in three years’ time, but the attractiveness of the UK property market is likely to outweigh any concerns over privacy, according to analysts.
The UK is set to introduce the register, which will name publicly the ultimate owners of overseas companies who own or buy property in the country, in an effort to combat perceptions of tax evasion and money laundering through the property market. Draft legislation will be published later this year and the register is expected to go into effect by 2021.
Investment in UK property from the Asia-Pacific region is at record levels largely due to a fall in the value of sterling after Britain voted to leave the European Union, with London remaining the top target market for Asian property buyers.”