Home Residential Property “Dirty Russian money” drives Londoners out of the capital

“Dirty Russian money” drives Londoners out of the capital

by Deleted Subscriber Content
30th May 14 10:57 am

Locals are being priced out of the London property market by “dirty Russian money” and “Chinese gamblers”, according to the City of London’s retiring head of planning.

Speaking out in an interview with the BBC Peter Wynne Rees said ugly skyscrapers that mayor Boris Johnson had approved were ruining the capital’s famous skyline.

“I think it is homogenised international architecture that is out of scale with its surroundings, damaging the London skyline and giving a very bad impression to people who visit London,” Rees said.

“And for what purpose? Simply to provide piles of safe deposit boxes for international investors.”

He said foreign investors buy flats and leave them empty, depriving the area of a community.

“All that’s missing will be the tumbleweed blowing between the buildings.

“We’re getting dirty Russian money being laundered and Chinese gambling,” he said, as Chinese investors buy London flats based on plans and take out futures contracts based on the value of the property in years to come.

The mayor insisted foreign investors improve London’s economy.

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