ent"}}]}]17:T72f,Some local investors are demonstrating increasing appetite for overseas properties, especially those in London, due to diminished Brexit uncertainties.

They include Far East Consortium International (0035) and William Cheng Kai-man - a son-in-law of Henderson Land Development (0012) founder Lee Shau-kee.

Far East Consortium International has acquired Ensign House in Canary Wharf, London, for 28.25 million (HK$283.65 million). Located on the north side of Marsh Wall, the 4,572-square-meter site sits adjacent to Consort Place, a property development owned by FEC.

Magnificent Hotel Investments (0201) said in late January it succeeded in a competitive bid for Wood Street Police Headquarter for 40 million. The total gross internal area of the property is 117,472 square feet.

MHI chairman William Cheng Kai-man said in a stock exchange filing yesterday: "In view of the current social instability, and economic and tourism difficulties in Hong Kong, the management intends to invest in more UK hotel properties with stable income and development potential because the UK real estate market offers good recurring income and capital gain potential.

"The management also intends to establish a London office in the near future."

In Hong Kong, a 521-sq-ft flat at The Avenue in Wan Chai fetched HK$18.18 million, or HK$34,884 per sq ft, after HK$320,000 was cut from the initial asking price.

In the primary market, Wheelock Properties released six units in the eighth price list of Oasis Kai Tak, which are priced at between HK$25,300 per sq ft and HK$25,700 per sq ft after discounts.

Firms zoom in on London prospects