London, July 24 (ANI): Chinese investors are buying BBC's one billion pound media city in Salford, Manchester.
BBC's media city was built hoping that local residents would buy the new flats as part of the regeneration of the area.
Foreign landlords will now be free to charge huge rents to those already in Salford or BBC employees who choose to relocate to the Greater Manchester city, The Daily Express reports.
The BBC said Salford site, which is rented from John Whittaker's Peel Media, costs 877 million pounds.
Peel Media Living said 36 apartments in two residential blocks had been sold to foreigners.
"It became apparent at last year's Shanghai Expo that there is a real demand for UK investment opportunities within the Chinese market," Peel's development director James Whittaker was quoted, as saying.Chinese investors are very savvy, they want the best return for the least risk and were attracted not just by the fact that prices here are a third of the London equivalent but that they get instant returns."
Prices for the luxury apartments range from 115,000 pounds for a studio to 220,000 pounds for a three-bedroom flat. (ANI)
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