What does Brexit mean for China?

Chinese homebuyers at a real estate exhibition for overseas projects. [Photo provided to China Daily]

No homebuying sprees expected

The Brexit will have a limited impact on Chinese homebuyers in the United Kingdom because most of those purchases are not made as investments, but for other reasons, said Charles Pittar, chief executive officer of international property listings portal Juwai.com.

Education is the chief reason Chinese buy houses in the UK, Pittar said.

"For most Chinese buyers, it is a long-term game. If they want to buy an apartment for their children in preparation for college, they shouldn't be too worried about the Brexit," said Pittar.

In a Juwai survey conducted in early June, 51 percent of the 411 Chinese real estate professionals and investors who were polled had temporarily postponed their property transactions in the UK pending the outcome of the vote.

Justina Fan, executive director at global property service provider DTZ/Cushman & Wakefield, said that the Brexit will have little effect on the UK housing market.

"For one thing, the UK's housing market is always in short supply. Stable population increase, as well as changes of people's mindset, resulting in an increasing rate of people living alone, have helped to boost the demand for housing. But in terms of supply, development of new housing projects is limited by conservative urban development ideas and extremely high land prices," she said.