It is truly a sign of the times that the Foxtons at Vauxhall now has Chinese writing in its window.
That may seem like a strange observation, out of synch with a multicultural city such as London, but it’s rare. To my knowledge, no other branch of the ubiquitous metropolitan estate agent carries foreign lettering.
Of course, London has its Chinatown and obviously there are areas of the capital that belong to different nationalities. Nevertheless, Foxtons going Chinese at Vauxhall is a new departure and one that speaks volumes about the state of the property market in this district.
As soon as you make the connection with China, you can get what is happening at Vauxhall, or rather where real estate agents and developers desperately hope the future lies. It is a cluster of skyscrapers, several of them half-finished, containing lots of empty apartments.
From Vauxhall by the bridge and the MI6 security headquarters, along the Thames to Nine Elms, past the new US embassy, to the former Battersea Power Station, this is an area of colossal construction and redevelopment. When the American embassy move was announced, the plan was called Vaux-hattan in a nod to the tower block vibe of the leading city in the US.
These days, the theme has subtly shifted and a more prosaic name has become the reference point. London, which largely eschewed high-rise buildings, now has a new Vauxhall riverside strip with an official City Hall planning moniker of VNeB or Vauxhall, Nine Elms and Battersea.
It is the home of the first workshop for the eponymous car brand. Once the preserve of wharves and barges and warehouses, not forgetting the UK’s biggest fruit and vegetable and flower markets, it was a semi-industrial landscape across the river from gentrified Chelsea. Now, it’s a paean to brutal modernism, a great wall of towers, straight out of Ridley Scott’s futuristic Blade Runner, that would not look out of sorts in, well, China.
Designated one of 28 Opportunity Areas in 2004 by the mayor of London at the time, Ken Livingstone, development there was intended to help alleviate the city’s housing shortage. Planning consents were relaxed and architects, several of them major names, and builders were invited to go for it.
The result is somewhere that was conceived as creating 3,500 new homes now boasts 20,000. To put that in context, as the architectural critic, Deyan Sudjic points out, it’s “the equivalent of building a town the size of Salisbury, albeit crammed on to a site six times smaller, giving it a density to match Lagos or Karachi".
Neither are these affordable properties. Some are, but not many. Mr Livingstone set a target of 50 per cent affordable housing. Under Mayor Sadiq Khan, it became 35 per cent, and in Wandsworth, the borough that largely embraces VNeB, it’s 15 per cent. But in parts of VNeB, it’s as low as 9 per cent.
The bulk of the homes are luxury apartments in blocks complete with gyms, swimming pools — one, Embassy Gardens, has a sky-high glass-bottomed pool spanning a 25-metre gap between two towers. Those at the top, in the penthouses and the floors immediately below, are on sale for several million pounds. They promise spectacular views, if you can see between the neighbouring structures.
Come down several levels and they are, to use a British phrase, ten a penny. Not quite — they’re still priced in the hundreds of thousands. But to give an idea, on the Rightmove property selling website, there are currently 114 two-bedroom apartments for sale in VNeB around the £500,000 mark. This in a city where the market remains heated, where property is in short supply. Where I live in South-West London, there are barely any two-bedroom apartments to purchase — several to rent but not buy.
The problem, too, is when you look at the 114 apartments, there is little to choose between them. They appear roughly the same, with similar dimensions and layouts and facilities. This, again, in a London that is not as comfortable with tower-living as other parts of the world. We have skyscrapers, but they’re still something of a rarity. Post-Grenfell and the never-to-be-forgotten horror of that fire, the urge to climb is less marked — thoughts of escape and exits are more to the fore.
Which is why Foxtons is advertising in Chinese. Unlike Canary Wharf, the equivalent in East London, which remained under the tight control of one developer and appears harmonious as a result, VNeB was a free-for-all. Developers piled in, each with their own design. The outcome is not only an aesthetic mishmash, but several players have become nervous about their finances as they vie with each other for purchasers.
Not surprisingly, in today’s global economy, the Chinese are prominent. Two firms from China, R&F from Guangzhou and CC Land, are behind the recasting of the old flower market at Nine Elms as Thames City, comprising some of the very tallest VNeB giants. CC Land belongs to billionaire Cheung Chungkiu, who recently paid £200m for a 45-bedroomed house in London’s Rutland Gate near Hyde Park.
Mr Cheung is one of those trying to keep Chinese property company Evergrande alive. If Evergrande was to collapse completely, the contagion could spread worldwide, cause huge nervousness and hit VNeB’s fortunes hard.
In the meantime, the owners are working hard at selling their apartments. Their most promising audience is China, specifically Hong Kong. Its inhabitants have no issue with towers — it’s what they’re used to. They’ve been sending their children to London to be educated and rather than put them up in student halls and they’ve bought flats at Vauxhall.
Increasingly, as China tightens its grip on the former British colony, many are choosing to leave completely. London and again, VNeB, is a favoured destination.
China might well prove the area’s salvation. Right now, many of the apartments are deserted. The outlook would change immeasurably if they were occupied and the new builds were alive and vibrant. VNeB’s future could reside in becoming a mini-Hong Kong. Looking at the dramatic but forlorn scene at present, it is hard to see where else another solution might derive.
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More on Coronavirus in France
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KILLING OF QASSEM SULEIMANI
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Scorecard:
England 458 & 119/1 (51.0 ov)
South Africa 361
England lead by 216 runs with 9 wickets remaining
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
ARGYLLE
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
