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  1. ITV Report

Why London flats are going on sale in Hong Kong

One of the London's largest housing developers has defended the sale of unbuilt homes to investors in the Far East.

Watch Political Correspondent Simon Harris's report

Computer simulation of housing development Credit: Galliard Homes

Galliard Homes has just marketed a new residential project in East London to prospective buyers in the UK and Singapore simultaneously.

Advert seen in today's Metro newspaper Credit: ITV News/Simon Harris/Metro

The company took out a newspaper advert today urging house-hunters to "call now prior to Hong Kong launch this weekend"

Flats in the 336-apartment Royal Gateway development range from a £299,000 studio to a £715,000 3-bedroom duplex.

Computer simulation of interior of homes Credit: Galliard Homes

The opposition parties at City Hall have called on the mayor to back tighter controls on residential sales to overseas buyers.

Galliard Sales Director David Galman said 70% of properties at Royal Gateway had been sold to domestic buyers.

Mr Galman said "off-plan" sales were an essential part of persuading banks to fund a development before building work could start.