Simplified visa rules could see Chinese tourists spend £500 mln (€600 mln) a year in London by 2020, a rise of more than 140% on current levels, according to a new report from Savills.

Simplified visa rules could see Chinese tourists spend £500 mln (€600 mln) a year in London by 2020, a rise of more than 140% on current levels, according to a new report from Savills.

Paris currently captures more Chinese tourism spend than any other European city, thanks in part to EU rules that allow Chinese tourists to travel throughout mainland Europe on one visa.

But in late 2013 the UK visa rules for Chinese nationals were simplified and Savills predicts London will soon attract more Chinese tourist expenditure than any other European city, increasing demand for retail and hotel space, particularly in luxury enclaves and the West End core.

Bond Street open market prime rents are expected to hit £1,500 per sq ft (€19,570 per m2) over the next 12 months.

The Chinese are now the world’s biggest spending travellers, with annual spend believed to have topped $120 bn in 2013, according to the China Tourism Academy, and expected to increase by a further 18% in 2014.

For the full report, click here.