Today’s Exchange Rate Update
As of 9:00 a.m. on 14 November 2025, the exchange rate of the British pound to the Chinese yuan stood at 1:9.3231, remaining broadly unchanged from the previous day’s close. The stability of the pound was mainly driven by the recent pullback of the US dollar index from its peak, which provided upward momentum to non-US currencies, including sterling.
Major Headlines This Week
• HKD 200 million London mansion purchased by Zhang Ying, wife of Jack Ma
• UK visa reform policy officially comes into force
• Three London districts enter the “£1 million property club”
• Labour Party insiders plot to challenge Keir Starmer’s leadership
• The Princess of Wales to host the Christmas Carol Service for the fifth time
01 HKD 200 Million London Mansion Purchased by Zhang Ying
On 11 November, the Financial Times, citing Land Registry records, reported that Zhang Ying, wife of Alibaba founder Jack Ma, purchased the former Italian Embassy mansion in London’s Belgravia district for £19.5 million (approximately HKD 199 million) in the autumn of 2024, further expanding her overseas property portfolio.
As a global financial hub, London continues to attract long-term capital with the UK’s stable economic scale and its ability to integrate global resources. The property, a Grade II listed historic building, covers 7,948 square feet and features a private cinema and lift. The final transaction price was 9.3% below the original asking price and ranked 34th among London’s luxury home transactions last year.
Belgravia, as a traditional prime residential district located near prestigious hotels and once home to international elites, is widely recognised for its strong inflation-resistance in property value. Data shows that London’s long-term house price performance has consistently outperformed the rest of the UK. With average monthly rents in the area exceeding £4,000, the district also offers stable rental returns for investors.
This is not the Ma family’s first overseas property investment. In recent years, Zhang Ying has also acquired shophouse properties in Singapore, while Jack Ma previously invested in estates in New York and luxury residences on Hong Kong’s Victoria Peak.
Neither the related companies nor the Jack Ma Foundation have commented on the transaction. Market observers generally believe that such investments reflect a combination of asset preservation strategy and the appeal of London’s premium lifestyle resources.
02 UK Visa Reform Policy Officially Takes Effect
On 11 November, the UK government’s latest visa reform package formally came into force, introducing significant changes to visa application and residency rules for international students, workers and family reunion applicants.
The Home Office stated that the reforms form a key part of the government’s “Transformation Plan”, aimed at optimising the structure of immigration, reducing reliance on low-skilled labour and attracting high-calibre global talent.
The core changes under the new policy include five major aspects:
First, higher English language requirements. From January 2026, work visa applicants will be required to reach A-level English proficiency, pass a Home Office-approved SELT test and undergo digital verification.
Second, higher financial thresholds for student visas. Students in London must prove monthly funds of £1,529, while those outside London must show £1,171. Funds must be held continuously for 28 days. From 2027, the PSW (Post-Study Work) visa period will be reduced to 18 months.
Third, mandatory refusal based on criminal records. Applicants who have served prison sentences of 12 months or more, overstayed their visas, or entered the UK illegally will be automatically refused.
Fourth, a relaxation of the seasonal worker scheme. Workers in agriculture and horticulture will be allowed to work for a cumulative maximum of six months within any ten-month period. The scheme will be extended until 2029.
Fifth, additional risk screening for family visas. Applications will be refused if a family member is assessed as posing potential risks.
Home Secretary Shabana Mahmood stated that the reforms are designed to ensure migrants integrate into society and make meaningful contributions, while also strengthening protection for vulnerable groups.
03 Three London Districts Enter the “£1 Million Property Club”
On 10 November, British media reported that amid generally subdued transaction volumes in London’s property market, three districts — South Hampstead, Ravenscourt Park and West Putney — have bucked the trend, with average house prices successfully surpassing the £1 million threshold, standing in sharp contrast to the overall market.
Since the summer of 2022, London house prices have been affected by stamp duty adjustments, high interest rates and declining affordability. Core prime areas have also come under pressure, with transaction volumes in the 12 months to August falling by 6%. Markets such as Regent’s Park and Marylebone have cooled, while average prices in Kensington and Chelsea have seen notable fluctuations over the past three years.
The three districts achieving price growth are all located in Zone 2 of London, with the main driving force coming from shifts in buyer demand. Some high-net-worth families have moved out from prime areas such as Kensington and Notting Hill in search of larger homes with better value, while still remaining close to the city’s core.
Taking Ravenscourt Park as an example, a 180-square-metre property is priced at around £2 million, whereas a similar home in Kensington would cost between £3.5 million and £5 million. The area also benefits from more than 21 acres of green parkland, complete community facilities and a high-quality living environment. West Putney shows similar characteristics, offering stronger value for money compared with Fulham.
Property analyst Nick Mordue pointed out that commuting convenience is once again becoming a key factor in buying decisions, driving renewed demand for family homes in well-connected areas. Districts that combine space and comprehensive amenities are demonstrating stronger market resilience.
04 Labour Party Insiders Plot Leadership Challenge Against Starmer
On 11 November, British media reported that Prime Minister Keir Starmer and his cabinet have recently fallen into a serious political crisis, with open conflicts erupting within the core leadership team and growing instability within the governing camp. The crisis originated from a political rumour and has since escalated into a major controversy affecting both government and opposition.
On Tuesday evening, several UK media outlets, citing sources close to Starmer, reported that the Prime Minister is aware of a plot to challenge his leadership and has prepared to respond. Those described as his “allies” reportedly include his Chief of Staff, Morgan McSweeney, while Health Secretary Wes Streeting was named as a key figure linked to the alleged challenge. These claims have not been officially confirmed.
Streeting responded quickly, dismissing the reports as untrue and stressing that he has no intention of challenging the Prime Minister. He accused unnamed “briefers” of attempting to damage his political reputation and described such internal disputes within the Labour Party as “self-destructive”. Observers believe the rumours may be linked to perceptions of Streeting as a potential future leadership contender.
Although the authenticity of the initial rumours remains unclear, the political crisis has become a reality. During subsequent Prime Minister’s Questions, Starmer stated that he had “never authorised attacks on cabinet colleagues” in an effort to calm the controversy.
However, Conservative leader Kemi Badenoch challenged him directly in Parliament, saying that he was either “losing control of Number 10 or misleading the public”. The heated exchange intensified the debate, and with Starmer’s approval ratings remaining weak, the future of his premiership has been cast into doubt.
05 The Princess of Wales to Host the Christmas Carol Service for the Fifth Time
According to British media reports, the Princess of Wales will host the “Together At Christmas” carol service for the fifth consecutive year. The event is scheduled to take place on 5 December at Westminster Abbey.
This year’s service will centre on the theme of “the power of love”, promoting emotional connections between families, friends, communities and strangers. Organisers said the Princess hopes to honour individuals across the UK who have brought people together through acts of kindness.
The guest lineup has attracted widespread attention. Hannah Waddingham, Kate Winslet and Chiwetel Ejiofor will take part in the readings, while the Westminster Abbey choir will perform classic carols alongside modern musical pieces.
The venue will be decorated to create a warm festive atmosphere. Gardeners will design seasonal floral displays reflecting a nature-inspired lifestyle, while the Royal Horticultural Society has donated wreaths made jointly by its ambassadors and schoolchildren. During the service, the Princess of Wales will light candles together with children, recreating last year’s touching scene.
At the same time, 15 community carol events will be held across the country, covering locations such as Coronation Street, the Gwent Community Farm, and regions including Armagh and Derbyshire.
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