Savills advised China’s CC Land when it acquired the Leadenhall Building, known as the Cheesegrater, for £1.1 billion Hannah McKay/ReutersThe international estate agency Savills has reported a 27 per cent rise in pre-tax profit as it benefits from its global presence, despite a slowdown in the UK housing market. The FTSE 250 group said profits in the six months to the end of June rose to £32.4 million, with overall revenues rising 15 per cent to £714.4 million. The healthy profits were in contrast to Savills’ more domestically focused rivals such as Foxtons and Countrywide who both reported a sharp slump in profits in their half-year results on the back of falling transactions as people hold off moving in the face of economic uncertainty. Savills’ UK residential arm did see underlying profits fall 27 per cent to £5.4 million compared with £7.4 million the…

Source: The Times August 10, 2017 11:03 UTC