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The West End’s historic Chinatown will “disappear in five years” as oriental restaurants are squeezed out by rising rents and soaring property prices, traders said today.

The cheap and cheerful grid of streets lined with red lanterns and restaurants between Leicester Square and Soho have been popular with theatre-goers, office workers, late-night revellers and tourists since the 1950s.

Father-of-two Jon Man, 52, whose parents emigrated from Hong Kong in the 1950s, has seen the rent on his restaurant in Wardour Street rise from £66,000 a year to £244,000 since the turn of the century.

He said he would be forced to quit if rents rise any further: “I won’t be able to stay. There will be no point in me being here. So many of my friends have already gone.

“I can’t see how Chinatown will be here in five years’ time. Not as I know it.”

The owners of Loon Tao on Gerrard Street, who have been there for 20 years, are also among those looking to get out having seen their rent soar from £160,000 five years ago to £312,000. A number of other restaurants have already closed.

Betting shops and chain fast food restaurants have appeared in place of the closed businesses as they can turn huge profits from the small premises.

Landlords Shaftesbury PLC, which owns 71 premises in the area, saw profits grow by almost 50 per cent in the six months to the end of March 2014.

A spokesman for Shaftesbury said: “The company, whose ownership in Chinatown has been built up over 50 years, has demonstrated a long-term commitment to supporting the local community through its strategy of creating lively, prosperous and interesting destinations in the West End for visitors, those working in the area and residents.

“Shaftesbury continues to work with the local community and Westminster City Council, investing to maintain and enhance the area’s distinctive character and, through its long-term strategy, ensure it continues to grow its popularity with visitors and its prosperity.”