Asian investors agree billions for East London construction

Grant Prior 6 years ago
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Asian companies have rubber-stamped a deal to invest billions of pounds into London over the next five years.

The deal was signed in London yesterday
The deal was signed in London yesterday

Chinese developer ABP has pledged to invest £1.7bn in the next eight years in its Royal Albert Dock project, which will be supported by its partners CITIC Group and Thai company Charoen Popkhand Group (CP Group).

The agreements were confirmed at the East London – China Investment Summit yesterday as part of the Chinese Vice Premier Ma Kai’s visit to the UK.

The £1.7bn Royal Albert Dock investment will fund construction of up to six of the first phases of the project with work starting in early 2017.

Chinese firm CITIC is lead contractor on the job where Multiplex is also working on the first phase.

ABP, CITIC and CP Group have also set-up the The East London Development Group which will invest in other infrastructure and housing projects in the area.

Chairman of ABP, Mr Xu Weiping, said: “These major investments are a vote of confidence to the UK and London market following the Brexit vote.

“East London is fast becoming one of capital’s most exciting places to do business and we are pleased that other Asian companies have seen the potential and are also now investing in the area.”

Mayor of Newham, Sir Robin Wales, said: “The project will start construction early next year, and is designed as a comprehensive business-led mixed used development including up to 845 new homes.

“It is expected to create 20,000 full-time jobs, which is great news for the people of Newham.”

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