Chinese set to snap up Royal Docks site
A Chinese firm looks to have secured approval to redevelop the area around Royal Albert Dock.
The project to transform 35 acres north of the London City Airport was put out for tender in a joint scheme between Newham and London Mayor Boris Johnson in August.
Now the Mayor's spokesman said it had identified a venture by Chinese firm Advanced Business Parks and its UK partner Stanhope as the bid preferred to take the project forward.
The spokesman said: "The Mayor is seeking to progress to the final stage of the procurement process with ABP. Proposals are still being formulated, but allow for the creation of an employment-led, mixed-use development that will establish Royal Albert Dock as a premier business and leisure destination."
He added he hoped final terms would be agreed with ABP on the proposal later this year leading to speculation that a cluster of Chinese firms could move in.
Stanhope's boss David Camp is reported to have visited an ABP site an hour from Beijing.
He said: "About 15million sq ft has been built and occupied by hundreds of companies you have never heard of - companies that ABP think will want to establish European HQs in a similar sort of spot in London."