Asian investors have officially signed a deal to fund the £1.7billion Royal Docks regeneration and turn Newham into a ‘third financial centre’ for the capital.
Chinese developer ABP has already broken ground on the project which business leaders have said will create a "London of the future" and shows confidence in the UK post-Brexit.
At the East London China Investment Summit On Thursday, November 10 an agreement was signed for more than £300million of funding to enable the completion of the first phase by 2018.
CITIC Bank has been joined by the four biggest commercial banks in China - Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank Corporation - with the desire to undertake ABP’s overall funding requirement of £1.2bn of the £1.7bn.
Chairman of ABP Mr Xu Weiping said: “This is a historic moment and is part of golden era between our two countries. This is not just a simple development project. We are changing a piece of east London into the third financial centre.”
ABP also announced the formation of The East London Development Group with its partners CITIC Group and Thai company Charoen Popkhand Group (CP Group).
It will invest in other infrastructure and housing projects in East London and bosses said it could see billions of pounds of further future investment in the capital.
Mr Xu said: “This (Royal Albert Docks) is one step of a long march and we have only gone 0.1km so far.”
The two agreements were signed in front of more than 50 Asian business leaders who have travelled to London as part of the Chinese Vice Premier Ma Kai’s visit to the UK.
Deputy Mayor, Housing And Residential Development, James Murray, paid a flying visit to the event at the Langham Hotel in Marylebone. He said: “We see Royal Albert Docks as a great example of where the world has its eyes on London and the world can be involved in building the London of the future.
“This site used to be the heart of activity of the economic past and can now be the canvas on which we paint the London of the future.”
Senior advisor, Department Of International Trade, Sir Edward Lister said: “Creating a new piece of London is always hard and challenging but the rewards for doing it are enormous. The city is moving east and the docks is at the centre of that.”
CITIC Construction, a subsidiary of CITIC Group, is the general contractor for the Royal Albert Dock regeneration which is its first UK project and the biggest real estate development delivered in the UK by a Chinese construction company.
The development is expected to include up to 845 new homes and 20,000 full-time jobs which Mayor of Newham Sir Robin Wales said was "great news" for the borough.
Watch ABP's video of how it plans to transform the docks below.
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