Caixin
Jul 21, 2022 05:46 AM
FINANCE

Exclusive: U.K. Bank Seeks Investors for Stalled Chinese-Backed London Development

On May 29, 2013, ABP Chairman Xu Weiping signs a contract with then London Mayor Boris Johnson at City Hall in London.
On May 29, 2013, ABP Chairman Xu Weiping signs a contract with then London Mayor Boris Johnson at City Hall in London.

A U.K. bank is trying to sell the first phase of a stalled Chinese-backed development at London’s Royal Docks at a low asking price, sources with knowledge of the matter told Caixin.

The real estate project, with an initially estimated investment of 1.7 billion pounds ($2 billion), was launched by then-London Mayor Boris Johnson and Hong Kong-based Advanced Business Park (China) Holdings Group Co. Ltd. (ABP) in 2013, according to ABP’s website. It aimed to transform 35 acres of land at the Royal Albert Dock in east London into a business hub containing office buildings, storefronts and residential space.

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