Sino-Australian company ASF has signed a £5.5bn development agreement with Barking & Dagenham Council to create a new neighbourhood for 15,000 homes by burying a 0.8-mile stretch of the A13 trunk road.
Three Chinese contractors have linked with ASF to develop the 3.7m sq ft Castle Green scheme.
An announcement to the Australian Stock Exchange on 29 March by ASF confirmed the partners as the China State Construction Engineering Corporation, China Harbour Engineering Company, and China International Marine Containers Group.
A launch ceremony for the partnership between the borough and ASF was held on 24 March at Barking Town Hall, during which the three Chinese builders were handed “strategic partnership certificates” by council leader Darren Rodwell.
“Given the potential scale of the regeneration, we see this as an immensely exciting opportunity, not just for ASF, but for Barking, London and the UK,” said, Min Yang, ASF chairman.
ASF is also battling with London & Regional for the £1bn Albert Island development in Docklands.
The Barking & Dagenham plans have received almost no publicity, despite the announcement. It is understood that ASF wishes to run a public launch at MIPIM UK in October. Before then the result of the Albert Island bid will be known.
