Chinese president Xi Jinping and UK prime minister David Cameron have witnessed the signing of an agreement between ABP and CITIC group to transform London’s Royal Albert Dock, E16.
The deal, first revealed by EG, includes the appointment of construction giant CITIC as general contractor to the project, and the formation of a joint venture investment company that will take a 25% stake in the Royal Albert Dock project.
The jv will also look to take on further infrastructure and housing projects.
The mayor of London, Boris Johnson MP, said: “This exciting development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy.”
Chairman of CITIC Group, Chang Zhenming, added: “This collaboration will further promote the economic and cultural exchange between the East and West, and will strengthen economic activity between the two nations.”
ABP, run by Xu Weiping, won a tender to develop the 35-acre dock in 2013. It plans to develop up to 4.7m sq ft of mixed-use property at the site, which will cost up to £1.7bn to complete.
Xu said: “The Royal Albert Dock project will build a bridge for Asia and Europe economic collaboration and the integration of Eastern and Western culture. CITIC Construction has been planning to develop into the European market for the past five years, and the company has extensive successful experience across the globe. The company is market oriented with financial advantages.”
