Billion-Pound Contract Signed By China Firm ABP#
The Royal Albert Dock, which will be transformed into a Chinese financial district in the coming years. (ABP)
As part of a recent movement
toward orienting business abroad for Chinese firms, plans to develop a large-scale Asian business financial
district at London’s historic and formerly undeveloped Royal Albert Dock have just been finalized. Essentially a 35-acre business city, plans include not only office complexes but also luxury
retail space, residences, and restaurants, creating a London enclave for Chinese international banking elites.
The billion-pound deal by Chinese firm Advanced Business Park (ABP) paves ground for the 3.5 million-square-foot business complex that will serve as a foothold for Asian banks and firms that hope to benefit from greater proximity and access to the Western financial world. Simultaneously, they will enjoy a 24-hour operational schedule to accommodate business with Asian markets.
Chairman of ABP Xu Weiping celebrates the unveiling of a plaque at the Royal Albert Dock site along with the mayor of Newham (R1), David Tang (L2), and Assistant Director, Strategic Projects & Property at the GLA, Simon Powell. (UK Chinese Business Association)
The development is a welcome venture to officials in London and many are not only excited about the influx of Asian business but also the capacity for the project to generate income for the city. Planned for completion in 2023, the historic trading port of the Royal Albert Dock is being revitalized by British architects Terry Farrell and Partners, who have designed major projects across Asia.
London hopes to create upwards of 20,000 jobs in developing the new financial town, and this major step in bringing Chinese business to the West hopes to bring 23 million pounds annually. The ABP site is an unprecedented Chinese real estate project in London and one of the largest Chinese investments ever made in England. No stranger to large-scale projects, APB has completed a 15 million-square-foot complex in Beijing and has plans to develop an immense 75 million square feet in the Shenyang located in Northeastern China.
As a business platform, ABP hopes that the project will find support from Western companies, as it plans to sell at least 70 percent of the real estate to Asian firms. Because of Chinese businesses' preference to own rather than rent property, many available leases will span one hundred years or more. The first of the four phases of development in the next ten years is planned for 2017 and will include 600,000 square feet of business space and residential units.
Although no companies have signed to the property yet, there are over 20 major firms already involved in talks. ABP Chairman Xu Weiping has stated that he is “confident that there are UK and European businesses that will be attracted by the concept too, either to provide services to the Asian businesses, or to expand their own reach into Asia.”