Asian investors have agreed a deal to invest billions of pounds into East London construction over the next five years.
The deal was signed in London yesterday with Chinese developer ABP pledging to invest £1.7 billion over the course of the next eight years in its Royal Albert Dock project.
This scheme will be supported by its partners CITIC Group and Thai company Charoen Popkhand Group (CP Group).
The agreements were confirmed as part of the Chinese Vice Premier Ma Kai’s visit to the UK at the East London – China Investment Summit
The £1.7 billion Royal Albert Dock investment will fund construction of up to six of the first phases of the project with work starting early next year.
Chinese business CITIC is the main contractor on the job where Multiplex is also working on phase one.
ABP, CITIC and CP Group have also set-up the The East London Development Group which will invest in other infrastructure and housing projects in the area.
Mr Xu Weiping, Chairman of ABP, commented: “These major investments are a vote of confidence to the UK and London market following the Brexit vote.
“East London is fast becoming one of capital’s most exciting places to do business and we are pleased that other Asian companies have seen the potential and are also now investing in the area.”
Mayor of Newham, Sir Robin Wales, said: “The project will start construction early next year, and is designed as a comprehensive business-led mixed used development including up to 845 new homes.
“It is expected to create 20,000 full-time jobs, which is great news for the people of Newham.”
Britain’s relationship with China is still “golden”, the prime minister said as she welcomed a Chinese developer’s plans to build a £1.7bn business district in east London.
Theresa May, who held talks with Ma Kai, China’s vice-premier, in Downing Street on Wednesday night, is keen to show Britain remains open to investment from China.