A Chinese investment company is to put money into a project to transform London’s Royal Albert Dock into a business and finance centre to rival the City of London and Canary Wharf.
China’s largest private investment firm, Minsheng, is to invest £1bn in the Docklands project, one of the largest Chinese investments in the UK in recent times.
The emerging third financial district will be a gateway for companies seeking to invest overseas.
Taking advantage of the proximity to London City Airport, the plan is to develop the vacant, 35-acre site into a financial district by 2017, including shops, leisure facilities and offices.
Mensheng was formed only last August by 59 private companies in China. This will be their first major venture abroad and the fund will become the majority investor in the Royal Albert Dock refurbishment.
Its CEO said: “The investment is a strategically important beginning for our exploration in the European market”.
