Chinese firm revives £1.7bn Royal Albert Dock project
28 October 2015, Blog
A major Chinese contractor will build ABP’s £1.7bn Royal Albert Dock development in east London, it has been confirmed. CITIC Construction, part of CITIC Group, signed a deal with ABP in the presence of President Xi Jinping of China and Prime Minister David Cameron at Mansion House as part of the official state visit to the UK last week.
The 4.7m sq ft development is set to create up to 30,000 new jobs and could be worth as much as £6bn to the UK economy. The new joint-venture will hold 25 per cent of shares in ABP London Investment Holding Ltd, making the project the biggest real-estate development delivered by a Chinese construction company in this country and CITIC Construction’s first UK project.
Mayor of London Boris Johnson said: “This landmark agreement represents significant progress as we work towards transforming Royal Albert Dock into a thriving new centre of trade and investment.” He also 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.”
ABP founder and chairman Xu Weiping said: “As the Sino-UK relationship has entered the ‘golden era’, the bilateral exchanges have never been stronger, and this cooperation between ABP and CITIC is a perfect example of this ‘golden era’.”