One of the largest investment funds China has taken over the £ 1bn Chinese project to develop Royal Albert Docks of London in a 21st century "Puerto Asian business."
The project, initially approved by Advanced Business Park, a Chinese developer and project partner UK Stanhope, aims to make the springs in an office style of Canary Wharf and the shopping complex and is dear to the heart of Boris Johnson, Mayor London.
China Minsheng Investment, a fund created last year by the former head of Minsheng Bank, Dong Wenbiao said this weekend to become the majority of investors in the project.
Minsheng is the largest bank in the country with the "hybrid property" or substantial participation by private companies, although the fund says it is independent of the bank.
A spokesman for the fund said the original developer, Advanced Business Park businessman Xu Weiping property or ABP, still owns a stake, but declined to quantify. He also refused to say whether the expected cost of the project was agreed in May 2013, had increased.
Foreign investment in China, especially in real estate, has accelerated as the domestic real estate market cools and the economy slows.
The output inversion soon overtake inward investment, in a reversal of three decades of capital inflows that turned the nation into the world's factory and propelled the economy the size of Spain or Canada in 1980 for most the world by purchasing power in 2014. outward investment rose 14 percent to $ 103bn last year.
Much of this has been put into bricks and mortar. Ping An Insurance in January paid a £ 327m recorded in the Tower Place office building in London, following the purchase of EUR 260 million Construction of Lloyd in July 2013.
His rival China Life Insurance paid £ 795m in June for a building near Canary Wharf, while Taikang Life Insurance has agreed to buy Milton Gate 198m pounds.
In New York, Anbang insurance is paying $ 1.95bn for the historic Waldorf Astoria hotel, while Zhang Xin, co-founder of real estate developer based in Beijing Soho in 2013 led a group of investors to take a 40 per percent share of the overall engine building at the southeast corner of Central Park.
The Royal Albert Docks project was led by the founder of ABP Mr. Xu, marking its first foray outside of China. Mr. Xu said in the past that he planned to seize Chinese banks for two thirds of the £ 1bn investment and finance the rest of pocket.
The project has attracted considerable skepticism from property developers rivals London observe high rents necessary to justify the investment. Mr. Xu has said it plans to sell long-term leases at half the units to Chinese investors, most of which have not yet been identified.
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