One of China’s largest investment funds has taken over the ￡1bn Chinese project to develop London’s Royal Albert Docks into a 21st-century “Asian business port”.
The project, originally agreed by Advanced Business Park, a Chinese developer, and its UK project partner Stanhope, aims to turn the docks into a new Canary Wharf-style office and shopping complex and is dear to the heart of Boris Johnson, London’s ambitious mayor.
China Minsheng Investment Co, a fund set up last year by the former head of Minsheng Bank Corp, Dong Wenbiao, said this weekend it would become the majority investor in the project.
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