China Builder Revives $2.6 Billion U.K. Project on Xi Visit
- Developer ABP forms venture with Citic Group unit to invest
- Costs of project escalated 70% to 1.7 billion pounds
Royal Albert Dock in London.
Photographer: Jason Hawkes/Getty ImagesThis article is for subscribers only.
Chinese developer ABP (China) Holdings Group Ltd. has brought in a unit of state-backed Citic Group as an investor in a project to transform London’s Royal Albert Dock into a financial center after the estimated cost surged and work was delayed.
ABP, which signed an agreement with London officials in 2013, formed a venture with Citic Construction Co. “to ensure the project will go forward,” it said in an e-mailed statement Wednesday. The venture will invest in and hold a 25 percent stake in ABP’s London unit, ABP said without disclosing Citic’s investment breakdown in the dock project. Citic Construction will serve as a contractor for the development, according to the statement.