Big China-Backed London Development on Brink of Collapse
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A 1.7 billion-pound ($2.3 billion) regeneration project in east London that’s been sitting undeveloped for years is on the brink of collapse unless its Chinese developers can guarantee it will be completed, the Sunday Times reported.
In 2013, then-Mayor of London Boris Johnson awarded a contract to Beijing-based Advanced Business Parks to turn the 35-acre site into offices, shops and homes. But ABP only secured a handful of tenants and halted construction more than two years ago.