China’s Property Woes Engulf London with Stalled Projects, Sales
Chinese developers are retreating from the U.K. capital, with some workers at the One Nine Elms Project downing tools.
Guangzhou R&F Properties Co.’s development at Nine Elms in London, U.K.
Photographer: Chris Ratcliffe/BloombergIn London’s Royal Albert Dock, almost two dozen buildings conceived of as a new Chinese Canary Wharf stand mostly empty and in the hands of lenders who have finally pulled the plug.
About 10 miles to the west, some construction workers angry at not being paid have downed tools on Guangzhou R&F Properties Co.’s flagship development in Nine Elms. And in Paternoster Square, in the heart of the City of London, the tycoon behind embattled developer Shimao Group Holdings Ltd. is in talks to sell a prize office building previously occupied by Goldman Sachs Group Inc.