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PE firm to invest in London deal
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CHINA Minsheng Investment Co, the country’s largest private investment fund, will invest 1 billion pounds (US$1.5 billion) in a Chinese-led project to develop a new financial district in London.
The project is one of the largest Chinese investments in the UK and one of the most significant for Minsheng, which was set up last August with registered capital of 50 billion yuan (US$8 billion).
The private equity firm said over the weekend that it would become the majority investor in the project, which was unveiled in 2013 by Chinese developer Advanced Business Park and London Mayor Boris Johnson and touted as potentially London’s third financial center after the City and Canary Wharf.
ABP, headed by little-known Beijing businessman Xu Weiping, wants to develop a 14-hectare sliver of land at the historic Royal Albert Dock in east London into 400,000 square meters of offices and shops.
Headed by Dong Wenbiao, the former chairman of China Minsheng Banking Corp, Minsheng Investment claims no formal ties with the bank or the Chinese government.
The fund has said it would invest broadly in areas ranging from sustainable energy and real estate to business jet services.
The Chinese developer and London officials have envisioned luring growing Asian companies to set up their European headquarters at their business park.
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