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Chinese developer invests US$1.5b in London

Chinese developer Advanced Business Park (ABP) has signed a deal to transform the Royal Albert Dock into London's third financial district aimed at Chinese firms.

Worth US$1.5 billion when completed, the deal is reportedly the biggest comprehensive real estate project a Chinese company has undertaken in the UK, as well as the biggest Chinese investment in the country so far this year.

Last year, Chinese investments in the country amounted to US$8 billion, according to Liu Xiaoming, Chinese ambassador to Britain.

"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy," said Boris John, Mayor of London.

The project is estimated to create 20,000 jobs and contribute £6 billion to the British economy upon completion.

[Image source: Rowing on the Royal Albert Dock 2 by O.F.E. on Flickr.com]