London to build Asian Business Port  

(ECNS) — An investment conference for the Asian Business Port project by commercial developer Advanced Business Park (ABP) China was held at the Chinese Embassy in London on Monday.

UK ambassador to China Sebastian Wood and Chairman of ABP Xu Weiping attended the event.

"Creating a third financial district in the capital, this cooperation style will act as a beacon for eastern investors looking west," said London Mayor Boris Johnson.

It will bring with about 20,000 full-time jobs and 23 million pounds of business tax.

"My vision is to develop a world-class international business district, which will initially target Asian businesses to help them secure a destination in London, which in China is seen as the gateway to both the United Kingdom and the wider European economy. The Asian Business Port is expected to help promote employment and local economic growth by attracting Chinese companies and Asian business as well," said Xu, adding that he is confident this project will be hugely significant for both the Chinese and British economies.

On May 29, Advanced Business Park (China) Holdings signed a $1.51 billion (1.16 billion euros) deal with Johnson to develop a 14-hectare complex of offices and shops near Royal Albert Dock in Newham, eastern London, in what may be the largest commercial real estate development project involving Chinese investment in Britain and in the history of China-Britain cooperation.

Chinese ambassador to Britain Liu Xiaoming and British Communities secretary Eric Pickles were present at the signing ceremony.

The project is designed to be done in five phases and completed in 8-10 years.

Johnson pledged that the London municipal government will do all it can to provide convenient transportation infrastructures for the project.

Johnson says the ABP project will not become an investment trap as "London has the fastest-growing population in Europe, and it's a fantastic city to live in. London is a great long-term bet."

The new master plan is expected to strengthen business ties between China and the UK.

British PM David Cameron also expressed his hope in a recent interview that UK becomes "a destination for Chinese investors".