John Miu, Chief Operating Officer and Executive Director of ABP London, the local branch of a Chinese-based property developer, said on Monday that the London government is offering a tax break for investors.
Miu made the comment during a round table organized by the Chinese property developer Advanced Business Park (ABP), the parent company that is based in Beijing.
In 2013, ABP signed a deal valued at 1.7 billion pounds ($2.65 billion) with London Mayor Boris Johnson to develop the Royal Albert Dock into a business zone with a complex of offices and shops near London City airport.
When investing 10 million pounds in the city, investors can enjoy a 1 million pound tax credit over five years, said Miu.
The southeastern part of London is a region with huge potential, Sir Robin Wales, mayor of Newham, said at the meeting.
In June, the company said more than 10 companies from the UK and Asia had signed confirmation agreements for office space in the first phase of the development. Construction is set to start later this year.
Hutchison Whampoa Ltd, a subsidiary of Hong Kong-based Cheung Kong (Holdings), won preliminary approval from Johnson to build 3,500 homes in the borough of Lewisham, less than 3.2 kilometers from the Canary Wharf financial district in London, Bloomberg reported in March last year.
JLL, a real estate services firm, said in January this year that Europe has attracted more than $5.5 billion in property investment from China in 2014, and $4 billion went to London.
