Chinese property tycoon in London says Brexit making potential investors nervous
- Prolonged indecisiveness and conflict making problem ‘more complicated than it should be’, says Xu Weiping, chairman of Advanced Business Park
- Company is developing US$2.1 billion project on banks of River Thames
The man behind a £1.7 billion (US$2.1 billion) property development on the banks of the River Thames says the ongoing uncertainty surrounding Brexit is making his clients nervous about the future of London and Britain.
Xu Weiping, chairman of developer Advanced Business Park said he had invested about £400 million (US$499 million) in the project since 2013 when he won the deal to turn the Royal Albert Dock into a new business hub.
But many of his potential clients, especially those from India and China, were reluctant to buy homes and offices in London, putting huge financial pressure on the 4.7 million sq ft project, he said.
Brexit in itself is not scary. What is scary is the prolonged indecisiveness and conflict, making the problem more complicated than it should be
Beijing’s control over outbound investment had also discouraged potential Chinese clients, although his project was not specifically designed for Chinese buyers, he said.
Advanced Business Park would continue to develop the project despite the sales and funding pressures, Xu said, adding he was talking to strategic investors, though he declined to name any.