Billionaire poised to resurrect City Airport ‘ghost town’

A Hong Kong property billionaire has reportedly expressed an interest in resurrecting plans for a 35-acre site opposite London City Airport that was once championed by Boris Johnson and David Cameron. Beijing-based Advanced Business Park (ABP) was awarded a £1.7bn contract in 2013 to develop the site, with homes, offices, shops, and a snowdome all part of the original plans. However, construction was halted at the site two years ago which is now being called a “ghost town", and City Hall agreed a final termination with ABP in February this year. Now, the Telegraph is reporting that the site has attracted the attention of Ivan Ko, the tycoon behind the redevelopment of Victoria Harbour in Hong Kong. Mr Ko is also chairman of the Recas Group, a property company that rebuilt part of Hong Kong Airport in 2017. According to the Recas website, the company also has a partnership with the Grand China Fund. Mr Ko is a member of the advisory committee of the Grand China Fund, which invests in property in mainland China.

The Daily Telegraph (04/12/2022)