A billionaire developer from Hong Kong is to pour £500m into the firm developing the Greenwich Peninsula, taking a majority stake in the company. (It doesn’t affect the Greenwich Millennium Village project, pictured above.)
Dr Henry Cheng’s Knight Dragon outfit is taking 60% of the company, with regeneration firm Quintain holding onto the other 40%. Its previous partner, Lend Lease, has sold up for £100m, making £25m profit which it plans to put into a scheme at the Elephant and Castle.
It’s expected to kickstart the redevelopment of the remaining stages of the peninsula, which has been sluggish over the past few years, much to the frustration of Greenwich Council. But it also sees the fate of the peninsula lie largely in the hands of one man – Dr Cheng – and Hong Kong shareholders who are going to want returns. Is this healthy? For better or for worse, we’ll find out in the coming years.