Hong Kong billionaire moves in on Greenwich peninsula

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.

There’s more in the Guardian, and you can also see the original press release.

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.

4 comments

  1. Pingback: Council to set up local heat network for Peninsula | Greenwich.co.uk
  2. Chris

    Things will start to move now. I lived in Hong Kong for nearly four years and can assure you that once New World (essentially the parent co) start something, they don’t dawdle.

    If things don’t liven up, then they’re just waiting to sell it on at a profit.

  3. Tony

    Sorry, this has got nothing to do with Greenwich Millennium Village. Your comment is inaccurate and the photo (which is of the Greenwich Millennium Village site) does not relate to this announcement. the development of Greenwich Millennium Village is not managed by Quintain.

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