The Royal Docks regeneration project is one of the most exciting developments for many years in London and will be financed largely by investment from China. [File photo: thinkstockphotos.com]
By Rupert Reid for sino.uk
There's widespread concern in the United Kingdom that Brexit will cause an exodus of banks and financial institutions from the city.
Previous sino.uk report said that HSBC, amongst other companies, has already made plans to relocate some staff overseas. More institutions are certain to follow HSBC's lead.
Nowhere will the potential impact of this be felt more acutely than in East London. Not only is it home to the original financial hub of the capital - the City of London, but also the secondary hub in Canary Wharf. What's more, it'll soon be home to a tertiary financial centre in Newham's Royal Docks.
The Royal Docks regeneration project is one of the most exciting developments for many years in London and will be financed largely by investment from China.
The first stage is expected for completion in 2018. As well as locations for financial institutions, the 1.7bn pounds scheme, which is being spearheaded by Chinese developer ABP, will also see the construction of nearly 1,000 new homes.
Obviously, a decline in London's financial status isn't good news for the Royal Docks. However, it's the very diversity of the project that will hopefully guarantee a bright future.
The 1,000 new homes in the initial stage are desperately needed, with or without local banks. The apartments have sold extremely well, and it looks certain that the Royal Docks will be a thriving and popular neighbourhood.
Regardless of the wider implications of Brexit, the developers will be hoping that that's enough to entice businesses to base themselves there, whether they're banks or not.