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HK investor takes full control of UK property scheme for $296 mln

Monday, 4 Nov 2013 | 8:01 AM ET

LONDON, Nov 4 (Reuters) - Hong Kong investor Knight Dragon has taken full ownership of a development in east London's Greenwich Peninsula after paying its British partner Quintain Estates 186 million pounds ($296 million) for its 40 percent stake.

Knight Dragon, an investment vehicle owned by New World Development Co Ltd's chairman Henry Cheng Kar-Shun, bought its 60 percent share in the 150-acre scheme in June last year for 480 million pounds.

Asian investors have ploughed billions of pounds into central London in recent years, lured by the city's perceived safe haven appeal and the iconic nature of some of its properties.

On Friday, Singapore developer Oxley Holdings bought London's largest development site since Battersea Power Station.

The Greenwich scheme, which is near the O2 concert venue, will contain more than 10,000 homes and space for 25,000 workers along a 1.6 mile stretch of the River Thames.

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