Chinese property investors behind scheme to create business improvement district in City of London - News Summed Up

Chinese property investors behind scheme to create business improvement district in City of London


Chinese investors poured billions of pounds into London office buildings when sterling fell sharply after the EU referendum in 2016 PETER NICHOLLS/WPA/GETTY IMAGESChinese investors who have spent billions of pounds buying property in the City of London are leading an initiative to protect the area’s long-term attractiveness over rival global cities such as Paris and New York. The Hong Kong-based owners of the skyscrapers known as the “Cheesegrater” and the “Walkie Talkie” are among a group of landlords behind a pilot scheme to create a business improvement district that will seek to transform the City into a “24/7” economy and leisure destination while retaining its status as a global financial centre. Business improvement districts (BIDs) charge landlords and businesses a mandatory levy to fund improvements in the area. A group of ten landlords and businesses based in the area of the City dominated by tall buildings that…


Source: The Times December 10, 2019 00:00 UTC



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