Billionaire Chinese property developer Xu Weiping looks to Ireland for new investments
Xu Weiping praised Ireland as a destination for enterprise
PETER FLANAGAN COMMERCIAL PROPERTY EDITOR – UPDATED 22 APRIL 2014 07:21 AM
ONE of China's leading property developers is eyeing Ireland for investment as he seeks opportunities across Europe. Xu Weiping plans to construct a new neighbourhood in London's docklands aimed at attracting Asian companies looking to do business in Europe. The billionaire, however, is also understood to be assessing a number of other sites beyond the 'Asian Business Port', as the London development is known. Speaking to the Irish Independent, Mr Xu praised Ireland as a destination for enterprise and admitted that the lower cost of doing business in this country made it attractive to companies coming from the Far East. "Value for money is a very important element for any market," he said. "London is a huge market but its costs are very high – far higher than Ireland – so from this perspective Ireland has many advantages. "Its labour and manufacturing costs are much lower than other centres and, importantly, it is also an English-speaking country. That makes it far easier for Far Eastern companies to integrate into the local society and do business there – and combined with the country's position between the US and Europe – it is an excellent location for Asian business," he added.
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Through his company ABP, Mr Xu has put together a number of developments in China but the Asian Business Port in London is his first overseas project. The ÂŁ1bn (about â‚Ź1.2bn) project has been backed by London mayor Boris Johnson, and once it is complete, it is estimated that about 60,000 jobs will be created at the site, close to London City airport. Mr Xu's comments are the latest sign that Asian businesses are turning their attention to Ireland. While numerous overseas investors have bought into the country since the crash, the vast majority of those have been US investment firms with some sort of Irish connection. Most of the buyers have taken on existing properties and have maintained or renovated them to extract value. Mr Xu, however, is seen as much more of a traditional developer who would look to build a site from the ground up. Few Asian and Chinese investors have put money into Ireland, although that is changing. The IDA lists five companies in Ireland that originate from China. The electronics giant Huawei has offices in Cork and Dublin; Chemical Inspection and Regulation Service Limited is based in Drogheda; Firecomms is in Cork; and CBC Financial Leasing is located in Dublin. Infrared camera business Satir Europe has offices in Dundalk. The visit of current Chinese president Xi Jinping two years ago put Ireland front and centre for many firms. We also benefited from the influx of Chinese students who have come to Ireland to learn English, a point Mr Xu highlighted. The IDA has been ramping up its efforts to attract Chinese investment, and last night a spokesman welcomed Mr Xu's interest in Ireland. "Attracting inward investment from China into Ireland is a major focus at present and represents a long-term strategic priority for IDA Ireland and the country," the spokesman said. Irish Independent
http://www.independent.ie/business/commercial-property/billionaire-chinese-property-devel oper-xu-weiping-looks-to-ireland-for-new-investments-30205288.html
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We must grab this chance and start looking east for opportunities
Boris Johnson
PETER FLANAGAN – PUBLISHED 22 APRIL 2014 02:30 AM
This time last year few people outside China knew Xu Weiping, but that has changed drastically in the past 12 months. The billionaire developer raised eyebrows when his firm ABP was selected from eight competitors to develop the former Royal Wharf Docks in London's East End. The plan, which is part of a wider strategy to regenerate the old London Docklands, has been strongly backed by the city's mayor Boris Johnson and is breathtaking in its ambition. Mr Xu essentially plans to build a new suburb from scratch and turn it into an area focused on Asian companies doing business in Europe and European companies doing business in Asia. Ireland could do with some of that ambition at present. We have never been known for our ability to think big – and we have long looked west for jobs and investment. That has often led to a needless emphasis on the United States and other English- speaking countries at the expense of continental Europe and Asia. For now, at least, few qualified people doubt that future economic growth and jobs will come from Asia – and specifically China. When the Irish Independent spoke to Mr Xu, one thing that stood out was the fact that he was so clearly well briefed on Ireland and the state of the economy here.
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He had obviously done his homework on the pros and cons of investing here. That can only be a good thing. The country needs serious investment and, frankly, we can't be too picky about who is creating the jobs. The IDA is realising this. The investment agency has done sterling work over the years but has been criticised in the past for focusing too much on the US and neglecting non-English-speaking countries. That is changing and the agency has set up numerous offices throughout Asia in recent years. As the US Chamber of Commerce loves to remind us, US firms employ about 115,000 staff in Ireland. There are a total of five Chinese companies here, and most of them are small scale for now. There is a huge chance to grow that number – and we must grab it. Irish Independent
http://www.independent.ie/business/irish/we-must-grab-this-chance-and-start-looking-east-for-op portunities-30205293.html
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Chinese dancing comes to Beckton school
Royal Albert Dock developer ABP brought Chinese lion dancing to Kingsford Community School Janine Rasiah, Senior Reporter Thursday, April 10, 2014 12:21 PM Students at a Beckton school had some expert lessons in traditional Chinese lion dancing thanks to Chinese developer ABP.
Royal Albert Dock developer ABP brought Chinese lion dancing to Kingsford Community School
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Kingsford Community School pupils gained a better insight into Chinese culture by learning the traditional lion dance which is usually seen at celebrations and festivals and is performed with a colourful lion’s head.
ABP vice chairman Nancy Xu, London Executive Director John Miu and Mayor of Newham Sir Robin Wales presented a lion dance costume and some Mandarin books to the school during their visit.
Kinsford Community School was one of the first in the country to introduce Mandarin to its curriculum and has also been recognised for promoting the language and Chinese culture.
Nancy Xu said: “We had heard about the Mandarin teaching taking place and to say thank you to the school for allowing us to use their premises, we thought we would give the lion dance costume and books to support the wonderful learning programme that’s going on here.”
Sir Robin said: “We’re pleased to be working with ABP to transform the Royal Docks. We know that they’re committed to engaging with our local community and delivering a range of benefits that will support the local economy and create opportunities for local people.”
ABP is creating a business park at Royal Albert Dock opposite London City Airport which is expected to create 20,000 full time jobs.
The park, which is due to be completed in 2017, is also hoped to act as a catalyst for further development in the area.
http://www.newhamrecorder.co.uk/news/chinese_dancing_comes_to_beckton_school_1_3542188 ?usurv=skip
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Plans to transform Royal Albert Dock into next business district submitted to council
Plans to develop the 35-acre site at Royal Albert Dock have been submitted to Newham Council Kay Atwal, Chief Reporter Tuesday, April 15, 2014
Plans from developer ABP and UK development manager Stanhope to transform the Royal Albert Dock into the capital’s next business district have been submitted to Newham Council.
The proposals, which have been master planned by architects Farrells, will create up to 20,000 new jobs, a significant number of which will be available to local people.
More than 270 people attended an exhibition over three days in February and, of the 112 who gave feedback, 97 per cent supported the principle of regenerating the site. They also reacted positively to the creation of new jobs with 95 pc in favour, 84 pc showed support for the delivery of new cafes and restaurants and 80 pc supported new leisure facilities that would be available for use by local residents.
A further 120 pupils, teachers and parents saw the proposals at a one-day event held at Kingsford Community School, with just over 80 pc of people who gave feedback supporting the principle of regenerating Royal Albert Dock.
The proposals are designed to bolster trade links with Asian markets and attract new companies to set up European HQs at the 35-acre site. ABP hopes the unique cluster of businesses will act as a magnet for other European and UK companies, attracting more much-needed investment into this part of London and the UK.
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Xu Weiping, Chairman of ABP, said: “The response from the local community to these plans has been fantastic and I am very happy to see that they share my passion to see Royal Albert Dock regenerated.
“This is a very exciting part of London with unrivalled transport connections and there are a number of other schemes planned or underway in the Royal Docks. Royal Albert Dock is the ideal place to create a new business district that will bring benefits both to the local community and to London.”
Subject to planning approval, construction on the site could begin as early as 2015, with Phase 1 set for completion in 2018.
The proposals can also be viewed on the community consultation website at royal-albert-dock.com http://www.newhamrecorder.co.uk/news/plans_to_transform_royal_albert_dock_into_next_business_district_sub mitted_to_council_1_3560164
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