The announcement is good news for Newham, pictured. Photo Credit - Pixabay
A third financial centre for London (after the City and Canary Wharf) looks set to be built in the borough of Newham, after an agreement was signed between Chinese investors and business leaders.
Newham, in East London, is currently one of the city's poorest areas. That's despite the borough being the location of several important London landmarks and infrastructural features, such as the Excel Exhibition Centre, the Olympic Park and London City Airport.
The proposed £1.7bn regeneration project will focus on the Royal Docks - an area directly to the North of the airport, adjacent to the Excel Centre.
The signing of the agreement, which took place at the East London China Investment Summit on Thursday, is one of the highlights of Chinese Vice Premier Ma Kai's visit to London.
The Vice Premier used the opportunity of the new agreement to hail the era of 'Golden Ties' between China and the United Kingdom, and also met with British Prime Minister Theresa May.
Work on the regeneration has already begun, with the first stage expected for completion in 2018. As well as locations for financial institutions, the scheme, which is being spearheaded by Chinese developer ABP, will also see the construction of nearly 1,000 new homes.
In October, we reported that a new tunnel being built close to the development will allow much easier transport by road to the site.