China Minsheng Investment Co Ltd (CMI), the country's largest private investment fund, said on Saturday it would invest 1 billion GBP (1.5 billion USD) in a Chinese-led project to develop a new financial district in London.

 

The project is one of the largest Chinese investments in the United Kingdom in recent years and one of the most significant for Minsheng, which launched last August with registered capital of 50 billion CNY.

 

The private equity firm said it would become the majority investor in the project, which was unveiled in 2013 by Chinese developer Advanced Business Park (ABP) and Mayor Boris Johnson and touted as potentially London's third financial centre after the City and Canary Wharf.

 

In January, the fund's international advisory committee, a panel that includes former European prime ministers, Asian tycoons and a Nobel laureate, assembled at Diaoyutai State Guesthouse in Beijing for the first time to discuss its globalisation strategy.

 

The fund has said it would invest broadly in areas ranging from sustainable energy to real estate to business jet services.

 

The Chinese developers and London officials have envisioned attracting growing Asian companies to establish their European headquarters at their business park, which is close to the London City airport.

 

As China's economy cools, its businesses are ploughing money into projects overseas at such a pace that China's outbound investment will soon overtake inbound flows.
 

China's outbound direct investment surged 14.1 percent to a new high of 102.9 billion USD last year, according to the commerce ministry. 

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