The redevelopment of the 35 acre site, which is owned by the GLA will include over 3.2 million square feet of employment, retail and leisure space as well as a new business port which the Mayor said would be "forging new trade links with China and other economies in the Asia-Pacific region".
The scheme is expected to create around 20,000 new full time jobs and deliver a 30% increase to local employment within the London Borough of Newham. The Mayor said that initial projections had shown that the development would be worth £6 billion to the local UK economy and generate £23 million yearly in business rates.
The scheme is ABP's first development project in Europe and represents one of the first direct investments by a Chinese developer in London's property market, Johnson said.
The GLA picked ABP as its preferred developer for the scheme in October last year following a procurement process which had originally been started by the London Development Agency (LDA) and Newham Council. The remit of the scheme was subsequently taken over by the GLA following the abolition of the LDA under the Localism Act.
ABP will lead the development with its partner Stanhope plc acting as development manager.
“For centuries the waterways of east London were the throbbing arteries of UK trade and commerce," said Johnson in a statement. "This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st century centre of trade and investment".
"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy,” he said.
“I am very pleased and very proud that my company ABP has reached this agreement for the Royal Albert Dock with the Greater London Authority," said ABP chairman Mr Xu. "This project will be hugely significant for both the Chinese and UK economies."
"My vision is to develop a world class international business district which will initially target Asian businesses to help them secure a destination in London, which in China is seen as the gateway to both the United Kingdom and the wider European economy," he said.
The scheme is expected to be ready for the first occupiers in 2017.
