With troubles lingering in the eurozone and the global economy, Britain is hoping to lure investments from China by capitalizing on the buzz of the London Olympics.

"There are a number of investment opportunities being promoted to Chinese businesses," said Paul Brickell, an executive director at the London Legacy Development Corp.

LLDC, the planning authority for London's Olympic Park and some of its surrounding areas, has been promoting several projects to Chinese businesses and investors through London & Partners, an investment agency with subsidiaries in Beijing and Shanghai. Opportunities for individual Chinese businesses include two new commercial complexes inside Olympic Park in Stratford City, East London, Brickell said.

The first, called The International Quarter, offers 372,000 square meters of workplace. It will be developed by a joint venture between property firm Lend Lease and London and Continental Railways.

The second, which offers 91,000 sq m of office space, will be developed by iCITY, a joint venture between real estate investor Delancey and data center operator Infinity SDC. This space is currently used as the Olympic media center.

Chinese property developers are also encouraged to invest in the development of 5,000 residential homes in the Royal Docks, south of Olympic Park, Brickell said.

"So we're very much hoping that Chinese businesses will come and put their money in," he said.

Brickell's words came a week after a preliminary estimate from Britain's Office for National Statistics showed that the country is experiencing the longest double-dip recession since quarterly records began in 1955.

On July 27, British Foreign Secretary William Hague and Business Secretary Vince Cable attended a summit organized by the country's inward investment agency for leading Chinese entrepreneurs.

Bilateral trade between China and Britain grew to more than $60 billion last year and is projected to rise to rise to $100 billion per year by 2015.

Although no Chinese business has come forward with plans to invest in areas in and around Olympic Park, Brickell stressed foreign investment is welcome, making reference to other international investments that have been finalized.

Westfield, a newly-opened shopping center adjacent to Olympic Park, has thus far attracted Australian and Canadian investors.

After the Games, the development arm of Sweden's IKEA Group will build 1,200 new homes in Stratford in a zone known as Strand East. A real estate unit of Qatar's sovereign wealth fund, in a joint venture with a British developer, is purchasing the rights to the Olympic Village.

"The London Olympics' legacy assets will be open to investors and businesses of all countries. There is no restriction," Brickell said.

Brickell said an "open and transparent" bidding process would be used to sell off assets that are still under the management of LLDC.

Redevelopment of relatively run-down East London is an important part of London's Olympic legacy. After the Games, LLDC will transform the Olympic Park into a community that includes schools, nurseries, community spaces, health centers and 6,800 new homes, creating 8,000 permanent jobs in the process.

Development since London won the bid to host the Olympics in 2005 also includes transportation infrastructures, like upgraded underground lines, high-speed trains and cable cars. Brickell said the new transport links, new office spaces, a young and mobile workforce and good community facilities will all help East London attract international businesses.

cecily.liu@chinadaily.com.cn

(China Daily 08/03/2012 page7)