ABP, PwC launch platform to support Chinese market entry in London

Accountancy firm PwC has signed an agreement with Chinese real estate developer ABP to create a one-stop services point for Chinese businesses seeking to move to the UK capital.

ABP, which is investing £1 bn (€1.2 bn) to transform London’s Royal Albert Docks into a business hub for Chinese firms, will provide business premises, recruitment facilities and logistics while PwC will offer tax, accountancy and legal support to companies as part of a 'corporate landing service', which will be called First Stop London.

'First Stop London is being launched in response to the demand from companies in China,' ABP’s chairman Xu Weiping said.

Tom Troubridge, chairman of PwC's China business group, added: 'More and more Chinese firms are seeking a foothold in the UK and Europe. Our dedicated China team provides hands-on, practical assistance to make it as pain-free as possible for Chinese companies to set up here and make inroads in the UK market.'

ABP acquired the Royal Albert Dock in May 2013 in its first foray into the UK market.

Under the terms of the deal, the 14-hectare site situated in the heart of the Royal Docks Enterprise Zone will be transformed into a gateway for Asian and Chinese businesses seeking to establish headquarters in Europe as well as other firms wishing to set up in London.

The district will eventually be home to over 300,000 m2 of work, retail and leisure space, including 230,000 m2 of offices, creating what the scheme's backers describe as a 'new, vibrant 24.7 district on London’s waterways'.

The agreement with PwC follows the signing of a cooperation deal last month with agent Savills.

Through the deal, Savills will help ABP achieve its vision to create a new waterfront destination at Royal Albert Dock in London which will attract enterprises from Asia, the UK and Europe.

Savills will also act for ABP to attract occupiers to its developments in Beijing, Shenyang, Qindao and Huangzhou, as well as further global developments as they emerge.

Savills will have an on-site presence at Royal Albert Dock to market the site directly to potential occupiers. More than 60 companies from Asia alone have registered a formal interest in taking space at Royal Albert Dock, which will create some 3.5 million sq ft (325,000 m2) of new commercial space, including 3.2 million sq ft of offices, with an estimated value of over £6 bn to London's economy.