CITIC Construction, a subsidiary of CITIC Group Corp. (00267.SH) will become the general contractor of the Royal Albert Dock project, CITIC Group said on Friday in a statement on its website. CITIC Group and ABP, the developer of the Royal Albert Dock project, inked the general contractor agreement at London's Mansion House on October 21 local time, in the presence of Chinese President Xi Jinping and British Prime Minister David Cameron. With an investment of 1.7 billion pounds, the regeneration project will transform the 4.7-million-square-feet Royal Albert Dock into London's third financial center. It is estimated to create 30,000 jobs and worth 6 billion pounds to the British economy, according to the statement.
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