Bromley Council has told Chinese developer ZhongRong Group it has 14 days to commit to its proposed redevelopment of Crystal Palace or risk having the deal ripped up Negotiations between the Chinese developer and the local authority have apparently stalled over the land deal and the company’s 16-month ‘exclusivity agreement’ for the site ran out at the end of January.
The council, backed by the Greater London Authority, confirmed it would start talking with other interested parties unless ZhongRong agreed ‘to a number of financial and business planning-related conditions’ before 20 February.
Stephen Carr, leader of Bromley Council said: ‘We need to reassure local people that we remain resolutely focussed on doing everything we can to improve Crystal Palace Park and this must include securing its long term future. It would also be wrong to overlook the exciting potential for much needed regeneration in this part of London’.
Bromley Council seem very keen to stress that even though the original exclusivity deal with ZhongRong is now over, it does not mean that talks have ended. The statement added that the Council is not going to agree to something without being confident about the proposals and that local people and other interested parties should know that when there is something to say, they will keep them informed.