Hong Kong firm buys London power station

BATTERSEA power station, one of London's most striking landmarks, is to be sold to a Hong Kong business family, it was revealed yesterday.

The Hong Kong Parkview Group confirmed it had exchanged contracts to buy the power station and 31 surrounding acres from John Broome, whose plans to develop the site have been dogged by controversy.

The power station has stood semi-derelict since redevelopment work to turn it into a leisure complex was halted in 1990 because of insufficient funds.

The cost of the deal has not been revealed but at the height of London's property boom the site was valued at pounds 110m. The Hong Kong Parkview Group is controlled by the Hwang family, leading property developers. A spokesman for Mr Broome said negotiations had taken more than three years.

A spokeswoman for the buyers said yesterday they were not seeking publicity but were 'well aware of the sensitive nature and location of the site'. In Hong Kong they were responsible for a massive luxury flat development said to be valued at over pounds 1bn.

The spokeswoman refused to comment on the Hwang family's plans for the site beyond saying they thought Mr Broome's amusement park scheme 'had a great deal of merit' and that they wanted to keep the original building.