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Great Eagle's £250M London project suspended amid post-Brexit uncertainty

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Great Eagle's £250M London project suspended amid post-Brexit uncertainty

suspended plans for a £250 million London hotel project, Bloomberg Newsreported.

Citingconcerns about Brexit's impact on property values as a factor in the decision,group Chairman Lo Ka Shui called the recent trading suspensions from seven listed property funds an "extremelydrastic measure," according to the publication.

Thegroup, which owns the hotel TheLangham, London, was in talks to buy land in Shoreditch to developan Eaton hotel, according to the report.

Propertyfunds that oversee about £18 billion in assets froze investor redemptions theweek of July 4 in order to prevent a fire sale of commercial real estate assetsand to preserve cash levels.

HongKong-based Great Eagle Holdings is among a number of Asian real estate groupswith direct investments in the U.K., and Asian investors constitute the largestinternational group of foreign investors in the country's property market,according to Jones Lang LaSalle Inc., the report said. Other notable developersinclude Dalian Wanda CommercialProperties Co. Ltd., ChinaVanke Co. Ltd. and Oxley Holdings Ltd., according to the report.