High stakes play on the waterfront: Nick Gilbert on the Taiwan boys with a dream for Battersea

TWO Taiwanese boys at boarding school in North Wales liked the UK so much that 25 years later they pumped pounds 10m of Dad's money into one of London's most spectacular ruins.

At noon on Friday, George Hwang, 41, and younger brother Victor became the owners of Battersea Power Station, the listed red-brick building on the Thames. Along with the empty hulk, they acquired 31 acres of redevelopment potential that, to the dismay of his bankers, turned from a dream to a nightmare for its owner, Cheshire entrepreneur John Broome.

After selling Alton Towers, the Staffordshire theme park, to the Pearson Group three years ago, Mr Broome planned to open 'The Battersea' - a pounds 100m-plus theme park. But the project ran into financial trouble and work ceased.

The arrival of the Hwangs, whose father moved his fortune from Taiwan to Hong Kong about 10 years ago, has been welcomed in Wandsworth, the Conservative London borough that has been severely embarrassed by the large hole in its midst and the failure of Mr Broome to pay pounds 170,000 of council building fees.

'We're just delighted that somebody with real financial resources has come along and that something is happening at last after 10 years of waiting,' says council leader Edward Lister. 'It's the largest undeveloped site in central London and the potential for jobs is enormous.'

That, of course, was just as true a decade ago. About the only recent rival proposal was a little less fancy than a theme park: turning the station over to a rubbish-recycling plant.

Even now, the Hwangs, who control a Hong Kong based property, shipping and construction business, have not disclosed their plans for the site - though Mr Lister hopes to hear more at a meeting in a few weeks' time. So, too, will English Heritage, which oversees listed buildings.

'They said they want to preserve the power station but with a few caveats,' says Mr Lister.

Those who know the Hwangs say the caveat is simple. If they can see a way of turning the ruin into money, fine. If not, they will back off unless the listing is lifted, and the power station could be bulldozed.

Despite its listing, the power station is not to everybody's taste and jobs are jobs. Opening up the site would also release the redevelopment potential of 10 adjacent acres.

The Hwangs are likely to be less interested in a huge theme park (though they have a stake in a similar venture in Japan) than in building offices, leisure facilities, a hotel and luxury flats.

The family's most famous and most visible asset is part-ownership of Parkview, a development featuring more than a dozen 20-storey luxury apartment blocks in Tai Tam, a country park on Hong Kong Island.

The brothers, backed by their father, have taken over the power station by buying out the debt held by banks, which had lent about pounds 70m to Mr Broome's company. They are thought to have paid about 15p in the pound with Bank of America, which took over Security Pacific, Mr Broome's original backer, taking the lion's share of a pounds 60m write-off.

But the Hwangs have hardly got a bargain. They have yet to reach a deal with building company Sir Robert McAlpine, which is owed a rumoured pounds 15m or more for its work stripping out asbestos and strengthening the foundations of the power station. To redevelop the site fully could cost up to pounds 500m - a sum they are unlikely to be able to afford themselves and one which the banks, after the experience with Mr Broome, are unlikely to rush to lend.

But the Hwangs like the waterfront site. There is talk of them putting some of their operations, including the proposed Battersea venture, into a new British company and trying to raise funding on the stock market.

The Hwangs are used to thinking big. Another current notion is to buy a disused oil refinery in the US and ship it pipe by pipe to China. The main difference between that idea and Battersea is that the Chinese economy is on a flood tide, growing at 10 per cent a year, whereas the old power station is at low water.

(Photograph omitted)

Start your day with The Independent, sign up for daily news emails
News
i100 In this video, the late actor Leonard Nimoy explains how he decided to use the gesture for his character
News
Robert De Niro has walked off the set of Edge of Darkness
news The Godfather Part II actor has an estimated wealth of over $200m
Arts and Entertainment
Fearne Cotton is leaving Radio 1 after a decade
radio The popular DJ is leaving for 'family and new adventures'
Sport
Robbie Savage will not face a driving ban
football
Voices
voices
Life and Style
Nearly half of all young people in middle and high income countries were putting themselves at risk of tinnitus and, in extreme cases, irreversible hearing loss
health Nearly half of all young people in middle and high income countries are at risk of tinnitus
News
It was only when he left his post Tony Blair's director of communications that Alastair Campbell has published books
people The most notorious spin doctor in UK politics has reinvented himself
ebooks
ebooksA special investigation by Andy McSmith
Arts and Entertainment
arts + ents
Life and Style
fashion
Arts and Entertainment
James Franco and Zachary Quinto in ‘I Am Michael’
filmJustin Kelly's latest film tells the story of a man who 'healed' his homosexuality and turned to God
News
i100
Arts and Entertainment
Public Service Broadcasting are going it alone
music
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Recruitment Genius: Office Manager / Financial Services

£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...

Jemma Gent: Year End Accountant

£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...

Jemma Gent: Management Accountant

£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...

Day In a Page

HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?
How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

Time to play God

Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

MacGyver returns, but with a difference

Handyman hero of classic 1980s TV series to be recast as a woman
Tunnel renaissance: Why cities are hiding roads down in the ground

Tunnel renaissance

Why cities are hiding roads underground
'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

Boys to men

The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
Crufts 2015: Should foreign dogs be allowed to compete?

Crufts 2015

Should foreign dogs be allowed to compete?
10 best projectors

How to make your home cinema more cinematic: 10 best projectors

Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

Manchester City vs Barcelona player ratings

Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

Monaco: the making of Wenger

Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

Chris Gayle: The West Indies' enigma

Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
In Ukraine a dark world of hybrid warfare and murky loyalties prevails

In Ukraine a dark world of hybrid warfare

This war in the shadows has been going on since the fall of Mr Yanukovych
'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

Homage or plagiarism?

'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
Broadchurch ends as damp squib not even David Tennant can revive

A damp squib not even David Tennant can revive

Broadchurch, Series 2 finale, review
A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

Inside the mansion of Germany's 'Bishop of Bling'

A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower