Bromley Council are requesting a non-refundable £5 million deposit to renew the exclusivity agreement with the ZhongRong Group over plans to rebuild Crystal Palace.

Last Tuesday (February 3) the council confirmed the 16-month exclusivity agreement had ended with the Chinese developer.

The renewal of the controversial agreement – which would be extended for six months – is subject to a number of 'financial and business planning-related' conditions.

If ZhongRong can fulfil these conditions, the council will consider renewing the agreement.

The Chinese developer has been given a deadline of two weeks, until February 20, to come up with a response.

This comes after a meeting of the Crystal Palace Park Executive Board yesterday (February 9).

The deadline issued is with the support of the Greater London Authority (GLA).

A further meeting to discuss ZhongRong’s proposals, and ‘if necessary’ alternative options of the park, will be held at the end of February.

Coun Carr 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.

“This is why we have given the ZhongRong Group the opportunity to agree financial and other conditions which include the preparation of a robust and agreed Business Plan and implementation timetable.

“Now the Exclusivity Agreement has expired I am happy to confirm that we have written to ZhongRong setting out very clearly what they need to do next.”

In that letter the council has reportedly asked the ZhongRong Group for details of its lawyers and other advisors involved in the plans.

The funding and management of the park long-term was also said to be questioned.

The council indicated the non-refundable sum would go towards covering the council’s costs and future plans for the park.

Chairman Ni Zhaoxing put forward a £500 million plan to rebuild the iconic structure.

The plans included rebuilding the historic Italian terraces, the underpass, the dinosaur trail and maze.

A decision to enter into a new exclusivity agreement would require formal approval from the council’s executive.

Read our previous coverage here.