A DEAL to create 10,000 homes and around 25,000 jobs on Greenwich Peninsula is greeted cautiously after an eight year delay.

A Hong Kong billionaire pledged £300m to the project in partnership with developer Quintain yesterday.

The major boost to the area was first granted planning approval eight years ago to Quintain and Lend Lease which has now sold its stake in the scheme.

Sandwiched between the 02 arena in the North and the Millennium Village in the South, the new site will add to the ongoing regeneration of the Peninsula.

In the pipeline is up to 10,000 new homes, a 3.5m square foot commercial district, plus shops, hotels and schools as well as space for a workforce of more than 25,000.

A Greenwich Council spokeswoman said: "The Royal Borough of Greenwich cautiously welcomes this news.

"Scores of broken promises and commitments from Quintain and Lend Lease have left the Peninsula underdeveloped and at a time when London desperately needs homes - that has been scandalous.

"The land banking by developers who refuse to build is a major reason for the shortage of homes.

"We hope to meet the new majority shareholders in the partnership very soon and hope this will lead to progress being made on the build of the plans for the area."

MP for Greenwich and Woolwich Nick Raynsford also offered cautious hopes for the venture.

He said: "It’s been clear for some time that the partnership between Lend Lease and Quintain has been, at best, an uneasy one.

"This [deal] will bring rather more substantial investment finance to help make a start on housing needs.

"I hope it will also result in the developers wanting to engage with local representatives to ensure that we make the best of this historic opportunity."

Chief executive of Quintain Maxwell James called the partnership with Knight Dragon a "transformational deal" for the company.

He said: "Together, we are well placed to turn our vision for this landmark project for London into reality, creating thousands of homes and jobs in the process."

Other projects transforming Greenwich Peninsula

The highly-successful 02 concert venue opened in 2007

Millennium Village offers homes to the area in an ongoing phased development

Digital Enterprise Greenwich is a new hub for businesses

Cable cars linking the Peninsula and the Royal Docks to open June 28

A man-made beach near 02 will be available over the summer

Cruise liner terminal at Enderby Wharf set to open at the end of 2012