KPF’s £1bn One Nine Elms project appears to have fallen foul of the crisis sweeping China’s property market.

Delays to the twin towers project are inevitable as Multiplex is understood to be significantly reducing its 1,000-strong workforce on the job on the south bank of the Thames while it chases a late payment from client R&F Properties. It is not known how much money is involved.

Guangzhou-based R&F is one of China’s biggest developers but in January global credit ratings agency S&P declared its Hong Kong offshoot “in selective default” after it got approval from lenders to delay a $725m senior unsecured note payment.

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