Qatari Diar has said it will fund the multibillion-pound development of the former Chelsea Barracks by using own cash to create an upmarket London neighbourhood, The Financial Times has reported. Backed by the Qatari Investment Authority, the company has bought out the loan of more than £1bn that had been used to acquire the 12.8 acre site for a record-breaking price. The new master plan for Chelsea Barracks will be submitted this month, with a first detailed application expected within a year.