Oriental City closed its doors for the last time on Sunday (01) leaving hundreds of traders facing an uncertain future.
The complex in Colindale, known as London's second China-town, will be demolished and undergo a multi-million pound redevelopment over the next three years, leaving stall and restaurant owners without a permanent home.
But a glimmer of hope has been offered to some businesses after a temporary site was found close to the current location.
Restaurant owner and chairman of the Oriental City Tenants' Association, Yip Fai Lui, said: "In the last few weeks we have managed to find a 21,500 meter square site about five minutes down the road for us to move to when it is demolished.
"It could be our saviour, as it will provide a temporary home for around 30 to 40 of the businesses and save about two to three hundred jobs."
Tenants are hoping to secure the site, which has space for a mini food court, supermarket and 260 car park spaces, on a six year lease and are negotiating with the landlord.
But around 60 per cent of the businesses which have flourished in the complex for the past 20 years will still be faced to relocate or close down.
Mr Lui added: "I am having to close my restaurant and lay off around 60 of my staff and I know a lot of other tenants are shutting for good.
"Oriental City is not just a place to shop it is a place to meet and a central hub for the Chinese people in London.
"I have said from day one I am not against the redevelopment but against the fact that the community would have no where else to go and be destroyed."
Mr Lui, who laid on a farewell party for staff and tenants at his China City restaurant on Sunday evening, added: "Three weeks ago we were all very down and low but we had a meeting to tell tenants the news and they are all really buzzing now.
"If negotiations are successful we hope to have the new centre up and running with in nine months and it will allow the Chinese community to live on."
Around 10,000 people visit the shops, restaurants and supermarket at Oriental City each week.
Developers, B&S Property, plan to build new flats, a primary school, retail units and a new shopping centre on the site over the next three years.
And the company's managing director Peter Virdee said he was optimistic there would be a positive conclusion to the negotiations.
He said: "We have identified a space for traders which is excellent news and we are just getting a full proposal together. We are waiting for the tenants to come back to us identifying their exact requirements."
The exact location of the temporary site has not been revealed.