£220m Chinese investment in city centre projects
“WE have taken the bull by the horns,” according to Sheffield City Council as they announce what is believed to be the biggest Chinese investment deal outside London.
The Sichuan Guodong Construction Group has agreed a 60-year partnership with the council, valued at £1bn.
The first £220m will fund up to five Sheffield city centre projects over the next three years. The council says the projects are yet to be determined, although projects including Sheffield Retail Quarter could benefit.
Council leaders visited Sheffield’s sister city of Chengdu in China prior to the deal.
This deal has been 18 months in the making, with chairman of the Board and President of Sichuan Guodong Construction Group, Mr Wang, visiting Sheffield several times after his daughter began to attend university there, according to the Financial Times.
In October 2015 it was announced that the Sichuan Guodong Construction Group signed a framework agreement with the council.
Councillor Julie Dore, leader of Sheffield City Council, said: “This is the biggest Chinese investment deal to be made by a UK city outside of London. And perhaps more importantly it is first deal of its kind to be made by a UK city. This is a real partnership.
“At a time of unprecedented uncertainty and turmoil on the national political scene, we have taken the bull by the horns and led by example here in Sheffield. We have the skills and the connections to drive economic growth in our city.”
Councillor Leigh Bramall, Deputy Leader of Sheffield City Council, said: “This agreement is groundbreaking. It will see the resources made available to deliver the vibrant, growing city centre our city needs. This will make Sheffield even more attractive to inward investment, create jobs and enable us to compete with other big cities. 
“We have gone out and made this happen, not sat back and waited for others to come to us. Chengdu and Sichuan Guodong Construction Group are some of the best partners out there and we look forward to further strengthening our ties with the city to make this exciting project happen.”
Sheffield has recently signed co-operation trade agreements with Daqing, the leading centre for the oil and gas industry in China and location of a major World Snooker International Championship, and the city of Nanchang, to boost trade between local companies and China.
Sheffield has received a significant amount in high-profile international investment, including from investor Metro at the £20m Digital Campus , and £1.2bn in Northern Scarborough Group projects which are being supported by The Hualing Industry and Trade Group.
