CHINESE investment will underpin three major projects being led by Scarborough Group after a deal was announced on a trade mission with Chancellor George Osborne.
The projects, in Leeds, Sheffield and Manchester, have a total value of £1.2bn and the developments are planned to be home to 18,000 jobs and 10,000 houses.
Judith Blake, leader of Leeds City Council, who is on the trade mission, described it as “a very strong vote of confidence in the Leeds and wider city region economy”.
Hualing Industry and Trade Group, based in North West China, has said it will provide the investment to unlock the schemes at Thorpe Park, Leeds, Sheffield Digital Campus, and a residential scheme at Middlewood Locks, Manchester.
“For Scarborough, this is the latest chapter in a long history in China, spanning over 13 years, during which time we have established strong relationships with local partners as the foundation for significant investments in China and the Far East,” said Kevin McCabe, chairman of the Scarborough Group.
“As a family business with its roots in the North of England, we are now very proud to bring our partners in China to the UK to invest in our great northern cities and to accelerate the development of our major projects in Manchester, Leeds and Sheffield.”
“Our partnership with the Hualing Group is a new and exciting one for Scarborough and we look forward to working with them over the coming years to bring our Northern projects to fruition.”
The Chancellor’s visit came as he announced an ambition to make China the UK’s second largest trading partner by 2025, as part of the government’s wider efforts to increase UK exports to £1 trillion a year and to get 100,000 more UK companies exporting.
China is currently the UK’s sixth largest trading partner, with British exports to the country totalling £25bn in 2013.
Mr Osborne said: “We are building an ever closer relationship with China – it’s a partnership that is set to unleash growth and help regions like Xinjiang where we know investment can make a real difference, as well as unleash new growth back home, in places like our own Northern Powerhouse.”
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