Sheffield secures £1bn Chinese investment deal

Vania Goncalves 26 Jul 2016 EUROPE BUSINESS

Sheffield City Council has announced a 60-year partnership agreement with Chinese firm Sichuan Guodong Construction to develop the UK city.

The £1bn deal is set to be the biggest Chinese investment of its kind to be made outside of London.
The first investment, worth about £220M, will fund four or five Sheffield city centre projects over the next three years.

Councillor Julie Dore, Sheffield City Council leader, 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.

“The projects funded by this investment will be determined by Sheffield City Council, and the 60-year commitment secures a stream of investment into our city for the next generation, and means a whole range of projects become viable because of the long-term nature of the relationship.”

Councillor Leigh Bramall, deputy leader of Sheffield City Council, said: “We are clear that this will create hundreds, if not thousands, of additional jobs for the people of Sheffield. The investment comes from China, but the workforce on these projects will be British.”

Sheffield has also signed, recently, co-operation trade agreements with the cities of Daqing and Nanchang.

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