Sheffield city council has announced that it will be receiving an investment of more than GBP 1billion by the Chinese manufacturing company, Sichuan Guodong Construction Group. The investment should come into Sheffield over the next 60 years and in the first 3 years the group intends to inject GBP 220 million. The initial funding will be used to pay for four or five city centre projects, which will create hundreds of jobs in Sheffield. There has also been speculation that some of the investment will be used to create new offices, high end and affordable housing, as well as the city’s first five-star hotel. Negotiations about individual projects are still being negotiated. The leader of Sheffield’s city council Julie Dore has explained “this is the largest Chinese investment into a British city outside of London in history” and it comes as a great success during this time of uncertainty after the Brexit vote. The deal was negotiated over the last 18 months.
