Chinese contractor to invest €1.2 billion in Sheffield

China’s Sichuan Guodong Construction Group has agreed a 60-year £1 billion (€1.2 billion) investment deal with Sheffield City Council to improve the UK city.

Said to be one of the biggest investment deals in the UK outside of London, a number of projects will be developed over the next few years. The first few projects will involve work to get more visitors to the city centre, with more hotels, leisure and residential properties built.

The first tranche of funding will be worth in the region of £220 million (€263.36 million) and will fund four or five Sheffield city centre projects over the next three years. The exact projects are yet to be determined, said Sheffield City Council.

Chun Wang, chairman of the board and president of Sichuan Guodong Construction Group, said, “Sheffield really does stand out among all UK cities as an outstanding business investment.

“This agreement illustrates our confidence in Sheffield as a city going from strength to strength, with real growth potential. We are looking forward to being a part of this over the coming decades.”

Councillor Julie Dore, leader of Sheffield City Council, said, “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.

“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.”