China’s Hualing Industry and Trade to invest in £1.2b U.K. schemes
China’s Hualing Industry and Trade Group has plans to invest in three U.K. real estate projects worth £1.2 billion ($1.8 billion).
The projects — in Manchester, Leeds and Sheffield — are being led by the Scarborough Group. The developments are Middlewood Locks, a £730 million ($1.11 billion) residential project in Manchester incorporating a total of 2,000 residential units and approximately 750,000 square feet of commercial space; Thorpe Park, a £400 million ($610 million) mixed-use project in Leeds; and the Sheffield Digital Campus, a £40 million ($61 million) commercial and office development, which will build 130,000 square feet of office space in Sheffield.
U.K. Chancellor George Osborne recently announced plans to make China the United Kingdom’s second-largest trading partner by 2025, potentially adding billions to Britain’s economy, as part of the government’s wider efforts to increase U.K. expo