Hong Kong–based developer to lead Manchester’s £1b project
Hong Kong–based Far East Consortium International has been selected to work with the Manchester City Council in the United Kingdom to deliver the £1 billion ($1.3 billion) Northern Gateway.
The project aims to build 10,000 new homes in the United Kingdom’s northwest over the next decade. It will unlock the residential development potential of more than 300 acres of land (equivalent to 13 million square feet), sweeping north from Victoria Station and taking in the neighborhoods of New Cross, the Lower Irk Valley and Collyhurst. This is in addition to the Angel Meadow scheme to which FEC has already shown its solid commitment by developing plans to build 754 new homes around the historic Angel Meadow Park, which is at the periphery of the Northern Gateway development.
Other Chinese developers active in the United Kingdom include:
- Chinese property developer R&F Properties agreed to buy the Vauxhall Square development project for £157.77 million ($196.81 million).
- Hong Kong–based Knight Dragon unveiled its designs for Peninsula Place, a £1 billion ($1.3 billion) development near London’s River Thames.
London regained its spot as the most traded city in the world as New York slipped to the fifth spot as the most active market, according to JLL’s Global Capital Markets First Quarter 2017 research report. London totaled investment volume of $8.2 billion during the first quarter 2017, compared to the $5.9 billion invested during the first quarter 2016.
London also was the largest recipient of foreign investment in the world. For the second quarter in a row, investors from Hong Kong were the most active foreign group in London. In their most active quarter in the British capital since 2014, they pursued offices in the City and West End, all while outspending global funds and all other foreign groups combined by nearly $1.3 billion. Asian investors, particularly private buyers from Hong Kong and China, have been among the most active in London since the Brexit vote.
In the European Union, the British were the most prolific movers of cross-border capital, while buyers from Hong Kong spent nearly $3 billion exclusively in the United Kingdom.