Chancellor George Osborne has welcomed significant investment from the Chinese Haulage Industry and Trade Group into three Northern Powerhouse schemes, while visiting the country this week.
The funding from the firm will unlock three substantial property projects in Leeds, Manchester and Sheffield with a development value of £1.2bn.
It is estimated that the three projects, led by Scarborough Group, will benefit the economy by delivering homes and bushiness space and creating up to 18,000 jobs.
The largest of the three schemes is Middledwood Locks, a £730 million residential-led project in Manchester that will also contain 750,000 sq ft of commercial accommodation.
This is followed by Thorpe Park, a £400 million mixed-use project in Leeds, and Sheffield Digital Campus, a £40m commercial and office development providing 130,000 sq ft of office space.
Chairman of Scarborough Group, Kevin McCabe, commented: “We are delighted to join the Chancellor on this historic visit, moreover we appreciate the invaluable support of the UK Government in helping us to create closer global business links.
“For Scarborough, this is the latest chapter in a long history in China, spanning over 13 years, during which time we have established strong relationships with local partners as the foundation for significant investments in China and the Far East.
“As a family business with its roots in the North of England, we are now very proud to bring our partners in China to the UK to invest in our great Northern Cities and to accelerate the development of our major projects in Manchester, Leeds and Sheffield.
“Our partnership with the Hualing Group is a new exciting one for Scarborough and we look forward to working with them over the coming years to bring our Northern projects to fruition.”
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