Sheffield City Council has signed a 60-year partnership with China’s Sichuan Guodong Construction Group.
The deal, announced on a council visit to Sheffield’s twin city Chengdu, will reportedly be worth more than £1bn.
Sichuan Guodong Construction will invest £220m in the first phase of the deal over the next three years, which will cover up to five city centre projects yet to be announced. These are expected to include retail, office and residential developments and possibly a five-star hotel.
Council leader Julie Dore said: “This is the biggest Chinese investment deal to be made by a UK city outside of London.
“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.”
She said Sheffield had “taken the bull by the horns” by seeking foreign investment “at a time of unprecedented uncertainty and turmoil on the national political scene”.
Sheffield has also recently signed co-operation trade agreements with the city of Daqing, a leading centre for the Chinese oil and gas industry, and with the city of Nanchang, both aimed at boosting trade between local companies and China.
A description on the Sichuan Guodong Construction Group Corporation’s website said the company was established in 1994 and has six main business areas: processed fibreboard production; general construction contracting; glass processing; property management; hotels, catering and tourism services; and property development and leasing.