Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Sheffield City Council signs £1bn deal with China's Sichuan Guodong Construction Group

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.

 

 

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.