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Chinese firm backs £1.2bn 'Northern powerhouse' projects

The chancellor has announced a major Chinese investment into three projects in the North of England.

Hualing Industry and Trade Group will invest in projects in Leeds, Manchester and Sheffield, which have a total project value of £1.2bn and are being developed by UK-based Scarborough Group.

Collectively the projects are expected to create 18,000 jobs and 10,000 homes.

The projects are:

  • Middlewood Locks – a £730m residential project in Manchester, which includes 2,000 homes and around 750,000 sq ft of commercial space.
  • Thorpe Park – a £400m mixed-use project in Leeds.
  • Sheffield Digital Campus – a £40m commercial and office development, which will deliver 130,000 sq ft of office space to the city.

Chancellor George Osborne announced the deal as part of his five-day trade tour of China.

He said: “We are building an ever-closer relationship with China – it’s a partnership that is set to unleash growth and help regions like Xinjiang where we know investment can make a real difference, as well as unleash new growth back home, in places like our own Northern powerhouse.”

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