Multi-million Chinese deal for Sheffield

Sheffield City Council has agreed an investment deal with a Chinese company which promises the city millions of pounds worth of funding.

The Council announced the 60 year partnership with Sichuan Guodong Construction Group, which is to be the largest Chinese investment deal outside of London.

The first portion of funding is set to be worth £220 million and will fund number of city centre projects in Sheffield by 2019.

Julie Dore, council leader, said that the first projects could see work as early as next year and may involve work to get more visitors into the city centre, with more hotels, leisure and residential properties built.

Dore said: “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.”