A Chinese developer is close to agreeing a deal worth up to £50 million to fund a luxury apartment development in Manchester city centre.
Shanghai based PGC Capital is understood to be considering an investment of £30m up to £50m.
Chief executive, Denise Li says: “We anticipate significant returns on investment in the next five years.
“We are already in detailed discussions with other significant land owners in Manchester and Leeds with the intention of delivering similar numbers of homes,” she says.
With over £2bn of Chinese money being invested in UK property in the final quarter of 2015, Manchester has had a significant increase in Chinese investment.
Notable deals include: Beijing Construction and Engineering Group investing in Airport City at Manchester Airport, the St Michaels development on Booth St, and Hualing Industry and Trade Group’s investment into Middlewood Locks in Salford.
Colin Thomasson, executive director at CBRE, says: “Over the course of the last 12 months, and particularly since President Xi’s visit in October, we have seen unprecedented interest from Chinese investors, developers and construction companies in projects in Greater Manchester.
“We expect this to be the start of a long term investment programme from Chinese businesses as their ‘go global’ investment strategy really starts to gain momentum.”