$1.3b for Sheffield from Chinese investor

Sichuan Guodong Construction Co is to invest more than 1 billion pounds ($1.3 billion) over the next 60 years in Sheffield, the biggest-ever Chinese investment in the United Kingdom outside London.

The initial investment will be 220 million pounds over the next three years. Sheffield City Council said the exact projects that the investment will fund are yet to be determined, but Sky News reported that the projects involve a major hotel development, student accommodation, retail and leisure space.

Wang Chunming, Sichuan Guodong's chairman, has visited Sheffield a number of times and previously said it has "real growth potential". Wang's team has been in negotiations with Sheffield City Council about this deal for the past 18 months.

"Sheffield really does stand out among all UK cities as an outstanding business investment. This agreement illustrates our confidence in Sheffield as a city going from strength to strength," said Wang.

The deal came amid the UK's uncertain investment environment created by Brexit, and is being touted as an example to illustrate that China-UK business relations still hold strong.

"At a time of unprecedented uncertainty and turmoil on the national political scene, we have taken the bull by the horns and led by example here in Sheffield," said Leigh Bramall, deputy leader of Sheffield City Council.