Chinese firm plans to provide investment to launch three housing projects in northern England, Britain's finance ministry said on Wednesday as Chancellor of the Exchequer George Osborne toured China to boost business ties.
Hualing Industry and Trade Group, based in Northwest China's Xinjiang Uyghur Autonomous Region, intends to invest about 60 million pounds ($92.2 million) to kick off the three projects in Manchester, Leeds and Sheffield. The deal is expected to have a final gross value of 1.2 billion pounds.
The ministry said the projects, which are led by Britain's Scarborough Group, are going to deliver about 10,000 new homes, part of the government's efforts to give a boost to the development in Northern England.
The region is known as an area that has lagged growth in London and the Southeast.
Osborne said that he was aiming to make China the second-biggest trading partner of Britain by 2025, compared with its No.6 ranking now.
Earlier this week, Britain and China announced several initiatives.
Among these was an expanded currency swap agreement. And the cooperation includes Chinese investment in British nuclear power and a study for a scheme to connect the London and Shanghai stock markets.
Meanwhile, Osborne announced that about 10 million pounds in extra funding is expected to enable thousands more British schoolchildren to learn Mandarin by 2020.
