China’s biggest bank will invest in the £650m Manchester Airport City project
China’s biggest bank will invest in the £650m Manchester Airport City project, according to the Financial Times.
The paper said the state-owned owned Industrial and Commercial Bank of China (ICBC) is expected to sign the deal when George Osborne shortly visits Beijing.
The FT said the government expects the deal to mark a fresh wave of investment by China in UK infrastructure.
The Airport City Manchester development will include offices, industrial units, hotels, retail and leisure facilities.
There will also be a 13-acre park, surrounded by a “downtown” district of distinctive new buildings.
The FT said ICBC would back a consortium comprising developer Argent and contractor Carillion to build out the development, with Chinese companies guaranteed some of the contracts.
The FT said the chancellor was expected to highlight several other investment deals, with China also expected to invest in the UK’s new nuclear reactor programme.
Osborne will fly to Beijing on 13 October a day after Boris Johnson, the London mayor, heads to China on his own trade and investment mission.