Alliance targets developing 55,000 homes by 2027
A Salford-based construction firm has formed an alliance with a Chinese developer to buy sites for residential schemes in Greater Manchester.
The alliance between Manchester & Cheshire Construction and the Chongqing Jinstar Real Estate Development Company is targeting developing 55,000 homes by 2027.
Michael Purcell, development director of Manchester & Cheshire Construction, and Steve Yang, Jinstar’s director of international co-operation, have signed a memorandum of understanding to launch the joint venture.
Yang was part of the Chinese trade mission to the UK last week to coincide with the state visit of Chinese president Xi Jinpin.
Jinstar, which was founded 18 years ago, has been involved in development projects for hotels, offices, shops, homes, student accommodation and shopping malls. The alliance with Manchester & Cheshire Construction is its first venture in the UK.
Purcell said: “We are delighted to enter into this strategic partnership with Jinstar, whose financial backing, major project experience and UK ambitions are an ideal match for us.
“We aim to deliver high-quality residential projects in Greater Manchester, helping to meet the region’s housing needs in line with Manchester Place’s targets.
“There is a true synergy between the two family firms which will be of great benefit to the region.”
Yang said: “Jinstar has been actively seeking investment opportunities in the UK.
“It is a golden time for China-UK relations and we are keen to grasp this precious opportunity to enter the UK market, especially since both Prime Minister David Cameron and Chancellor George Osborne promoted the Northern Powerhouse to us.
“We believe that by combining the strengths of Jinstar and Manchester & Cheshire Construction we can contribute to the masterplan for the future prosperity of Manchester.”
Other firms appointed to work with the alliance include architects The Oval Partnership, engineering consultancy Clancy Consulting and Simon Fenton Partnership, a Manchester firm of quantity surveyors and project managers.