Sheffield projects scrapped as Chinese backer withdraws

Sheffield

July 10, 2019 – Three years ago Sheffield City Council leaders returned from a trip to China with a deal to fund major projects in the city. Since then, nothing has been built and now the planned partnership has been scrapped.

In July 2016 the leader and deputy leader of Sheffield City Council announced a 60-year partnership with Sichuan Guodong Construction Group, one of the largest companies in Sichuan Province. The first tranche of funding associated with the agreement was said to be worth £220m to fund four or five Sheffield city centre projects by 2019.

Yesterday the council revealed that there was now no deal on the table – developments at West Bar and for a 5-star hotel in the Central Library building, first put forward three years ago, will not be taken forward and there are no future plans or projects likely to be considered, the council said.

Sheffield City Council said that Sichuan Guodong had fallen victim to tightened Chinese central government restrictions Chinese private companies invest in overseas real estate projects.

Source:-https://www.theconstructionindex.co.uk/news/view/sheffield-projects-scrapped-as-chinese-backer-withdraws

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