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Manchester and China team up for housing developments

Manchester and China team up for housing developments

An agreement to join forces to develop housing projects in the north-west of England has been reached between Manchester & Cheshire Construction and the Chongqing Jinstar Real Estate Development Company.Under the name of the Anglo-Chinese Alliance, the companies will bid for sites that are suitable for housebuilding. It is hoped that this will benefit from the Manchester Place initiative, which is backed by the government and the local council, and aims to deliver 55,000 new homes over the next ten years.Manchester & Cheshire Construction’s development director Michael 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.”The agreement was formalised by the two companies signing a memorandum of understanding. This followed a period of negotiation led by Mr Purcell, who has previously worked in Hong Kong. The deal marks Jinstar’s first venture in the UK market.Jinstar’s director of international cooperation Steve 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.”This is the latest in a spate of Chinese investments and infrastructure in the north-west of England, which have been encouraged by the prime minister David Cameron and the chancellor George Osborne as part of their bid to create a Northern Powerhouse.The region was recently visited by the Chinese President Xi Xinping, who emphasised his desire to get involved with local developments. The visit also was used to announce over £1 billion of Chinese investment in infrastructure and construction projects around the north-west. 

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