Photo: Visit Manchester
- UK government plans to attract foreign investment from China for new development projects in the Northern Powerhouse
- Chinese investors interest in Manchester stems from President Xi Jinping visiting the city in 2015 (Chinese diplomat Sun Dali)
- “Accessibility is crucial for overseas investors… Chinese buyers able to fly in regularly now, sometimes for less than 24 hours, to inspect and purchase property” (Surrenden Invest)
The government announced its desire to attract 5bn of foreign investment for 13 major development projects with the Northern Powerhouse, with specific interest in those investors from China.
These projects include but are not exclusively residential developments; however overseas interest in property located in the North of England has increased significantly throughout the course of this year with Chinese buyers specifically attentive of Manchester’s housing market.
Chancellor Philip Hammond, who is due to reveal his first Autumn Statement next week, has voiced his thoughts on the UK’s relationship with China, explaining the significance of tapping into the current Chinese market as “our trade relationship with China is now more important than ever”.
And it seems Brexit is no deterrent as China’s already healthy appetite for UK property is only growing. According to Chinese diplomat Sun Dali, Chinese investors’ love affair with the Northern Powerhouse, Manchester in particular, began when President Xi Jinping visited the UK’s second city last year.