Philip Hammond, the new UK Chancellor of the Exchequer, planned to make a deal of 200 million pounds to construct the city of Sheffield on his first visit to China. China's Sichuan Guodong Construction Company is to invest over 1 billion pounds over the next 60 years in the northern English city of Sheffield, the biggest-ever Chinese investment into the UK outside London.
The news was announced on Thursday, during British chancellor Philip Hammond's visit to Chengdu, the sister city of Sheffield. The chancellor has attended the G20 finance ministers' meeting in Chengdu on July 24th.
The deal came amidst the UK's uncertain investment environment created by Brexit, and is being touted as an example to illustrate that China-UK business relations still hold strong.
The initial investment will be 220 million pounds over the next three years. Sheffield City Council said the exact projects that the investment will fund are yet to be determined, but Sky News reported that the project involve a major hotel development, student accommodations, retail and leisure space.