Manchester & Cheshire Construction signs housebuilding partnership with Chinese developer
Manchester & Cheshire Construction has joined forces with a developer in China to buy sites across Greater Manchester for residential schemes.
The agreement, between the Salford-based construction firm and Chongqing Jinstar Real Estate Development Company, will see the two businesses form The Anglo-Chinese Alliance, with which they will focus on helping the government-council partnership Manchester Place deliver 55k new homes in the next 12 years.
Manchester & Cheshire Construction’s development director, Michael Purcell, has signed a memorandum of understanding to form the joint venture with Steve Yang, the director of international cooperation at Jinstar.
Mr Yang is in the UK as part of a Chinese trade mission that coincided with the visit of China’s president, Xi Jinping.
Commenting on the agreement, Mr 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.”
He added: “There is a true synergy between the two family firms which will be of great benefit to the region.”
The two firms were introduced earlier in the year by Bolton-based investment company Gibbs Investment, which is Jinstar’s professional advisor in the UK.
Mr Yang said of the deal: “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.”
He continued: “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.”
Established 18 years ago, Jinstar has been involved in the development of homes, offices, hotels, shops and student accommodation.
Access free online guidance for North East businesses in the Growth Hub North East's COVID-19 toolkit →