14 October 2013
A Chinese construction firm has joined a joint venture set to build an £800m business district called Airport City in Manchester.Â
Beijing Construction Engineering Group (BCEG) and Carillion PLC will work with Manchester Airports Group (MAG) to build five million square feet of development; a mix of offices, hotels, advanced manufacturing, logistics and warehousing.
Argent has been appointed development manager for the scheme, part backed by China’s largest bank, the state-owned Industry and Commercial Bank of China (ICBC).
BCEG’s role was announced yesterday in Beijing by UK’s chancellor George Osborne as part of his trade mission to the Far East, and fits in nicely with the target set last year by UK and China to increase bilateral trade to $100bn by 2015.
Manchester Airport City will be a mix of offices, hotels, advanced manufacturing, logistics and warehousing (Credit: Airport City Manchester)
BCEG, a leading Chinese construction and engineering company, has wanted to invest in UK infrastructure for some time.
Managing director of BCEG International, Mr. Xing Yan, said: "We see our involvement in Airport City as an extension of the memorandum of understanding between China and the UK."
Airport City is expected to be one of the UK’s largest regeneration schemes since East London’s Olympics redevelopment and will be part of a larger government-designated enterprise zone around the UK’s third busiest airport.
David Partridge, managing partner at Argent, described the venture as "an innovative and inspiring vision that is set to change the way business is done in the UK".
The Greater Manchester Pension Fund (GMPF) will also be a partner in the joint venture.